Finance News
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Full financing by Egyptian Banks clears accumulated goods at Egypt's Ports
This has resulted in the prompt release of goods, particularly food commodities, medicines, feed, and production necessities.
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CIB raises yields on CDs by 2% for 2nd time in two months
Commercial International Bank (CIB) has raised the yields on its new EGP-denominated fixed-rate certificates of deposits (CDs) by two percent.
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Emigration Minister present developments of setting up investment Company for Egyptain abroad
Its primary objective is to stimulate investments in various sectors, including agriculture, commerce, import-export, and tourism.
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Egypt Budget 2024/25: 8 key facts you need to know
Egypt's budgetary measures reflect a delicate balance between economic growth, fiscal discipline, and social welfare priorities.
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Egypt aims to reduce debt-to-GDP ratio to less than 80% in 3 years
Maait also mentioned that a significant space for public investments in the state has been left for the private sector to thrive.
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President Sisi directs gov't to reduce public debt, budget deficit
El-Sisi also directed to continue and enhance efforts to alleviate burdens on citizens, particularly in terms of controlling inflation.
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Egypt allocates over US$12 billion to support citizens in new budget
The Egyptian government in December raised the target of subsidizing petroleum products in the current fiscal year by 9%.
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Why Egypt’s inflation continues to rise in February 2024
Egypt’s annual headline urban inflation rose to 35.7% in February 2024, up from 29.8% in January 2024.
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Egyptian pound Appreciates against Foreign Currencies
The exchange rates of foreign and Arab currencies declined against the Egyptian pound at the end of trading on Tuesday in Egyptian banks.
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S&P upgrades Egypt’s credit outlook to positive
S&P Global views Egypt’s exchange rate liberalization as a crucial milestone in bolstering confidence and fostering economic growth.
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Egypt to impose strict limits on public investments, debt in FY 2024/25
Minister of Finance Mohamed Maait said the state is placing a stringent ceiling of EGP 1 trillion on public investments in the upcoming fiscal year.
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Al Tadamun Microfinance boosts women’s funding to EGP 2.34bn in 2023
The foundation saw a 21% increase in disbursed funds, injecting approximately EGP 2.341bn into client projects, up from EGP 1.94bn in 2022.
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World Bank to provide over $6B in support to Egypt over next 3 years
The bank announced that this support includes $3 billion for financial backing to Government’s programs and $3 billion for the private sector.
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Major Gulf bourses up on strong oil prices; Egypt extends slide
The index encountered a technical glitch earlier in the day displaying inflated gains, before the issue got fixed towards the end of the trading.
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European Union announces €7.4 billion package of aid for Egypt
European Union announces €7.4 billion package of aid for Egypt to fund efforts in curbing migration.
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Market capitalisation of Arab stock exchanges surpasses $4.5trn in February
The market capitalisation of Arab stock exchanges witnessed an increase to approximately $4.54trn in February, up from around $4.4trn in January.
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Italy, EU commission to sign deal with Egypt on 'cooperation and development
Italian Prime Minister Giorgia Meloni says she will be in Cairo on Sunday to sign an agreement between Europe and Egypt.
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Egyptians abroad sending more money home after devaluation
Egyptians abroad had been holding onto their funds or sending them home outside the banking system via the black market.
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Access by FABMISR, Drive Finance unite to redefine payment solutions in Egypt
The alliance is thoughtfully designed to accommodate the monthly instalments of Drive Finance customers.
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Moody’s changes rating for 5 Egyptian banks
Credit rating agency Moody’s announced on Tuesday that it has changed the ratings and estimates of five internationally ranked Egyptian banks.