Bank News
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CBE, EBC, MasterCard cooperate to implement rules governing e-payment
The tokenization technology replaces private customer data such as the payment card account number with a token.
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Egypt hosts World Bank's IFC summit to enhance women’s economic participation in MENA
Egypt hosted on Wednesday the International Finance Corporation's (IFC) summit on Law and Gender Conference.
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aiBANK Records Revenues worth 1.7bln During 2022
The bank has developed a clear strategy to invest in the human element through continuous human capital development.
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Egypt’s current account deficit sees 77.2% drop
During most of 2022, import restrictions were in place to tackle the North African country's current account shortfall.
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IMF Says Egypt Is Serious About Applying Flexible Exchange Rate
Egypt agreed a $3 billion program from the IMF last year, but billions of dollars in extra financing expected to come.
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Egypt’s NFAs deficit climbs by 7.3 percent in March says CBE
Total foreign assets in Egypt declined to LE 1.439 trillion ($46.5 billion) in March 2023 from LE 1.476 trillion ($47.7 billion) in February 2023.
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Mastercard teams up with Egypt’s CBE, EBC to develop tokenisation in local market
Tokenisation allows for seamless and secure digital transactions for millions of Egyptians, by replacing sensitive customer data with unique ids.
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S&P downgrades outlooks on 3 Egyptian banks to negative
This follows the agency’s revision of its outlook for Egypt from stable to negative on April 21st.
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Arab Bank Group profits grow by 30% to $216mln for the first quarter of 2023
The Group maintained its strong capital base with a total equity of $10.4 billion.
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Top10 banks in Egypt
Egypt's banking sector is a diverse mix of state-owned, private, and international institutions.
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EBRD approves new $100 mln loan for Banque Misr to finance MSMEs
In March, the EBRD’s Vice President for Banking Alain Pilloux told Ahram Online that the bank is projected to invest over $1.4 billion in Egypt.
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Egypt may need tighter monetary policy to tackle inflation: IMF regional report
Egypt and Tunisia increased interest rates consistent with their historical norms and less than the emerging market and developing economy benchmark.
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Kuwait purchases United Bank of Egypt
The Kuwait Investment Authority (KIA) has purchased the United Bank of Egypt, one of the most famous banks in the country, the Egypt Times reported.
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CDB issues $300m in credit to Egypt
The two banks will cooperate in fields including financial cooperation, infrastructure construction, manufacturing and SME development.
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Faisal Islamic Bank’s standalone profits rise 81% YoY in Q1: Egypt
Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services per Islamic Sharia principles.
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ALEXBANK and SRM presented the fourth edition of the Suez Canal report
The report tackles the performance of the Suez Canal, through which around 12% of global maritime traffic pass through.
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Egypt, IMF had fruitful discussions on preparations for the loan deal’s 1st review
The discussions took place on the margins of the World Bank and IMF Spring Meetings in Washington DC.
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Maait: Egypt Proceeds Steadily in Implementing IMF Reform Programme
Maait pointed out the implementation of a comprehensive package of policies aimed at stabilizing macroeconomic performance indicators.
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World Bank to finance Egypt with $7 bln over 6 years
The World Bank's latest program within a framework of cooperation with Egypt is for the disbursement of US$7 billion to the country over 5-6 years.
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Egypt, World Bank discuss preparations for launching country strategy 2023-2027 in May
The discussions dealt with the issue of strengthening the role of the World Bank in the field of financing development and climate action.