Bank News
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German Development Bank allocates Eur 41M to restore Aswan high dam
The funds will help renew the Aswan High Dam’s electric generators, which have been operating since 1960.
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Egypt's foreign reserves increase $128M by end of February
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
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Banque du Caire launches “Tally” e-payments company, with EGP 500m paid-up capital
“Tally” is a comprehensive platform for digital payment solutions in Egypt, with investments amounting to EGP 500m.
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Banque Misr, Banque du Caire, Misr Insurance Holding Group, Allianz Egypt launch Real Estate Investment Fund 1
Real Estate Investment Fund 1 signed a deal to purchase commercial real estate assets from Talaat Moustafa Group in Al-Rehab City and Madinaty
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World Bank grants Egypt $9.13 M to expand the greater cairo air pollution management and climate change project
The development of this project is to support Egypt’s 2050 Climate Strategy
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Electro Cable logs higher consolidated profits in 2022; capital reduction proposed
The sales hit EGP 5.69 billion last year, higher than EGP 2.66 billion in 2021, according to the income statements.
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JumiaPay to facilitate e-payment for ZoomCar through new partnership
e-commerce platform has teamed up with Zoomcar to endorse online payment and collection transactions for car rentals, according to a press release.
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Interview: EBRD to invest in Egypt over $1.4 bln in 2023
The EBRD has financed 163 projects since it began operations in the country. Of these projects, 57 percent were directed to the private sector.
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World Bank announces $9.13 mln grant to support Egypt’s climate change efforts
The grant is from the Global Environment Facility (GEF) to expand the scope of the Greater Cairo Air Pollution Management and Climate Change Project.
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African development bank holds first industrial and trade business opportunity forum in Egypt
Egyptian businesses keen to increase business and deepen integration with other African countries.
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Sukuk and bond pricing mostly similar; Sukuk less liquid
We expect this trend to continue in 2023. However, the liquidity profile of most Islamic banks in the GCC generally remain intact.
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Egypt in talks with EBRD over under-construction projects
The minister lauded the positive bilateral cooperation with the European bank in carrying out a number of projects in the transport domain.
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Egypt’s first sovereign sukuk issuance critical step for economy: Fitch Ratings
Some 250 investors from various global markets purchased these bonds, and their proceeds will be directed to finance public investment projects.
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African Development Bank Holds First Industrial and Trade Business Opportunity Forum in Egypt
The meeting brought together industrial, agricultural, and private sector experts from 105 large Egyptian manufacturers and exporters.
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Saudi Arabia halts PIF’s plan to buy Egypt’s United Bank
Saudi Arabia has halted the plan of its sovereign wealth Public Investment Fund (PIF) to buy Egyptian lender United Bank, Bloomberg reported.
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Egypt sells its first Islamic sukuk for $1.5 billion
Egypt sold on Tuesday its first US-denominated sovereign bonds, Islamic sukuk, with a total value of $1.5 billion, Minister of Finance Mohamed Maait.
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Banks across Egypt, Morocco, and Jordan face an uncertain 2023
The recent decline in energy prices and the resilience of tourism may soften the financial and operational impact on the banks, the analysts said.
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Net FDI in Egypt surge 94% during Q1 of 2022/2023
Egypt is the first investment destination for Arab sovereign funds, led by Saudi investments and Emirati investments.
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Credit Agricole joins forces with Ahl Masr Foundation
Credit Agricole Foundation for Development has made a donation that will contribute to the establishment of Central Sterilization Supply Department.
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Egypt issues its first Islamic sukuk
Egypt initiated on Tuesday the issuance of its first US dollar-dominated sovereign bonds, known as Islamic sukuk, with a maturity of three years.