News / Egypt
WB: Egypt’s Annual Growth to Ease to 3.3%
According to the World Bank's (WB) report – Global Economic Prospects June - Egypt’s annual growth is forecast to ease to 3.3% in the fiscal year (FY) 2015/16 and it is estimated to reach 4.4% in FY 2016/17, falling below the government’s target of 5%.
Egypt Reached Highest Level of Inflation in May
Egypt has reached the highest level of inflation in seven years in May, another challenge for policy makers trying to tackle a shortage of foreign currency that is slowing growth.
BP, Eni Announce New Gas Discovery in Baltim Region
European oil and gas giants, BP and Eni, announced their latest natural gas reservoir discovery in the Baltim exploration region in Egypt, which is jointly owned by both companies.
NREA Denies Egypt Unattractive for Clean Energy Investments
The Executive Chairman of the New and Renewable Energy Authority (NREA), Mohamed El-Sobki opposed the new and renewable energy companies that had claimed that the sector is currently unattractive for investments.
Cairo, Riyadh to Finalize Electricity Linkage Project
The Egyptian-Saudi electricity linkage project is due to be finalized within a few months for the two countries to share electric power of up to 3,000 MW during the off-peak periods.
Elsewedy Negotiating $75m Solar Plant Loan
Elsewedy Electric is currently in the negotiating process, with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), of obtaining a $75m loan to finance building its 50MW solar power plant in Aswan, Egypt.
Electricity Ministry Records EGP 88b in Consumers’ Unpaid Bills
Egypt’s Ministry of Electricity declared that the unpaid dues from the household, commercial, and governmental entities, had increased to EGP 88b at the end of May.
Petromin to Invest $28m in Fuel Stations in Egypt
Saudi Arabia’s leading lubricants and automotive services company, Petromin Corporation, stated that it is planning on investing $28m in the Egyptian market, to expand its network of fuel stations and service centers and to construct a cutting-edge lubricants blending plant.
