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Fri,24Nov2017

Egypt

Egypt: Supply minister quits over wheat corruption scandal

Khaled Hanafi. Photo©Amr Abdallah Dalsh/ReutersEgypt's Minister of Supply Khaled Hanafi has resigned amid the highest-profile corruption case since President Abdel Fattah al-Sisi came to power in 2014.

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Egypt to end fuel subsidies within three years

File photo©Matt Rourke/AP/SIPAEgypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65 percent of their actual cost during the 2016/17 fiscal year.

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Egypt to get $2bn deposit from Saudi Arabia

Egypt's International Cooperation Minister Sahar Nasr. Photo©Mohamed Abd El Ghany/ReutersEgypt signed a deal earlier this year for a $2bn central bank deposit from Saudi Arabia, International Cooperation Minister Sahar Nasr said on Thursday.

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Egypt's telecom regulator set to send out final 4G licence terms

An Egyptian holds his smart phone as he uses the Egypt's telecoms industry regulator has approved the final terms for 4G mobile broadband network licences and will send the forms out to licensee companies on Sunday.

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Egypt needs $5-6bn in bilateral financing to seal IMF deal

Photo©Kim Kyung-Hoon/ReutersEgypt's preliminary deal for a $12 billion IMF loan programme can go to the board for approval only if the government secures $5-6 billion in bilateral financing for the first year, Chris Jarvis, the head of the IMF mission in Cairo, said on Thursday.

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Egypt's EFG Hermes posts loss due to tax on Credit Libanais sale

New headquarters of Egypt-based investment bank EFG-Hermes. Photo©Asmaa WaguihEgypt's EFG Hermes, the country's largest investment bank, posted a second quarter net loss of 67.55 million Egyptian pounds ($7.6 million) due to extraordinary tax charges linked to its sale of shares in Crédit Libanais.

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Egypt's el-Sisi marches on

Posters against the interior minister at the Journalists’ Syndicate©Amr Nabil/AP/SIPAPresident Abdel Fattah el-Sisi's regime's ample use of brute force is keeping a lid on a dispirited opposition in the north African country.

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Egypt expects to get at least $2 billion within 2 months of agreeing IMF loan

File photo©Kim Kyung-Hoon/ReutersEgypt expects to receive at least $2 billion within two months of agreeing a three-year $12 billion loan programme with the International Monetary Fund, a senior finance ministry official said on Thursday.

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Finance: Egypt says close to securing 3-year IMF loan programme

Photo©Kim Kyung-Hoon/ReutersEgypt said on Tuesday it was close to agreeing an International Monetary Fund (IMF) lending programme to ease its funding gap and restore market stability and was seeking to secure $7 billion annually over three years.

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Moroccan and Dubai banks interested in Barclays Egypt sale - sources

Photo©Reuters/Suzanne Plunkett/File PhotoBarclays has begun a formal process to sell its Egyptian unit, with at least two banks from the Middle East and North Africa region expressing interest in the business, sources familiar with the matter said on Tuesday.

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Italian lawmakers defy Egypt's Al-Sisi

Egyptian President Abdel Fattah al-Sisi. Photo©Thomas Harwell/AP/SIPAIn early February, the semi-naked corpse of an Italian citizen, Giulio Regeni, was found dumped by the side of a road in Cairo.

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Egypt bans use of debit cards abroad amid hard currency shortage

Photo©Gene J. Puskar/AP/SIPAEgypt has ordered banks to stop clients from using their Egyptian pound account debit cards abroad, a central bank official said on Wednesday, a move to combat the country's acute foreign currency shortage.

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Telecom Egypt not required to sell Vodafone stake after 4G licence

Photo©ReutersTelecom Egypt will not be required to sell its stake in Vodafone Egypt following the introduction of fourth-generation mobile phone services.

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Standard gauge is not magic - Karim Sadek

Karim Sadek - Managing director for transportation and logistics, Qalaa Holdings. Photo©All Rights ReservedManaging director for transportation and logistics, Qalaa Holdings -- Kenya's Rift Valley Railways is rehabilitating the narrow gauge line from Mombasa to Kampala but is facing headwinds as African policy-makers focus on new projects and an insistence on standard gauge lines.

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Egypt: Court decision 'a political case'

Egyptian judge, Mohammed Shirin Fahmy, second right, reads the verdict against former Egyptian President Mohammed Morsi, in a makeshift courtroom at the national police academy, in an eastern suburb of Cairo, Egypt, Saturday, June 18, 2016. Photo©Amr NabilA judicial decision delivered over the weekend has worsened Egypt's relationship with Qatar and hurt the country's reputation for press freedom.

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BP approves investment in Egypt gas field 15 months after discovery

File photo©ReutersBritish oil major BP has approved investment in the first phase of developing the large Atoll gas field offshore Egypt, only 15 months after it first announced its discovery.

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Egypt launches inquiry into "slaves and dogs" comment during Kenya meeting

Egypt's foreign minister Sameh Shoukry. Photo©Bebeto Matthews/AP/SIPAEgypt's foreign ministry has said it will launch an investigation into claims that one of its diplomats publicly referred to sub-Saharan Africans as "slaves and dogs" during a United Nations meeting held last week in Nairobi.

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Egypt's neighborhoods under the radar

A clothes trader returns to the street after fleeing from police with his merchandise. Jacquet Vinciane for TARA foray into the chaotic world of Cairo's street traders, threatened by the march of real-estate developers.

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Energy: Russia to lend Egypt $25 billion to build nuclear power plant

Photo©ReutersRussia will loan Egypt $25 billion to finance building and operating a nuclear power plant in Egypt, the official gazette said on Thursday.

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Cashing in on the beautiful game of Football

Fans of English football file out after watching arsenal v. ManUina Nairobi slum. Photo©Noor Khamis/ReutersHuge fan bases on the continent are causing English Premier League clubs to ramp up sponsorship deals with African brands.

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