Bank News
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National Bank of Egypt inks $100 mln loan deal to fund imports from UAE
The National Bank of Egypt (NBE) has sealed a deal to secure $100 million from the Abu Dhabi foreign aid agency to fund Egyptian exports from the UAE.
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At least 15% of Banque du Caire shares to be offered for sale at $1 mln
Banque du Caire offers dollar savings certificates, or the Primo certificate in US dollars, with a return of up to 5.15 percent annually.
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IMF allegedly to delay upcoming loan review again, might mean EGP devaluation
The source stated that the delay could indicate another devaluation of the EGP before the end of 2023.
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Afreximbank establishes main headquarters in Egypt's New Capital
Afreximbank's headquarters in the New Capital will be added to the seven others it has on the continent.
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Egypt’s total foreign assets recorded at LE 1,475B, CBE
Net foreign liabilities rose to LE 2,287 billion in July, compared to LE 2,275 billion in June, the CBE reported in its release.
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Cabinet announces upcoming issuance of Samurai bonds
The Samurai bonds are yen-denominated bonds issued in Tokyo by non-Japanese firms and run under Japanese regulations.
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Egypt aims to increase portfolio with Asian Infrastructure Investment Bank to $40 bln
Egypt is looking forward to expanding the cooperation portfolio with the Asian Infrastructure Investment Bank to $40 billion covering 220 projects.
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President al-Sisi ratifies revocation of laws related to some banks
President Abdel Fattah al-Sisi on Sunday ratified law no. 170 of 2023 on the revocation of laws related to the establishment of some banks.
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$6M loan granted to support young Egyptian entrepreneurs under EBRD’s YiB program
EBRD’s Youth in Business Program (YiB) is dedicated to supporting privately owned microenterprises or young entrepreneurs under the age of 35.
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Islamic finance in Egyptian market exceeds EGP 600bn in 1H 2023: El-Beltagy
El-Beltagy added in a report issued Tuesday, that the volume of Islamic banking accounts for 5% of the Egyptian banking market.
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Egypt enables companies to issue multiple sukuk with single regulatory approval
Companies in Egypt can now issue multiple sukuk with single approval from the Financial Regulatory Authority (FRA), according to the recent amendments
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NBE, Banque Misr offer new dollar certificates
Banque Misr and the National Bank of Egypt are now offering up new US dollar savings certificates, characterized by high returns.
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Due diligence on Egypt’s United Bank to kickstart end of September: CBE
The due diligence for the acquisition of the United Bank is scheduled to start by the end of September 2023.
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Egypt authorizes IFC to issue local currency bonds in global markets
The Egyptian Cabinet has approved permitting the IFC, to issue Egyptian pound bonds in international markets.
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Egyptian President extends Hassan Abdalla's term for one year
Abdalla succeeded the former governor Tarek Amer, who resigned from the position a year before the end of his term.
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Egypt: Saib Bank reports 78% growth in profits in 1H 2023
The bank’s financial statements revealed an increase in net income from return in local currency by 58%.
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NBE raises return on triple savings certificate to 19.5%
The periodicity of disbursing the return on this type of certificate is quarterly, the minimum purchase period and duration is 3 years.
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Al Baraka Bank records $51mln in profits in 1H 2023, with 38% growth
The standalone financial indicators of Al Baraka Bank during the first half of 2023 showed that a rate of return on average assets was achieved by 2.2
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Egyptian pound devaluation expected amid inflation concerns, interest rates rise: Capital Economics
The sudden 100 basis point hike, raising the rates to 19.25 percent, took the majority of analysts, including Capital Economics, by surprise.
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Egypt's central bank auctions €600 mln in treasury bills on Monday
The Central Bank of Egypt (CBE) auctioned €600 million ($656.29 million) worth of treasury bills on Monday, according to the bank's website.