Egypt raises Sinai investment by 75% in 2019-20

Egypt said on Thursday it would invest 5.23 billion Egyptian pounds ($315 million) in the Sinai Peninsula in fiscal 2019-20. (File/AFP)
Updated 22 August 2019
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Egypt raises Sinai investment by 75% in 2019-20

  • North Sinai will receive 2.85 billion pounds of the investments, while South Sinai will take 2.38 billion pounds, Planning Minister Hala Al-Saeed said
  • An aide to President Abdel Fattah El-Sisi said last year that the Sinai development plan is expected to cost 275 billion Egyptian pounds and be completed by 2022

CAIRO: Egypt said on Thursday it would invest 5.23 billion Egyptian pounds ($315 million) in the Sinai Peninsula in fiscal 2019-20, a 75% rise on the year, in a venture officials say is intended to stabilize a region hit by violence from armed groups.
The Planning Ministry, which directed 2.986 billion pounds in investments to Sinai in the 2018-19 fiscal year, said in response to a Reuters question that the 2019-20 investments would be “general investments directed to all sectors.”
Egypt has been fighting an insurgency led by Daesh and concentrated in the peninsula’s north since the military overthrew President Mohamed Mursi of the Muslim Brotherhood in mid-2013 after mass protests against his rule.
The government hopes investing in the region will help curb extremism and bring stability by reducing higher-than-average unemployment.
North Sinai will receive 2.85 billion pounds of the investments, while South Sinai will take 2.38 billion pounds, Planning Minister Hala Al-Saeed said in a statement.
“The investments in North Sinai are in education, water, agriculture, irrigation, transport, storage, real estate activities and construction projects,” Saeed said.
South Sinai investments will be “in the agriculture, irrigation, transport, education and other services sectors,” she said.
An aide to President Abdel Fattah El-Sisi said last year that the Sinai development plan is expected to cost 275 billion Egyptian pounds and be completed by 2022, calling it “a project for national security.”


Egyptian exchange suspends trading after EGX 100 plunges

Updated 22 September 2019
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Egyptian exchange suspends trading after EGX 100 plunges

  • It was the first time the exchange had suspended trading in the EGX 100 because of a 5 percent drop since 2016

CAIRO: Egypt’s stock exchange suspended trading for 30 minutes on Sunday after the EGX 100 index fell by 5 percent, bourse data showed.
Analysts linked the sharp drop in share prices to small protests that broke out in Cairo and other cities on Friday.
It was the first time the exchange had suspended trading in the EGX 100 because of a 5 percent drop since 2016.