Bank News
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Egypt considers issuing bonds in Indian rupees worth US$500 million: Finance Minister
Egypt is also considering issuing a second “sukuk” tranche and issuing sustainability bonds ranging from $500 million to one billion dollars next year
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IMF head expects increase to Egypt’s $3 bln loan over ongoing challenges
Kristalina Georgieva expects the fund to increase the value of the loan provided to Egypt due to the impact of external factors on its economy.
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IFC partners with Al Baraka Bank to support Egyptian MSMEs
IFC partnered with Al Baraka Bank Egypt to offer $50 million in finance for Egyptian micro, small and medium-sized enterprises.
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Central Bank of Egypt sells $990 mln USD-dominated T-bills
CBE sold on Monday $990 million in USD-denominated treasury bills (T-bills) with a one-year maturity, according to the bank’s website.
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Egypt is considering issuance of Masala bonds worth $50M in 2024
Maait said he hopes to raise between $500 million and $1 billion through sustainability bonds in 2024.
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Dollar rate in Egypt’s black market sees sudden, significant decline
During November, the dollar recorded successive jumps in black market transactions, reaching 52 pounds due to a sudden increase in demand.
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UAE and Kuwait extending deposits reveals confidence in Egypt’s economy
Shawky pointed out that before coronavirus pandemic, Egypt’s foreign currency reserve amounted to about $45 billion.
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UAE renews $1 bln deposit at Central Bank of Egypt
The UAE has renewed a $1 billion deposit at the Central Bank of Egypt (CBE) for three years to 1 July 2026 instead of 1 July 2023.
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AfDB supports CIB with $148M to prop up SMEs and trade
The AfDB clarified that the instruments and amounts include $10 million Line of credit with a tenor of 10 years.
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EBRD eyes minority stakes in two banks under Egypt's IPO programme
EBRD is seeking the acquisition of minority stakes in state-owned financial institutions earmarked for privatization in Egypt.
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AfDB approves of new $131M loan to boost economic resilience
The AfDB loan will help Egypt’s goal of attracting $3 billion in financing by the year’s end to bridge a $17 billion financing gap over 4 years.
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FABMISR reports net profits of EGP 8.2bln for nine-month period ending in September 2023
The net loan portfolio's value recorded EGP 82.935 billion, a 70% increase compared to the end of 2022.
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AfDB approves $131 mln loan to boost Egypt's private sector, green development
The African Development Bank (AfDB) approved a $131 million loan to Egypt with the aim of bolstering the government’s efforts to boost private sector.
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Factbox: Hassan Abdalla's monetary policy as head of CBE
Egyptian President Abdel-Fattah El-Sisi recently decreed the formation of a new board of directors for the Central Bank of Egypt (CBE).
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Sisi announces new CBE board of directors
President Abdel-Fattah El-Sisi has issued a presidential decree, announced on Sunday, to establish a new board of directors of the CBE.
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Islamic Banking Transactions in Egypt Increase by 27% in 2023
According to the Egyptian Islamic Finance Association, these transactions reached a total of EGP 562 billion in September 2023.
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CBE urges banks to join Decent Life Initiative
The initiative also aims to provide a holistic package of services, covering various aspects of health, social and living conditions.
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President Sisi extends Hassan Abdalla in acting role as Head of Egypt's Central Bank
President Abdel Fattah El-Sisi issued Presidential Decree No. 551 for the year 2023 to restructure the Board of Directors of the Central Bank of Egypt
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Challenging Egyptian Banking Operating Environment to Continue
The operating environment score is in line with the sovereign rating as operating conditions for banks are highly correlated with the sovereign profil
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CBE studies allowing opening bank accounts via mobile app in 2024
In 2022, the CBE launched its financial inclusion strategy for 2022-2025 to promote financial inclusion in the country.