Remittances from Egyptians abroad rose 65.9% y/y in June, recording USD2.6 billion. On a monthly basis, remittances were down 3.7%.

The government sees the economy growing at a 5.5% clip during the fiscal year 2026-27 and 6.5% in 2030, according to a cabinet statement. The Madbouly government sees the economy growing 4.2% during the current fiscal year.

The government has reportedly wrapped up studies for two pumped storage hydropower projects in Luxor and Qena with a combined capacity of 2 GW, a government official said. The projects could cost up to USD2.5 billion.

Egypt is among the top destinations for African investments, coming in third behind the island nations of Seychelles and Mauritius in a new report by South Africa’s Rand Merchant Bank.

The EGPC agreed with a coalition of local banks to have a one-year grace period to pay the installments owed, worth USD2 billion, sources said. The Authority will begin paying the installments due in foreign currency at the beginning of 2026, instead of 2025.

The Deputy Minister of Finance for Tax Policies revealed that the government is mulling raising the minimum tax exemption threshold for state workers, in light of recent economic changes.

RMDA announced the approval of the Egyptian Drug Authority for a price increase of 40-50% to be applied to 20% of the company's products that represent 70% of its annual sales.

EGTS reported 1Q24 net loss of EGP524.7 million compared to 1Q23 net loss of EGP5.4 million. Net loss in 1Q24 was due to expected credit losses of EGP778.9 million recorded on the income statement.

Mohamed Farid has been reappointed Head of the Financial Regulatory Authority (FRA) for another one-year term under a presidential decree.