Finance News
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IFC's Vice President visits Egypt Monday, discusses private sector's contribution to economy
The IFC has a growing investment portfolio amounting to about $1.5 billion in investment projects in Egypt.
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CBE: Mothers Allowed to Open Accounts for Minor Children
The Central Bank stated that it is working continuously to remove all difficulties or restrictions that may prevent women from obtaining banking.
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Egypt launches Financial Technology Solutions Support Center "CORBEH"
The Stock Exchange decided to establish this center within its headquarters in the Smart Village and to provide all the necessary data and resources.
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Egypt to Join BRICS Development Bank to Cut Dollar Reliance
Egypt's joining of the BRICS New Development Bank will relieve the state budget of the pressure of finding US dollars to meet the country's imports.
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Maait: Egypt keen on scaling up Saudi investments in Egypt
The state is seeking to back the foreign and local private sector and provide incentives for production and IT sectors.
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Sisi Directs Gov't to Increases Income Tax Exemption Limit to EGP 36,000 Annually
The income tax exemption limit to increase to EGP 36,000 annually instead of EGP 24,000.
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Egypt targets $10bln in net foreign direct investment in FY2022/23
This came during a meeting with Egypt’s Finance Minister Mohamed Maait and a number of Saudi investors in Riyadh.
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Finance Min.: Egypt Ranks Among Fastest Growing Countries in MENA
Egypt is one of the fastest growing countries in the Middle East and North Africa, with a rate of 4.8% of GDP.
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AUBE Reports 2022 Full Year Results, Recording 73.6% Growth in consolidated Net Profit Up To 2.04bn
The loans and advances portfolio surged by 36.5% during 2022, reaching EGP 53.9 bn as of 31 Dec. 2022.
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Egypt transfers ownership of Misr Insurance Holding to TSFE
President Abdel Fattah Al-Sisi has decided to transfer the ownership of Misr Insurance Holding to the Sovereign Fund of Egypt (TSFE).
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Egypt considers addition of eight state-owned companies to its IPO programme: Finance minister
Maait made the announcement during his participation in the Financial Sector Conference in Riyadh, the capital of Saudi Arabia.
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Egypt: Mopco achieves $234mln consolidated profits in 2022
In the first nine months of 2022, Mopco generated $163mln in consolidated net profit.
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Profits of banks operating in Egypt hit LE130.8B by end of 2022
The net activity revenues amounted to about LE 407.592 billion, compared to LE 272.230 billion.
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Egypt signs $1.6 billion deals for Sokhna & Dekheila ports
The consortium includes Hong Kong-based Hutchison Ports, French company CMA CGM, and Chinese state-owned COSCO Shipping.
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Egypt approves increase in EBRD grant for first line of Cairo Metro
The grant aims at improving a number of practices, including a program for asset management, safety and companies' development.
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PM expounds outlines of 2023-2024 investment plan
The new investment plan focuses on priority sectors represented in the sectors of agriculture, industry and communications.
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'Mngm' platform for precious metals cooperates with 'Fawry' to provide electronic payment services
Through mngm, clients can accumulate their gold holdings with minimum purchases of 0.1 grams.
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Banks' investments in securities, T-bills reach LE 4.428T by end of 2022
The CBE stated that the volume of investments of the largest 10 banks in these instruments amounted to about LE 3.533 trillion.
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Mastercard reinforces commitment to Egypt with new leadership appointment
Inji Borai appointed as Vice President and Country Manager for Mastercard Egypt.
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Presidential decree to transfer ownership of Misr Insurance Holding to TSFE
The IPOs program is also scheduled to put 10 to 15 percent of the shares of Misr Life Insurance company on the stock exchange.