Browsing: Egypt

Egypt’s foreign trade in the fiscal year (FY) 2018/19 reached $95.024billion from $88.93billion in year 2017/18, an increase of $6.094 billion according to the Central Bank of Egypt (CBE).

According to a report by the Central Bank of Egypt, the country’s imports reached about $66.53 billion against $35.560billion, while its exports reached $28.495billion against $16.347billion, in the same period.

According to the CBE report, 14 countries accounted for 62.3% of Egypt’s foreign trade, with the value of trade exchange between Egypt and those countries amounting to $59.245billion.

The bank pointed out that Egyptian exports to these countries reached $17.091billion which is equivalent to 60% of total exports. Its imports from these 14 countries reached $42.153billion, which is about 63.4% of total imports between July 2018 and June 2019.

China was Egypt’s largest trade partner with a $6.505billion trade exchange, including $6.012billion worth imports and $493.2m worth exports. The United States…

Ethiopia will soon start importing cheaper refined oil from South Sudan to cover the more expensive product from the Middle East.

Ethiopia’s State Minister for Mines and Petroleum, Koang Tutlam announced on Wednesday that the move will save Addis Ababa 15 per cent to 20 per cent on the $3.4 billion it spends importing an estimate of four million tonnes of refined products.

While speaking to the media attending South Sudan Oil and Gas Conference in Juba, Mr Tutlam said, “We import almost all of our oil and other refined products from the Middle East, but owing to the proximity of about 200km between the oilfields of Pagak and Adar and the Ethiopian border, we stand to save so much.”

Mr Tutlam further added that Ethiopia exports hydroelectric power to South Sudan and will soon export about 400MW to Kenya.

The oil and gas conference was organised by South Sudan’s …

Ethiopia rejected a proposal by Egypt to operate on the $4 billion hydropower dam Ethiopia is building on the Nile.

This rejection is further deepening the disputes between the two nations over the project being conducted by Ethiopia.

In a press conference in Addis Ababa Ethiopia’s capital, Sileshi Beleke, minister for water, irrigation and energy described Egypt’s plan, which includes the volume of water it wants the dam to release annually as “inappropriate”

He further said that the proposal from Egypt was unilaterally decided and did not consider their previous agreements.

“We can’t agree with this…we will prepare our counter-proposal.”

In 2011, the Grand Ethiopian Renaissance Dam (GERD) was announced, it is designed to be the centrepiece of Ethiopia’s bid to become Africa’s biggest power exporter, generating more than 6,000 megawatts.

The dam has been the center of disagreements between Ethiopia and Egypt as the two countries disagree over the …

Africa escaped the global decline in foreign direct investment (FDI) as flows to the continent rose to US$46 billion in 2018, an increase of 11% on the previous year, according to UNCTAD’s World Investment Report 2019.

Growing demand for some commodities and a corresponding rise in their prices as well as the growth in non-resource-seeking investment in a few economies underpinned the rise.

While FDI in some large economies on the continent – such as Nigeria and Egypt – contracted, this was outweighed by a surge in flows to others, most significantly, South Africa.

“The African Continental Free Trade Area (AfCFTA) agreement will bolster regional cooperation. This, along with upbeat growth prospects, augurs well for FDI flows to the continent,” UNCTAD Secretary-General Mukhisa Kituyi said.

FDI flows to Sub-Saharan Africa climbed by 13% to $32 billion, recovering ground after successive contractions in the two prior years. Southern Africa saw …