Finance News
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STC’s Giza Systems to spend up to USD 40 mn on acquisitions in 2023. PLUS: Al Baraka Bank + BdC’s Taly?
Giza Systems will target companies that have a significant presence in the Saudi market as well as an Egypt-based workforce.
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20.3M transactions worth LE112.7B conducted via “InstaPay” in a year
70 percent of the transactions were conducted after the official working hours, and 30 percent during the official working hours.
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Kuwait extends maturity of $2bn deposit at CBE to September 2023
The report on the external situation of the Egyptian economy revealed that Kuwait had two deposits at the Central Bank of Egypt, worth $4bn.
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Abu Dhabi Islamic Bank – Egypt achieves net profit of EGP 2.190bn in 2022
A microfinance company will also be launched before the end of the second quarter of this year.
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IMF chief warns risks to financial stability have increased
Her comments came after the financial sector was shaken by the collapse of Silicon Valley Bank and the enforced takeover of Swiss bank Credit Suisse.
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CBE Launches New Website
The action is consistent with both international best practices and the Central Bank of Egypt's (CBE) ambition to stay current with technology.
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IMF Prepares for First Review of Egypt's Programme
Among the main commitments Egypt made for the loan were a permanent shift to a flexible exchange rate regime and wide-ranging structural reforms.
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HSBC report expects significant rise in interest rates in Egypt
Report issued by HSBC expects the Central Bank of Egypt to raise the interest rate by 3 percent at the Monetary Policy Committee meeting end of March.
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Competitive neutrality increases investments, enhances economic growth: Egypt
The economic policy of the Egyptian state is based on supporting a competitive environment for economic activities.
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Egypt becomes a member of the BRICS New Development Bank
Joins the original five members plus Bangladesh and UAE in acquiring a position within the BRICS bank equity
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World Bank agrees $7 bln, 5-year partnership with Egypt
The agreement will focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change.
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IFC invests $25m in Africa-focused private equity fund to support women entrepreneurs
It will make an equity investment of up to €25 million in the Mediterrania Capital Partners’ Mediterrania MC IV fund.
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Egypt’s Faisal Islamic Bank taps iGCB to power its digital banking services
The bank is set to deploy iGCB’s cloud-native CBX Retail (CBX-R) solution to modernise and expand its offerings.
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Egypt takes measures to counter high demand for US dollar
The Egyptian government is trying to counter high demand for US dollar via new sources of foreign currency.
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Egypt’s parliament approves grant agreement on inclusive economic governance worth $26M
The total grants directed to the comprehensive economic governance program become about $77.5 million.
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Egypt’s Macro Environment will Create $500 Million in New Investment Opportunities in Two Key Sectors
Non-bank lending and payments offer the best investment opportunities in Egypt’s current macro environment.
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Paymob Teams With IKEA Egypt to Offer More Ways to Pay
Consumers will get the convenience of paying for purchases over time and gain more control over their spending.
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Egypt calls on African countries to support its ‘Sustainable Debt Coalition’ initiative
The ‘Sustainable Debt Coalition’ initiative was launched by Egypt during the 27th edition of the UN Climate Change Conference (COP27).
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Egypt amends its rules on VAT for non-resident suppliers in e-commerce transactions
The electronic distribution platform is conditionally not responsible for collecting taxes and remitting them to the Egyptian Tax Authority (ETA).
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PM: State gives top priority to supporting micro projects sector
He also drew attention to the numerous initiatives which support the micro projects sector.