Finance News
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Dubai lender Mashreq sets sights on Egypt and Turkey, says CEO
Mashreq is looking to join an increasing number of Gulf lenders snapping up banking stakes in other countries to diversify in the face of competition
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Egypt targets 11 pct budget deficit in fiscal 2014/15: finance min
Egypt's gross domestic product (GDP) grew 3.5 percent in the fourth quarter of fiscal 2013/14.
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Egypt raises $8.5B for Suez Canal expansion
Egypt's Central Bank has raised $8.5 billion for the construction of an expansion of the Suez Canal by selling investment certificates.
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Egypt's Qalaa says H1 net loss widens 11 percent
The company said its net loss for the first six months of the year had widened to 410.6 million Egyptian pounds.
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Egypt needs at least $28 billion in private sector investments: Minister
Private investments to drive growth rate to 3.5% this fiscal year as the state streamlines budget, says Investment Minister.
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E-Finance to launch EGP70m new HQ in Smart Village by May
The company's capital reached EGP120 million since its inception and it has increased to EGP180 million.
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Egypt to invite IMF to assess economic reforms
Ministry of Finance says government will invite IMF before Egypt’s economic summit in February 2015.
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Egypt's GDP growth reaches 3.5 pct in Q4 of 2013/14 fiscal year -fin min
The government is now walking a fine line between trying to cut its deficit whilst luring investors and restoring growth.
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Over LE7 billion frozen in Egyptian assets worldwide, says report
There about $750 million frozen in Switzerland and LE85 million frozen in the UK, while the amount remaining in other countries remains undeclared.
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Egypt signs $500 mln World Bank gas loan
The loan will help fund a Petroleum Ministry plan to connect 850,000 Egyptians, particularly in largely rural Upper Egypt, to a natural gas grid.
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Egypt consumer inflation picks up to 11.5 percent
Egypt's annual core inflation -- which strips out subsidized goods and volatile items -- climbed to 10.07 percent in August.
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Egypt seeks to cut public debt to 80% of GDP by 2017: Minister
Egypt's total public debt now stands at nearly 95 percent of GDP - but the government hopes reforms will slash debt and budget deficit.
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Enough GCC aid will be made available: Merrill Lynch
Tightened liquidity suggests a need for the GCC aid in the second half of 2014 to support the Egyptian pound and ease external funding pressures.
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IDB approves $425 mn loan to Egypt
Loans will help fund development of petroleum refinery and first phase of redevelopment work at Sharm El-Sheikh airport.
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Ministry of Investment suggests allowing HOTAC to offer bonds
Government is working to repair public sector companies’ financial structures that suffer significant losses and weak production.
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Bank Audi sees long-term payoff in Syria, Egypt
Bank Audi was one of the first Lebanese banks to move to the Egyptian and Syrian markets before the Arab revolutions broke out.
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Foreign investment in Egypt doubles to over $6bn
Egypt is aiming for foreign direct investment of $10 billion in 2014/15, as it seeks to attract investors by cutting bureaucracy.
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Egypt takes over presidency of General Arab Insurance Federation
Egypt took over the presidency of the General Arab Insurance Federation from Morocco during the 30th conference hosted by Egypt in Sharm El-Sheikh.
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Slow start to Egypt’s home-grown budget solution
Confidence is returning to the Egyptian economy, but the challenge of stagflation persists.
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Egypt power outage costs Suez LE100 mn in losses
Traffic along the international waterway and industrial activity in nearby Red Sea towns were cut off Thursday from massive blackout.