Finance News
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Egypt participates in launching financing platform between 10 international banks
The joint financing forum will provide a space for participants to discuss joint financing opportunities, the best practices, and common issues.
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Egypt Eyes 800 Billion EGP Investments in 2024 Economic Plan
Speaking at a press conference, El-Said detailed Egypt’s ambitious target of $1.5 billion from its public offering program by the end of 2024.
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The IMF Outlines Four Primary Goals for Egypt’s Economic Stability
Egypt’s economy has been struggling for years with inflation. In January 2022, one USD cost EGP 15.7, and one year later, it cost EGP 29.8.
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UK to finance Egypt’s budget by $400M: MoIC Minister
Minister Al-Mashat also highlighted a debt swap agreement worth $100 million signed with China in October 2023.
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Egypt's Net Foreign Asset Deficit Shrinks to 2-year Low
Data published on the website of the Central Bank of Egypt (CBE) showed that the deficit in the bank’s net foreign assets fell in March.
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Madbouly government slashes 2024 privatization program targets to USD 1 bn
Finance Minister Mohamed Maait said that the government was looking to raise some USD 6.5 bn as recently as February.
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UAE-based Freezoner, IFZA team up to showcase investment opportunities in Egypt, UAE, Saudi Arabia
Scheduled for 30 April, in Cairo, the event aims to delve into investment prospects and feasibility of establishing companies in Egypt, UAE and KSA.
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Beltone, Citadel to launch $30 mln fund for early-stage startups
The partnership aims to establish and manage a $30 million fund dedicated to supporting the growth of fast-growing startups.
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Egypt’s debt to GDP ratio projected to decelerate to 82.6% in 2025: IMF
Egypt’s overall debt to GDP is expected to decline to 82.6 percent of GDP in 2025, from over 90 percent in 2024, and will continue to shrink.
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Egypt aims for private sector to constitute over 70% of its economy
The Egyptian government is committed to empowering the private sector to take the lead in driving economic growth and capturing a significant share.
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Egypt’s finance minister says cutting inflation is priority
Maait also said the government aimed to sell more state assets, which would reduce the state’s role in the economy.
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Egypt’s external debt to remain high in FY23/24 due to EGP depreciation
Egypt’s external debt is projected to rise during the current FY2023/2024 due to the depreciation in the exchange rate, Era Dabla-Norris.
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Egyptian gold investment funds witness about 103K investors
The combined number of people who invested in two gold investment funds has reached approximately 103,000 by the end of March 2024.
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Investments in Egypt on a roll
The Ain Sokhna float plant in Egypt will see its capacity increased with the construction of a second flat glass production line.
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Central Bank of Egypt to launch six tenders for T-bills, bonds totalling $2.51bln
The funds are earmarked for settling past debts and addressing the national budget shortfall.
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South Africa’s Standard Bank Group to set up Egypt office in 2024
The South African bank’s presence in Egypt will allow it “to capitalize on the significant emergence of the Gulf-sub Sahara Africa-Egypt corridor.
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Minister of International Cooperation highlights World Bank's role in development financing
Al-Mashat also discussed regional and international challenges and their impact on developing countries and emerging economies.
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Faisal Islamic Bank’s standalone profits surge 179% YoY in Q1
Revenues grew 82.4% to EGP 10.175 billion in Q1 2024 from EGP 5.580 billion in the same quarter last year.
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World Bank raises its growth forecast for Egyptian economy to 4.2% in 2024/25
The bank has lowered its expectations for Egypt's economic growth during the current year to 2.8 percent from its previous estimates of 3.5 percent.
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Central Bank of Egypt Raises ATM Withdrawal Limits to EGP 30,000
Previously, the limit for ATM withdrawals was EGP 20,000, and for withdrawals from bank branches was EGP 150,000.