Egypt's cabinet approved Wednesday a mandate for the National Telecommunications Regulatory Authority (NTRA) to launch a high-speed 4G mobile network.

Egypt's central bank left its key policy rates unchanged, as expected, saying they were appropriate given the lagged effect from the sharp hike in March and the balance of risks surrounding the outlook for growth and inflation.

The joint venture led by Vinci Construction Grands Projets and Bouygues Travaux Publics, and their Egyptian partners Orascom Construction and Arabco Contractors, has won the Phase 3 contract for Line 3 of the Cairo metro.

Egypt's Central Bank raised interest rates by 1.5 percentage points on Thursday to combat inflation following a sharp currency devaluation and the adoption of a more flexible exchange rate regime earlier this week.