Egypt’s NWC Raises Minimum Wage for Private Sector to EGP 3,500

The Egyptian Cabinet announced on Friday that the National Wages Council (NWC) has decided to raise the minimum wage for private sector employees from EGP 3,000 to EGP 3,500, starting January 1, 2024. Moreover, the NWC directed to increase the annual periodic incentive to private sector workers from EGP 100 to 200. As Head of […]

Egypt’s Daylight-Saving Come to An End Starting Friday

Egypt will switch back to standard time on Friday at midnight. Egyptian citizens and residents will receive an alert to adjust the date from Friday, 12 a.m. to Thursday, 11 p.m., and to reset their clocks with a 60-minute delay. After years of absence, the Egyptian Cabinet decided to restore daylight saving time in March […]

Egyptian Cabinet Gives Green Light to IFC to Start Issuing EGP Bonds in Foreign Markets

The International Finance Corporation (IFC) has just gained the Egyptian Cabinet’s approval to start issuing bonds in Egyptian pounds in foreign markets. The IFC’s issuance of bonds in the local currency will benefit Egypt by increasing the IFC’s investment portfolio in Egypt and the availability of additional sources in foreign currency. In addition, it will […]

Egypt Named 1st in Foreign Investment Flows in Africa in 2022

According to a statement by the Information and Decision Support Center of the Cabinet (IDSC), Egypt’s net direct foreign investment significantly increased in 2022. UNCTAD released a 2023 global investment report stating that the flows of direct foreign investment to Egypt were up to $11.4 bln in 2022, compared to $5.12 bln in 2021, achieving […]

Egyptian Cabinet Launches English E-app to Highlight Gov’t Activities, Decisions

The Egyptian cabinet has just launched an official mobile application in the English language, within the framework of enhancing access to information about the activities of the government and highlighting its efforts in all sectors. Cabinet Spokesman Ambassador Nader Saad said today that the decision aims to improve mechanisms and communication channels between the government […]

Egyptian Cabinet Announces Power Load-Shedding Plans in Several Governorates

Earlier today, the Egyptian cabinet announced its plan for power load-shedding that will be put into effect as of tomorrow, Tuesday, August 1st, at noon in several governorates. In a statement, the cabinet affirmed that it will publish the schedules of power load-shedding about the various towns and districts and their exact timings in each […]

Deputy Governor: CBE Targets Transforming Egypt into Regional Hub for Financial Inclusion

During Seamless North Africa 2023, yesterday, the Deputy Governor of the Central Bank of Egypt (CBE), Rami Aboulnaga, affirmed that the bank’s strategy aims to transform Egypt into a regional hub for financial inclusion, make a shift towards a society less dependent on cash payments, increase economic growth rates, and limit the repercussions of global […]