Financial-Services News
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Wafeq strengthens presence in GCC and expands to Egypt with new funding
With its recent funding, Wafeq will continue to innovate and build new product functionalities, while also focusing on customer acquisition.
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Capital markets in 2022: It just wasn’t the year for fresh paper
At the start of the year, the government envisioned as many as 10 state-owned companies selling shares on the bourse in 2022.
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Egypt signs deals worth EGP 10 billion for financing green projects
Egypt signed a number of partnership agreements and letters of intent (LOI) worth around EGP 10 billion with development partners last week.
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Euromoney Egypt Conference 2022 to take place on Dec. 7
The lead sponsors of the conference are Mashreq Bank and Standard Chartered. The co-sponsor is Citibank.
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Fitch Solutions raises Egypt GDP growth projection in 2022 by 0.3%
The report lowered its expectations for the country’s inflation rate by 0.2 percent to 13 percent through the end of 2022, down from 13.2 percent.
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EU provides support of up to US$300 mln to Egypt’s start-up sector
Ezz stressed the importance of supporting this sector due to the growing opportunities worldwide and in Egypt.
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14th Creative Industry Summit launches under theme ‘Creative Economy’
The summit is expected to host a selection of international, regional, and local experts in their respective fields.
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Egypt’s SWF signs deals on EGP 25.5 bln projects
The Sovereign Fund of Egypt (TSFE) implemented or signed binding deals to execute 10 projects worth EGP 25.5 billion in 2021.
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Consumers in Egypt embrace digital payments
88% of consumers in Egypt have used at least one emerging payment method in the last year, with usage expected to further increase.
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Egyptian expats’ remittances grow 2.1% YoY
Remittances sent by Egyptian expats went up 2.1 percent year on year in the first 11 months of the past 2021/2022 fiscal year.
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Fitch Solutions projects 13.2% inflation in 2022
Fitch Solutions upgraded its projections for Egypt’s real GDP growth slightly to 6.1 percent during 2022, up from the 6% projected a month ago.
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Egypt’s new budget allocates EGP356 bln for social support
Another EGP400 billion will go for improving conditions of public employees including wages and compensations.
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MSMEDA pumped EGP 40bn to finance 1.6m SMEs
The funding was over the last 8 years. Over 1,000 exhibitions were organised where sales, contracts exceeded EGP 500m: Trade Minister.
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Egypt GDP topped 5% in Q1
She also said the economy would grow around 6% in the 2021-22 fiscal year, which ends in June.
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Egypt has 85 projects to adapt to climate change
The projects are under the portfolio of the Ministry of International Cooperation, with a total cost that reaches close to $12 billion.
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EBRD upgrades Egypt’s GDP growth forecasts in FY2021/22 by 0.8%
The European Bank for Reconstruction and Development (EBRD) raised its projections for Egypt’s GDP growth for the current FY2021/22 to 5.7 percent.
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UAE Pumps Money Into Egypt as Food-Price Surge
A major food importer, Egypt’s been hit hard by record grain prices fueled by the Russian invasion.
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Field campaign to provide free support for tax payers
This comes within the finance minister’s directives in which the campaign will start in Gharbiya governorate.
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Egyptian investment app Thndr nabs $20M
Replicating the success of Robinhood in the U.S., some platforms are looking to create investors out of the region. One such is Egypt-based Thndr.
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Egypt’s international reserves inch up to $40.98 bln
Egypt’s net international reserves (NIRs) edged up in January by $45 million to post $40.98 billion, up from $40.93 billion recorded in December.