Bank News
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CBE receives 33 bids worth $1.766bn for T-bills tender
Proceeds of latest tender will be directed to pay for previous one worth $1.585bn put forward on 17 November 2020.
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Economic reform helped Egypt's economy confront COVID-19
Egypt, unlike many other countries, has faced coronavirus with economic resilience and flexibility that are necessary to confront the pandemic.
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HDB reports EGP 2.038bn profits before taxes in September 2021
Bank’s recent results reflect strong operational performance, developing clear strategy to be among top commercial banks: Ghanem
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EBRD sees Egypt's economy growing 4.9% in FY21/22
The increase is driven by a boom in the telecommunications sector, private consumption and investment and the return of FDIs.
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$360M loan aims to enhance Egypt's macro fiscal sustainability
Egypt Inclusive Growth for Sustainable Recovery program duration is around 17 months, with the closing date planned for March 31st, 2023.
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CBE to decide key interest rates amid rising inflation
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) will convene on Thursday to review the key interest rates.
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Fitch Solutions maintains Egypt’s real GDP growth forecasts at 3%
Fitch Solutions has maintained its projections for Egypt’s real GDP growth and inflation during 2021 at 3 percent and 5.1 percent respectively.
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Agricultural Bank aims to reach 35mln customers
ABE to complete development of 1,000 branches nationwide by late 2022, more branches to come in villages and remote areas.
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Central Bank of Egypt reveals reasons behind high inflation
This comes as monthly headline urban inflation recorded 1.1% in September compared to 0.3% in September 2020. Consequently.
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Mashreq Bank signs partnership with Visa
Latest partnership aligned with Egypt’s ambitious strategy to encourage electronic payments ecosystem in country.
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Credit Agricole Egypt allocates EGP 200m to finance medical sector
In an official ceremony, UltraTeb was launched as the first electronic platform for providing medical supplies, with innovative bank financing.
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World Bank working on various programs in Egypt
The World Bank do vaccination programs in many of the countries, and we've worked with and encouraged Egypt in contracting, said the WBG’s President.
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Egypt's government gross debt to hit 91.4% of GDP in 2021
The International Monetary Fund (IMF) projected Egypt’s government gross debt to hit 91.4 percent of its GDP in 2021, up from the 89.8% in 2020.
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Egypt begins IPO of state payments firm e-finance
E-finance, founded in 2005, is the sole entity authorized to operate the government's financial network, including processing and settling payment.
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World Bank raises Egypt’s GDP growth forecast to 5.5 percent in 2021
The World Bank (WB) has raised its forecasts for Egypt’s real GDP growth for 2021 to 5.5 percent, up from 4.5 percent predicted in June.
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3 Egyptian banks to launch investment trust for fintech start-ups
The National Bank of Egypt, Banque Misr and Banque du Caire aim to launch a trust to support fintech start-ups with an overall EGP100bln capital.
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Nasser Alshaali appointed Chairperson of HSBC Egypt
A member of a number of private and public executive and board directorship roles in the region, Nasser brings a wealth of experience.
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Egypt’s external debt jumps to $134.8 bln
The general government remains the main obligor of all debts, accounting for around 59.7 percent of Egypt’s external debt, as it rose by $11.1 billion
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Faisal Islamic Bank of Egypt's business volume reaches $8.02bln
The business volume of Faisal Islamic Bank of Egypt (FAIT) reached EGP 125.835 billion by the end of June 2021.
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Financial positions of banks rise by EGP 532bn
Capital at banks amounts to EGP 177.92bn, reserves register EGP 347.826bn, provisions score EGP 165.588bn in Q1 of 2021: CBE.