https://arab.news/bsams
CAIRO: Egypt needs less than $15 billion from the International Monetary Fund to help support its financial needs, Asharq reported citing Finance Minister Mohamed Maait.
It comes on the heels of a Goldman Sachs Group Inc. report estimating that the North African country may need to secure a $15 billion package from IMF to meet its financing needs over the next three years.
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Transport sector
The Egyptian government seeks to increase investments in the transport sector by 27.5 percent during the current fiscal year to reach 307 billion Egyptian pounds ($16 million).
According to the Ministry of Planning and Economic Development, production of the transport sector at current prices during the year 22/2023 is targeted to reach 672 billion pounds, compared to 586.5 billion pounds in the year 2021/22.
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Ecommerce startup
Cairo-based furniture and home goods ecommerce platform Homzmart has raised $23 million in a pre-series B round, bringing its total investments up to almost $40 million, according to a statement.
The investment comes after the company鈥檚 expansion to 黑料社区 earlier this year.