Bank News
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Egypt, World Bank Group discuss developments of social housing financing programme
The social housing financing programme began in 2015 at a value of $1bn to provide adequate housing for low and middle-income people.
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Saudi Sovereign Fund in talks to acquire Egypt's United Bank for $600M
The United Bank was established in 2006 and has 65 branches nationwide and more than 200 ATMs.
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Finance Ministry refutes rumors on US dollar rate reaching LE40
The Finance Minister commented: “I hope that 2023 will be a year of stability, whether security or economic.”
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IMF stresses need to maintain flexibility of exchange rate in Egypt
The weak expectations of global economic growth, tightening fiscal policies and rising commodity prices led to an increase in financing needs.
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Commercial International Bank Egypt nominates Hisham Ezz Al-Arab for election
The appointment for non-executive chairman is subject to the approval of the Central Bank of Egypt.
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Egypt joins the BRICS new development bank
Egypt ratified its participation in the New Development Bank (NDB) which was created by Brazil, Russia, India, China and South Africa (BRICS) in 2014.
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Cabinet approves draft resolution to establish the New Development Bank
The bank also works in digitization, due to the negative economic effects resulting from the COVID-19 pandemic crisis on the global economy.
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Egypt sees a return of the 18% interest rates on long term Bank deposits
The United Bank offers 18% CDs, as the best certificate in Egypt to attract more customers towards its services.
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Egypt's net foreign reserves rise to $33.532 billion in November
Egypt's net foreign reserves rose to $33.532 billion in November from $33.411 billion in October.
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IMF schedules Egypt’s $3 bln loan meeting on 16 December
By securing this loan, Egypt will have obtained a total of over $23 billion in loans from the IMF over the past seven years.
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Egypt hopes to receive 1st tranche of new IMF loan in December
Egypt hopes to receive in December the first tranche, worth $750 million, of the $3 billion loan from the International Monetary Fund (IMF).
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CBE to receive billion dollars from RSF in January
The billion-dollar loan will be repaid over 20 years, and Egypt will be granted a grace period of 10 and a quarter year.
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Egypt to witness 2.7% increase in remittance flows for 2022
The report said that this development may reflect a rebalancing of flows among host countries and regions.
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Egypt approves $271mln financing agreement with ADF
The financing will further help support the economic growth programme by raising agricultural productivity and sustainability.
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CBE grants preliminary approval to launch prepaid card Takka
Receiving CBE’s preliminary approval to launch Takka reflects confidence in ADIB-Egypt and ADI-Consumer Finance’s compelling brand portfolio.
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Saudi Arabia extends term for $5 bln deposit in Egypt's c.bank
Gulf states have deposited at least $13 billion with Egypt's central bank to support its economy so far this year.
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Kuwait extends maturity of $2 bln deposits to one year
The deposits were due to mature in April 2022.
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Egypt’s CBE launches financial inclusion strategy for 2022-25
CBE launched its financial inclusion strategy for 2022-2025 that sets key objectives and priorities for creating financial inclusion in the country.
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HD Bank’s consolidated profits jump 26% in 9M-22
The consolidated financial statements of the Housing and Development Bank (HD Bank) indicated a 26.40% growth in the bank’s net profits.
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World Bank discusses new cooperation phase with Egypt
Shaker noted that the strategic relations between Egypt and the World Bank bolstered the country’s efforts for transformation towards a green economy.