Egyptian International Motors (EIM Group) is set to pump investments worth $100 million into car manufacturing, marketing, and exporting.

Mansour Automotive, the official General Motors (GM) dealer in Egypt, is planning to inject over $100 million in new investments into the Egyptian market over the next four years.

The Industrial Development Authority (IDA) has signed a memorandum of understanding (MoU) with Siemens AG to develop local manufacturing and assembly of low- and medium-voltage electrical products in Egypt.

The Egyptian General Petroleum Corporation (EGPC) has agreed with a consortium of local banks to get a one-year grace period to pay back its due installments worth $2 billion.

The National Authority for Tunnels (NAT) has initiated the procedures of borrowing up to EGP 74 billion from a consortium of 10 local banks to settle outstanding payments owed to companies involved in ongoing projects for the authority.

Egypt has allocated nearly EGP 44 billion so far to finance the purchase of local wheat from farmers, Minister of Finance Mohamed Maait stated.

Egypt has received 750,000 tons of wheat from local farmers over the past two weeks, Minister of Supply and Internal Trade Ali Moselhy stated.

eAswaq Misr, the e-commerce subsidiary of e-Finance Investment Group, has signed a cooperation protocol with the Industrial Modernization Center (IMC) to encourage local industry and boost exports.

A number of three Egyptian banks have started conducting due diligence on the United Bank of Egypt.