debt

State bank to drop small farmers’ debts
Business

State bank to drop small farmers’ debts

The state-owned Agricultural Development Bank will drop the debts of some 41,000 farmers as of next week, the bank's director announced Tuesday.…
Egypt budget projects 12.5% higher deficit in 2012/13
Egypt

Egypt budget projects 12.5% higher deficit in 2012/13

Egypt's overall budget deficit will rise 12.5 percent to LE135 billion in the fiscal year that began on 1 July,…
Interest-based loans for new metro line not banned by Sharia law, says minister
Egypt

Interest-based loans for new metro line not banned by Sharia law, says minister

Fayza Abouelnaga, minister of planning and international cooperation, rejected claims that interest-based loans are prohibited by Sharia law in a…
Plan to sell debt to citizens abroad delayed
Egypt

Plan to sell debt to citizens abroad delayed

An Egyptian plan to sell certificates of deposit (CDs) — a form of debt — to its citizens living abroad…
World Bank to allocate US$250 million for Cairo transport
Business

World Bank to allocate US$250 million for Cairo transport

The World Bank agreed to loan Egypt US$250 million to be allocated to improving public transportation and traffic in Cairo…
Orascom Construction Q4 net falls more than expected
Business

Orascom Construction Q4 net falls more than expected

Egyptian group Orascom Construction reported a 34 percent drop in quarterly net income, missing expectations after being hit by debt…
Plan to save economy underway, says cabinet
Business

Plan to save economy underway, says cabinet

The cabinet is implementing a quick and comprehensive plan to revamp the economy and tame the budget deficit, the foreign…
Government to officially sign IMF loan agreement in March
Business

Government to officially sign IMF loan agreement in March

The government has officially agreed to sign a deal with the International Monetary Fund for a loan worth US$3.2 billion…
Government gets US$1.2 bn commodity loan from Islamic bank
Business

Government gets US$1.2 bn commodity loan from Islamic bank

The Egyptian government has received a US$1.2 billion credit facility from the International Islamic Trade Finance Corporation (ITFC) to help…
Foreign Ministry delegation to discuss Iraqi debts to Egypt
Egypt

Foreign Ministry delegation to discuss Iraqi debts to Egypt

A delegation from Egypt’s Foreign Ministry left for Iraq on Tuesday to discuss Iraqi debts to Egypt. Deputy Foreign Minister…
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