Day: September 17, 2023

President Abdel Fattah Al-Sisi has approved a new package of incentives and income increases for public workers and pensioners, which will cost the state budget about EGP 60 billion annually. The package will be submitted to the House of Representatives in October for ratification. The package includes raising the exceptional…

The banks operating in the Egyptian market achieved a net profit of approximately EGP 126.910bn by the end of the first half of the current year (1H 2023). The Central Bank of Egypt (CBE), in its quarterly report on the financial stability of banks, stated that the net return in…

Head of the Egyptian Environmental Affairs Agency (EEAA), Ali Abu Sinna; led a high-level delegation from the Ministry of Environment, and participated in the meeting of the contact points for the Convention to Protect the Mediterranean Environment from Pollution “Barcelona Convention”. 22 countries representing the member states of the convention,…

New York – Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing the 2030 Sustainable Development Agenda, said on September 18 that it is important to launch a platform that determines climate change risks and solutions in a way that helps local actors and…

The total natural gas production of Agiba Petroleum Company and Pharaonic Petroleum Company (PHPC) reached 205 million cubic feet per day during FY 2022/2023, said the Petroleum and Mineral Resources Ministry.  In statements Sunday, Petroleum and Mineral Resources Minister Tarek al-Molla said that the petroleum ministry is currently intensifying its…

Nine teams of Egyptian Engineering students representing seven universities participated today in the Shell Eco-Marathon Egypt local showcase to present and test self-built energy-efficient vehicles which they designed and manufactured, competing for prizes amounting to almost USD 30,000. Shell Eco-Marathon supports the development of future engineers’ skills and fosters innovation.…

A new report highlighted the need for stronger international collaboration to accelerate the transition to clean energy and sustainable solutions in high-emitting sectors. The Breakthrough Agenda Report 2023, a collaboration between the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA) and the United Nations Climate Change High-Level Champions,…

Egypt and Hong Kong have signed a memorandum of understanding (MoU) to enhance cooperation and exchange information in the field of investments. The MoU was signed by Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), and Jimmy Chiang, Associate Director-General of Invest Hong Kong, on…

The Central Bank of Egypt (CBE) said that annual headline urban inflation increased to 37.4% in August 2023, up from 36.5% in July 2023. This was mainly driven by food inflation, which rose to 71.4% in August 2023, up from 68.4% in July 2023. However, annual core inflation, which excludes…

Banque du Caire has announced the launch of its latest central units, which are specialised in the field of security control and follow-up. The unit will monitor the work in its branches and deal with any emergencies. It will also provide assistance to all the bank’s sectors to achieve the…