The Egyptian government announced last week it is planning new industrial projects for a total of about $663 million.
According to the finance minister, Mohamed Maait (pictured), this consists of the construction of 13 industrial complexes to ease and promote export of Made in Egypt products. The construction component is taking a bit more than $300 million and the remaining will serve for the export promotion.
Achieving such a feat would be a new step forward for this North African country which is still affected by a recent economic crisis. It aligns with the government’s ambition to totally lift Egypt out of the crisis, strengthen the economy and improve the trade balance.
As reform-driven results, the Central Agency for Public Mobilization and Statistics noted, trade deficit improved by 24.6%, from $4.42 billion in May 2018 to $3.32 billion in May 2019. Unemployment rate dropped to 8.1% in Q1 2019, from 10.6% in Q1 2018, and further improvement is expected. Public debt is expected to drop to 77.5% of GDP by 2022, against 90.5% in June 2019.
Moutiou Adjibi Nourou
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...