Finance News
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CBE auctions EGP 40 bln in treasury bills to fund budget deficit
The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) worth EGP 40 billion ($1.30 billion) on Sunday, divided into two issues.
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10 things you need to know about financial inclusion in Egypt
CBE released a report last Saturday highlighting the important figures regarding financial inclusion in Egypt, here are 10 facts from the report.
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Rising prices and food insecurity are affecting the future of MENA
This World Bank report serves as a call to action to address the urgent issue of food insecurity in MENA before it spirals out of control.
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Over 42 mln Egyptians have money accounts
Egypt's financial inclusion rates have improved between 2016 and 2022 by 147 percent, according to figures released by the Central Bank of Egypt (CBE)
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Egypt to offer assets on Nile River banks for private investment
The company will revamp the complex at LE800 million, as well as pay a fixed annual rent, and a share of profits to TSFE.
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e-finance signs deal with Saudi Thiqah to expand business in Egypt
This cooperation will build on expanding e-finance’s horizons in international markets.
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IDH’s consolidated profits drops 62% YoY in 2022: Egypt
Revenues recorded EGP 3.61 billion last year, down from EGP 5.22 billion in the prior year.
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VC Firm Launches $16m Fund Focused on Egypt’s Fintech Startup Ecosystem
Camel Ventures is backed by institutions in the fintech space and the financial services arena in Egypt – dfin Holding and Al Ahly Capital Holding.
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Presidential decree approves amendment of financing deal with France
The agreement was signed in October 2022 with an aim to provide an additional grant not exceeding 3 million euros.
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WB revises down its forecast for Egypt GDP growth in FY2022/2023
They revised it to four percent in each of these two fiscal years, down from 4.5 percent it projected in December of 2022.
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Egypt's Net Foreign Reserves Rise
The central bank said it raised rates to help tame soaring inflation, which leaped to 31.9% in February.
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Proceeds of NBE, Banque Misr's fresh high-yield CDs record EGP 109 bln in 3 days
The NBE and Banque Misr offered two three-year CDs; one with a fixed monthly yield of 19 percent, the other with a decreasing yield of 22 percent.
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Egypt's foreign reserves increase $95M by end of March
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
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More banks in Egypt issue high-yield CDs with various maturities, yields
On Monday, QNB and CIB announced the issuance of new CDs with annual yields of 19.25 percent and 22 percent, respectively.
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FABMISR reports EGP 4.5bln net profit in 2022
During FY2022, the total value of deposits stood at EGP139.38 billion and was driven by a 35% increase compared to the previous year.
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Egypt's Tax Authority to open USD account for tax collection
Since March 2022, the Egyptian pound has lost over 70 percent of its value against the US dollar in response to three devaluations.
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Egypt aspires to increase cooperation with AfDB: Sisi
Up to 4,000 participants are expected to attend the 2023 annual meetings held at the Sharm El-Sheikh International Conference Centre on 22-26 May.
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CIB partners with IFC in managing climate risk
The goal is to assist the bank in assessing its climate risk exposure, and ensuring any climate-related financial risks are disclosed in its portfolio
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Contact Holding completes securitized bond issuance of EGP 1.89bn
The issuance came from in 3 tranches with different terms, ranging from 13 to 60 months.
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NBE, Banque Misr new CDs attract EGP 67 bln in 24 hours
NBE and Banque Misr issued 2 three-year CDs, one of them with a fixed yield of 19% disbursed monthly, while the second is with a decreasing yield 22%.