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World Bank delegation to visit Egypt next week to monitor reform updates
Nasr also met with Mourad Wahba to discuss the UNDP programme
Industry ministry negotiates $150m funding programme with World Bank
The programme includes maintaining schools and health centres, as well as rehabilitating poor families’ houses
World Bank delegation to visit Cairo
A high-level delegation from the World Bank is scheduled to visit Egypt within the next two weeks to review the regulations undertaken by the government to enhance Egypt’s business environment and activities. The review will then be published in the World Bank’s “Doing Business” annual report, said Minister of Investment and International Cooperation Sahar Nasr …
World Bank accused of financing fossil fuel development
World Bank allocates $500m for development of Sohag and Qena
Minister of International Cooperation Sahar Nasr inspected the Red Monastery development project in Sohag, which was funded by the United States Agency for International Development (USAID) with EGP 20m. The project aims to restore and develop the archeological aspects of the monastery, being an important touristic attraction and providing employment for local residents and limited-skill …
Egypt’s GDP growth rate expected to fall to 4% in 2017: World Bank
In its report “Global Economic Prospects”, the World Bank stated that among oil-importing economies, growth in Egypt has slightly declined to 4.3 % in fiscal year (FY) 2016. This comes as a result of foreign currency shortages which feed manufacturing and a decline in tourism after the crash of a Russian aeroplane in the Sinai …
Egypt, Word Bank sign agreement for 2nd tranche of the $3bn loan
The loan will be put towards funding social safety net programmes and promoting small- and medium-sized enterprises
World Bank approves second tranche as Egyptian pound falls, US dollar nears EGP 20
EGX hits record high on expense of the Egyptian pound
GAFI holds meeting with World Bank to discuss means of improving investment climate
The government and the political leadership are prioritising the improvement of Egypt’s investment climate and attracting foreign investments, says GAFI chairperson
Pound flotation, increase in energy prices to revive Egypt’s economy: World Bank
The World Bank said on Saturday that the liberalisation of the Egyptian pound and an increase in energy prices will help Egypt create jobs and revive the economy. The Central Bank of Egypt (CBE) decided on Thursday to liberalise the national currency’s exchange rate and leave its value to the mechanisms of supply and demand. …
Egypt ranks 122 out of 189 countries in Doing Business report for 2017
Tax payment performance in Middle Eastern countries is good; however, Egypt has not yet implemented a VAT refund mechanism for capital expenses
External debt: a tricky, dangerous route towards reform
Egypt’s negotiations for loans from the International Monetary Fund, World Bank, and the African Development Bank would increase the country’s external debt to approximately $70bn. Yet, the government views the loans as a way for reforming poor economic conditions that have plagued the country since 2011, and a tool to attract foreign investment. Essentially, …
Prime Minister reveals source of additional $3bn in foreign exchange reserves in September
Egypt received $2bn from Saudi Arabia and $1bn from the World Bank
Government to include capital gains tax in economic reform programme: Chris Jarvis
The IMF mission chief to Egypt spoke at the IMF and World Bank meetings being held in Washington DC
China, India are the future of international trade: Mahmoud Mohieldin
Economic centre of gravity has moved from west to east, says the World Bank Group senior vice president
Nasr discusses developmental projects to be financed with $8bn World Bank package
Minister of International Cooperation discusses visit of the mission to Egypt from 9 to 13 October
Egypt receives 54% of its financing portfolio from World Bank
Two new agreements were signed within the present programme worth $400m
World Bank, government discuss second tranche of $3bn loan
The World Bank expects 5.5% growth in Egypt in FY 2019
World Bank, AFDB mission to visit Egypt to discuss granting second tranche of fund
The mission will provide the second tranche of funding from the two banks, which includes $1bn from the World Bank and $500m from the AFDB
Minister of International Cooperation discusses future cooperation with World Bank official
Both parties discuss governmental, private sector, development projects, as well as Egypt’s participation in World Bank annual meeting
International Cooperation Ministry aims to secure $15bn over 3 years, representing 50% of funding gap
Ministry has provided $3.8bn out of $5bn to finance 20 development projects during FY 2016/2017
Natural Gas supply project will expand to reach 20 governorates: International Cooperation Minister
In 2014, the World Bank funded the original three-year project for the 11 governorates with $500m and AFD with €70m, and in 2015, the EU supplied a grant worth €68m
World Bank allows Egypt just $1bn for budget-support programme, $2bn for development projects: Meit
US dollar loans allocated to pay off foreign commitments on time, no new governmental employment beyond what is necessary
World Bank facilitates talks between Egypt, Sudan, Ethiopia
Water ministers of the three countries are visiting the US to gain knowledge about the Colorado River
Ministry of Investment to improve policies with World Bank expertise
The ministry is evaluating the investment climate and the requirements for preparing unified state investment policies
Egypt targets $21bn loan over 3 years to finance economic programme
IMF to offer $12bn, while the World Bank, AFDB, and international bonds will secure the remainder of the loan
Egypt moves up to rank 49 on World Bank’s Logistics Performance Index
Egypt improved in four out of the six sub-indices of the Logistics Performance Index, compared to 2014
Housing Minister tasks officials to quickly offer rent units in social housing project
Madbouly instructed preparation for the launch of about 40,000 units for rent
Plans to develop infrastructure of 6 industrial zones: Minister of Industry
Qabil said there is “full coordination between the ministries of industry, international cooperation, and local development to put it into action” to align with the government’s vision.
World Bank and AFDB reports put CRCICA in line with international standards
An official at the Cairo Regional Centre for International Commercial Arbitration (CRCICA) said that two confidential reports from the World Bank and the African Development Bank (AFDB) showed that the CRCICA is independent from all parties and fits within the international standards for foreign arbitration. He told Daily News Egypt that the World Bank was …