Finance News
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7 Updates in the Egyptian fintech industry
The fintech sector in Egypt is experiencing rapid growth and transformation, with several significant developments shaping the future of finance.
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Egypt registers 3rd largest volume of real-time payments in Africa in 2023
By 2028, real-time payments are predicted to account for more than one-third of payments in the country.
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MSME sector represents more than 80% of Egypt’s economy: MSMEDA CEO
As part of the ongoing efforts, the agency has taken further steps to encourage project owners to transition from the informal to the formal sector.
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No tax hikes, including on income, commercial & industrial profits: Finance minister
Egypt’s Minister of Finance Mohamed Maait said on Tuesday that there will be no increase in income tax rates or brackets.
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FRA approves establishment of first tech start-up to fund SMEs
This start-up aims to provide financing solutions for small and medium-sized enterprises (SMEs) using cutting-edge financial technology.
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Egypt to increase prices of bread, electricity and petroleum products
He pointed out that the subsidy bill next year will increase to LE 636 billion, an increase of 20 percent over the current year.
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Egypt sees 30.8% YoY jump in newly established firms in Q1: IDSC
The report also showed that 82.32% of these new companies were set up in Cairo, Giza, Alexandria, Sharqiya, and Qalubiya.
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Asset management firms looking to use AI-powered advisors require min. LE 15M capital
Asset management firms are required to have a minimum capital of LE 15 million to obtain a license to operate using robo-advisors.
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Egypt, Italy review progress on $100m debt swap programme
The Sunday meeting focused on the progress of the program’s third phase, valued at $100m, and discussed the potential scope of a fourth phase.
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Egypt automates real estate tax system to improve services quality
The project is meant to make it easier for citizens, by making real estate tax system services available electronically for the first time.
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MSMEDA partners with JICA to boost Egypt’s small businesses
A team of Japanese and Egyptian experts are working together to diagnose the needs of 20 enterprises and provide them with tailored development.
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Egypt sells prime land to foreign investors in USD to boost economy
Egypt has approved the sale of land plots in eight major cities to 34 foreign companies, with all transactions priced in US dollars.
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Egypt to set 4 eco-friendly investment zones, with investments of LE 5B
This initiative is expected to create 759 investment opportunities and generate approximately 10,000 job openings.
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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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Egypt's EFG Hermes acquires minority stake in Danish fintech Kenzi Wealth
The acquisition of a minority stake in Kenzi Wealth represents EFG Hermes’ significant commitment to driving innovation in the fintech sector.
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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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Egyptian VC firm Glint announces $3m 1st close of 2nd fund
The Egypt-based VC firm Glint has completed the first close of its second venture fund, which will invest in early-stage startups, at US$3 million.
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Cash, Microfinanza launch $2.4 million project to support Egyptian entrepreneurs
Egypt-based Cash for Microfinance, a subsidiary of Beltone Holding, has partnered with Microfinanza Italia to launch a $2.4 million project.
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UN study warns of potential $20bln economic loss for Egypt amid Gaza conflict escalation
Under the least severe scenario, the projected cost to the Egyptian economy would decrease to $5.6 billion for the current and the upcoming FYs.
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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.