Bank News
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CIB commits $300m to renewable energy, waste management projects
The total financing volume provided by CIB in the field of renewable energy and waste management amounts to an impressive $300m.
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CBE implements blended finance mechanisms
Hassan Abdalla eleased a statement on the occasion of AfDB’s 60th anniversary and the 2024 Annual Meetings.
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National Bank of Egypt enables instant transfer receipt from abroad
The move supports Egypt’s digital transformation plan making the society less dependent on cash to enhance the government’s financial inclusion.
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CBE to decide on key interest rates Thursday for last time in FY2023/24
This is amid expectations that it will maintain the current interest rates as inflation rates have started to take a downward path the last 2 months.
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EBRD extends $119.5 mln loan to National Bank of Egypt for MSME financing
The loan is part of a potentially larger financing programme that could be implemented in multiple stages.
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Four Egyptian banks receive positive outlook on improved foreign currency liquidity
These revisions reflect reduced pressures on these banks' capital ratios in the upcoming FY2024/2025.
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Al Ahli Bank Of Kuwait – Egypt Records EGP 3.2 Billion Net Profit In The First Quarter Of 2024
Net Interest Income increased by 71% to reach EGP 1.4 billion by the end of March 2024 compared to EGP 841 million over the same period in 2023.
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Egypt in talks to secure $1.2B from IMF's Resilience and Sustainability Facility
This came during a meeting between the Egyptian Minister of the Environment, Yasmine Fouad, and the IMF's resilience and sustainability mission.
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CBE pulls record EGP 1 trillion to curb inflation
This liquidity withdrawal is part of the CBE's open market operations to effectively regulate the money supply within the Egyptian banking system.
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Egyptian pound against US dollar: Strongest point since March
The Egyptian pound’s rate against the US dollar declined on Tuesday to 46.92 for selling and 46.79 for buying, its strongest point since 23 March.
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NBE credit card users can now use up to LE 60k in foreign currency without notifying bank
Visa Platinum, Mastercard Platinum and Mastercard holders can now utilize up to LE 40,000, compared to the previous LE 12,500 limit.
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Egypt int’l reserves hit record high in four years in April
Egypt’s net international reserves (NIRs) surged at the end of April to its highest level in four years to post $41 billion, up from $40.4.
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Egypt’s foreign currency reserves to soar $16.2bln in FY24/25
The report expected the country’s reserves to rise further by $2.60 billion in FY25/26.
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CBE receives offers worth $1.117bn for USD-denominated T-bill auction
This auction, announced by the CBE on Monday, has a total value of $980m and is set to mature on 29 April 2025.
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National Bank of Egypt solidifies position as Egypt’s premier brand
Brand Finance’s research also found that National Bank of Egypt also came out on top for sustainability perceptions, leading across 3 key metrics.
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Key targets of Egypt’s FY2024/2025 budget plan
The FY2024/2025 budget is based on oil prices of $82 per barrel, up from $80 per barrel in the current FY2023/2024.
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IFC’s banking finance network upgrades Egypt’s performance to ‘Advancing’
The matrix provides a measure of progress made at the country level by member institutions to develop a sustainable finance framework.
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Egypt’s major commitments under the IMF’s $8 bln expanded loan deal
The fourth through eighth and final reviews are scheduled to be completed every six months, allowing the country to receive around $1.3 bn each time.
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Egypt and African Development Bank finilise programme to strengthen country's entrepreneurial ecosystem
More than 100 businesses and entrepreneurs have benefited from the financial, tax, administrative, and technological advice offered by top consulting.
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The top 5 banks in Egypt in terms of safety
The safety and reliability of banks are of paramount importance to both consumers and investors, especially in a climate of shifting dynamics.