CAIRO: Egypt’s annual urban consumer inflation has surged to 13.6 percent year-on-year in July, according to the Central Agency for Public Mobilization and Statistics.
On a monthly basis, headline inflation went up by 1.3 percent, after a slight decline of 0.1 in June, reported Reuters.
These changes may have an impact on changes to the country’s current interest rate of 11.25 percent, which will be decided on Aug. 18.
Egypt starts bids on water desalination project
The Sovereign Fund of Egypt has started bids on the contract for the development of desalination plants powered by renewable energy sources, reported MEED.
The contract bids by the prequalified companies are to be received by Sept. 22.
This project aims to acquire up to 3.8 million cubic meters per day of water desalination capacity over the next two years.
It falls in tandem with Egypt’s long-term water strategy plan of procuring 100 water desalination plants by 2050.
Study on $1 billion industrial complex
A study on the environmental effects of developing an industrial complex for ferroalloys is being carried out in Egypt.
The $1 billion Arab Alloys project will cover an area of 40,000 square meters in Egypt’s Suez Canal Economic Zone and take five years to be completed, according to MEED.
