Egypt’s top business news on June 27

Egypt has agreed with Saudi Fund for Development to get $500 million, the first installment of $1.5 billion loan for carrying out development projects in Sinai Peninsula, Egypt’s Minister of International Cooperation Sahr Nasr told reporters Sunday evening at the Ministry headquarters.

 

She told Youm7 that there are three Arab funds have participated in establishing development projects in Sinai with value estimated at $2.5 billion. On June 1, Nasr announced that Egypt has received $500 million from Saudi Arabia, the first installment of $2.5 billion grant.

 

 

The Central Bank of Egypt’s (CBE) Monetary Policy Committee will convene on Tuesday to review whether to raise or hold current benchmark interest rates including the overnight deposit rate and the overnight lending rate, Youm7 reported. On June 16, the committee has raised the interest rate by 100 basis points.

 

 

The Central Bank of Egypt’s (CBE), on behalf of the Ministry of Finance, will auction three-year-term Treasury bonds with value estimated at 2.5 billion EGP Monday. It is expected that the state’s general budget deficit would reach 240 billion EGP this year, Youm7 reported.

 

 

The Egyptian Businessmen Association (EBA) will convene Tuesday to review Egypt’s visions on the construction and building sector projects until 2030. The meeting will be attended by Minister of Housing Mostafa Madbouli and representatives from other concerned ministries, Youm7 reported Monday.

 

 

The CBE governor aide Ramy Ab- el-Naga has ruled out that the bank’s monetary policies could be affected by Britain’s exit from the European Union, Egypt’s state-owned news agency reported Monday. He added that the Brexit would have its impact on only the stock markets