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Swimming against the current

The government’s prescription to treat the economic recession we’re currently enduring has been a two-fold solution of increasing foreign investment and seeking more international loans. The monetary policy of maintaining the stability of the Egyptian pound against depreciation is a top priority. But how long can the state keep this up? How overvalued is the …

Mohamed El-Bahrawi

Interview with Richard Banks, Director of Euromoney Egypt Conference

What is the Euromoney Egypt Conference? The conference is a major economic, finance and business event about Egypt that will be held in Cairo on 9, 10 October. This year we will hold it at the Fairmont Heliopolis. Euromoney is a global financial media company which specialises in encouraging, covering and analysing cross-border flows of investment …

Daily News Egypt

What if foreign investment flows in?

Statements on investment and economic achievements made by Mubarak-regime ministers were never met with trust by the general public, while specialists could see that they were nothing more than media fireworks systematically set off to improve the picture of utter destruction the country’s state of affairs had reached. A simple review of the number of …

Mustafa Sakr

US business delegation promisese support for Egyptian economy

A United States business delegation has pledged to support Egypt in its transition to democracy through bolstering investment to create more jobs and promote economic growth. “We hope that this delegation returns home with a very simple message: Egypt is open for business,” Thomas Nides, head of the US business delegation and the deputy of …

Islam Serour

Government studies new law to regulate foreign capital

By Ibrahim El-Masry Minister of Planning and International Cooperation Ashraf Al-Arabi said the government is considering drafting a new law to regulate the flow of foreign capital to Egypt whether in investments or funding for non-governmental organisations (NGOs). Speaking during a public session of the Shura Council that tackled the issue of foreign grants and …

Daily News Egypt

Egypt banks under fire for alleged funds smuggling

By Nasser Youssef and Mahmoud Sheneshan An investigative report conducted by the BBC hinted at the involvement of the Egyptian banking system in transferring funds abroad for figures of toppled Egyptian president Hosni Mubarak’s regime. The report said that part of the funds were smuggled abroad by banks that were not subject to the supervision …

Daily News Egypt

ECB hints at new bond-buying scheme

Details of a new bond buying plan by the European Central Bank (ECB) fueled a surge in some Spanish and Italian debts and increased mediated talks between European leaders. German Chancellor Angela Merkel met with the President of the European Union (EU) Herman van Rompuy in Berlin on Tuesday, while French President François Hollande travelled …

Luiz Sanchez

National Holding Company invests EGP 1.3 billion in Arab Countries

By Islam Serour The National Holding Company reported Saturday the contract values for its two affiliated companies, El-Nasr Company for Contractors and the Egyptian Contractors Company, amounted to EGP 1.363 billion in Arab countries, during the 2011-2012 fiscal year. According to the Holding company’s report, El-Nasr’s contracts in Sudan are valued at EGP 288.961 million. …

Daily News Egypt

New Egyptian-American fund to finance SMEs

U.S. Secretary of State, Hillary Clinton, announced during her visit to Egypt the establishment of an Egyptian-American fund to provide financing for small and medium sized enterprises (SMEs). Egypt is in need of such financing in order to achieve sustainable economic growth and to create jobs during the transitional period.   The Secretary stated that …

Mohamed El-Bahrawi

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