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  • Tuesday ,05 July 2016

Egypt’s Business digest July 5


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Tuesday ,05 July 2016

Egypt’s Business digest July 5
Egypt to receive $ 33.3 mln 2nd installment of UAE $200 mln loan in October
Egypt will receive $33.3 million in soft loans from the UAE Khalifa Fund for Enterprise Development in October to finance small and medium enterprises, an Egyptian official told Youm7 on condition of anonymity as he was not authorized to brief the media Monday.
The amount of money is the second installment of $200 million loan that was signed between both countries in November 2014. It was agreed that the loan will be delivered to Egypt over six installments.

Egypt’s budget deficit hikes to 311 bln EGP in FY 2015/2016: Finance Ministry
Egypt’s budget deficit hiked to 311 billion EGP ($35 billion) -11.2 percent of GDP- during the period of time between July 2015 and May 2016, compared with 262 billion EGP ($29 billion) in the same period of the previous year, according to a bulletin issued Monday from the Ministry of Finance.

Egypt’s foreign reserves increase by $25 mln in June: CBE
Egypt’s foreign reserves have increased to $17.546 billion at the end of June, compared to $17.521 billion at the end of May, with an increase of about $ 25 million, according to the official website of the Central Bank of Egypt Monday.
Egypt’s Cabinet approves deal of double taxation with Bahrain
The Egyptian cabinet agreed Monday on the signing a deal of double taxation and tax evasion between the country and Bahrain. The deal was initially inked on April 8, 2016, according to a statement from the Cabinet.

Egypt’s pound steady against U.S. dollar Monday
Central Bank of Egypt (CBE) held Tuesday the value of the Egyptian pound steady against the U.S. dollar; value of the pound preserved at 8.8574 against the U.S. dollar for purchase in the banks, which will sell the dollar to clients at 8.8800 EGP, Youm7 reported.