Egypt's finance minister said on Monday the country would look to issue a $3 billion Eurobond between September and October, and would implement a long-delayed value-added tax (VAT) by September.

Orange Egypt said that Egypt's telecommunications regulator has set the price of a licence to provide 4G mobile services at EGP 3.54 billion (EUR 342.6 million), half of which must be paid in dollars. It said in a statement on the Egyptian stock exchange that the regulator had set the cost of acquiring a fixed line licence at EGP 100 million and the cost of a licence to offer customers international calls at EGP 1.8 billion.

The Central Bank of Egypt (CBE) has decided to raise interest rates by 100 basis points after core inflation rate hit a seven-year high in May.

Eni made a new significant gas discovery in the Baltim South West exploration prospect, located in the Baltim South license, in the conventional waters of Nile Delta, offshore Egypt.