The Egyptian parliament approved a draft law on Monday set to establish a sovereign wealth fund called the “Misr Fund” (Egypt Fund) according to a statement published on the parliament’s official website. The new law states that the Fund’s capital and the issued capital will be LE 200 billion and LE 5 billion respectively, collected from the public treasury. The primary source of the fund resources would be the assets base, which the fund will invest in cooperation with the private sector.

Egypt s ministers of investment, planning and environment discussed on Tuesday with Amina Mohammed, the deputy secretary-general of the United Nations, future developmental projects in Egypt worth $1.2 billion. The meeting was held in New York on the sidelines of the High-level Political Forum of the UN s Economic and Social Council (ECOSOC).

The Central Bank of Egypt has received a $400 million 12-month loan from the African Export and Import Bank (Afreximbank) to fund small and medium-sized enterprises in the country, Al-Ahram Arabic newspaper reported on Monday, quoting the bank s vice-president Amr Kamel. Egypt s central bank has fully paid off its past loan from Afreximbank which was taken out in November 2016 at the time of the floatation of the Egyptian pound, Al-Ahram reported.

Egypt s Ministry of Finance ratified a new increase to the prices of tobacco products on Monday. The price increase started on Thursday, with an additional increase of EGP 1 in the prices of imported brands. Egypt s largest tobacco producer Eastern Tobacco Company raised prices by 10-15 percent on Thursday, both to fund the comprehensive universal healthcare programme, the first phase of which was launched on 6 July, and as a reflection of value-added tax.

Egypt s Investment and International Cooperation Minister Sahar Nasr headed to New York on Sunday to partake in the United Nation s organized High-level Political Forum of Economic and Social Council (ECOSOC) in New York. The minister is set to map out during her visit Egypt s investment opportunities during the upcoming period. Ahead of the visit, Nasr affirmed the ministry is moving forward to give further support to health, education, water desalination, and other sectors of top priority to the Egyptian people.

Egypt s Ministry of Education has renewed a decision exempting Syrian and Yemeni students enrolled in Egyptian schools from paying a higher fee to attend schools in the country in the upcoming academic year. The ministry said in a statement on Sunday that Syrians and Yemenis are not required to pay the higher fee imposed on other foreign nationals given the hardships they have faced due to the ongoing civil wars in their home countries.

Egypt s Foreign Minister Sameh Shoukry discussed the Syrian crisis with a number of Arab and Western counterparts during a mini summit held to discuss the issue in Brussels, Belgium on Wednesday. In an official statement, Egypt s foreign ministry spokesman Ahmed Abu Zeid said that Shoukry met with the foreign ministers of the UK, the US, France, Germany, Saudi Arabia, and Jordan, who spoke about how to push for a political settlement to the Syrian conflict.

Despite an increase in the land planted with wheat this year, the crop delivered by farmers to the government has been less than last season. According to figures from the Ministry of Agriculture and land reclamation, the area planted with wheat in 2018 is estimated at 3.26 million feddans compared to 2.9 million last year.

Egypt s President Abdel-Fattah El-Sisi said in a minesterial meeting late on Tuesday that the state places youth at the top of its priorities, Al-Ahram daily reported. Tuesday s meeting was attended by Prime Minister Mostafa Madbouly and Minister for Youth and Sports Ashraf Sobhy.

The Tahya Misr Fund announced on Tuesday that it had concluded the reconstruction of ‎‎7,264 derelict houses in 232 villages in 15 governorates around Egypt, ‎a statement by the fund read. ‎ The project, which started in 2016, cost a total of EGP 200 ‎million. ‎The reconstruction project was initially a protocol of cooperation between the Tahya ‎Misr Fund and the Dar Al-Orman Association.

British tourism company Thomas Cook announced on Sunday that 500,000 tourists will be visiting Egypt in 2018. Thomas Cook is a major British tourism company formed in 2007. The group owns a number of tour operators, as well as airlines based in the United Kingdom, Germany, Belgium and Scandinavia. Blue Sky Travel acts as Thomas Cook s agent within Egypt.

Egypt has hailed on Monday the signing of the peace declaration between Ethiopia and Eritrea following the summit between Eritrea s President Isaias Afewerki and Ethiopia s Prime Minister Abiy Ahmed. The meeting between the Ethiopian and the Eritrean heads of state was the first such meeting in nearly two decades.

Italian oil giant Eni announced a second oil discovery in Egypt s Western Desert on Monday, some 130 km north of the Siwa oasis, a statement by Eni reads. In an official statement, Eni said the discovery was made on the B1-X exploration prospect located in the South West Meleiha Concession.

Egypt’s government is underway to establish a specialized database of all Egyptian scientists and senior experts residing outside the country, to better utilize their expertise, according to a press statement released by the Ministry of Immigration (MOI) on Sunday. Minister of Immigration Nabila Makram Ebeid met with Khaled Abdel Ghaffar, the Minister of Higher Education and Scientific Research, to discuss the possibility of forming an association entitled “Egypt Can” which would include the specialized database. Both ministries will coordinate to choose the association’s board from scientists inside and outside Egypt.

Egypt s Foreign Minister Sameh Shoukry met on Sunday with his Chinese counterpart Wang Yi during his visit to China to participate in the 8th edition of the Arab-Chinese cooperation forum. Egypt s Foreign Ministry spokesperson Ahmed Abu Zeid said that Shoukry praised the historical ties between Egypt and China, who enjoy a comprehensive strategic partnership in various fields, as well as coordination on international and regional issues of mutual concern.

Cairo has been listed as the least expensive city in the Middle East for expatriates, according to the 24th annual Cost of Living Survey released by Mercer, the world’s largest human resources consulting firm. Last year Cairo ranked at the 183rd spot globally, with a sudden decline of 92 spots from 2016 in wake of a major devaluation of the country’s local currency. It currently ranks at the 188th spot world-wide, a five point drop from last year.

Egypt s domestic debt rose by LE100 billion during the second quarter of the 2017-18 fiscal year. The increase, registered from October to December 2017, put more weight on the government s shoulders and has concerned commentators. “The rise in domestic debt could impede the state s ability to meet its commitment with the International Monetary Fund (IMF) to reduce the budget deficit,” said Alia Al-Mahdi, a Cairo University professor of economics.

The European Union has removed additional import controls placed on Egyptian strawberries, following Egypt s implementation of "very rigorous" inspection standards for its exported produce of the fruit, Egypt s agriculture ministry spokesman told Ahram Online on Thursday. The tight EU regulations were introduced amid agricultural export bans on a number of Egyptian crops due to pesticide residues, spokesman Hamed Abdel Dayem said, not specifying when the controls were first put in place.

Foreign Minister Sameh Shoukry discussed Egypt s counter-terrorism efforts with a senior German politician on Wednesday as part of his three-day visit to the German capital, Berlin. Shoukry and Norbert Röttgen, chairman of the Bundestag s Committee on Foreign Affairs, also discussed means to bolster coordination on regional and international issues.

Egypt’s Prime Minister Mostafa Madbouly reviewed the government policy program during a general session on Tuesday for the House of Representatives, promising poverty alleviation during his tenure. President Abdel Fattah al-Sisi appointed Madbouly, former housing minister, as the new prime minister in June 7, with his cabinet sworn in at June 14.

Prime Minister Mostafa Madbouly presented to parliament on Tuesday the policy statement of his newly formed cabinet, as per the country s constitution, highlighting his cabinet s policy priorities. Madbouly and his cabinet were sworn in by President Abdel-Fattah El-Sisi on 14 June, replacing the cabinet of former prime minister Sherif Ismail who resigned earlier that month.