Finance News
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Egypt’s TSFE includes 5 companies in Pre-IPO Subfund
This step paves the way for selling stakes ranging between 20% and 30% in these companies to strategic investors, the sources said.
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CIB Egypt offers Certificates of Deposit with distinctive return, following NBE, Banque Misr
Commercial International Bank Egypt announced Tuesday, that it would raise the interest on Certificates of Deposit (CDs) for a year and a half.
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Japan loans Egypt $306m towards cost of line 4 of Cairo metro
Japanese systems and trains will be used as part of the official development aid loan, which has a 40-year repayment horizon.
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Egyptian pound's losses against USD reach 100% since March
The euro prices also jumped by over EGP 1 to record over EGP 34 at major banks.
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Egypt orders ministries to curb spending amid foreign currency crunch
The health, interior, foreign, and defence ministries are exempted, as well as agencies tasked with expenditure on subsidised food products and energy
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Government postpones costly projects after local currency depreciation
The gov. will stop spending on new projects that need US dollars and ordering state entities to get approval from the Finance Ministry and the CBE.
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Economist expects National Bank of Egypt, Banque Misr to collect EGP1 trillion within 3 weeks
He pointed out that the new certificates offered by Banque Misr and Al-Ahly Bank, at a rate of 25%, contribute to collecting funds.
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MENA’s growth to decelerate to 3.5% in 2023 amid the global economic crisis
The report ascribed that to the high inflation that erodes real wages and weighs on domestic consumption.
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B.TECH and CIB conclude the first securitized bond issuance worth EGP1.038bln
This issuance comes as part of a short-term EGP 5 billion securitization issuance program over two years.
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Egypt inflation, at five-year high, seen quickening in December
The central bank allowed the Egyptian pound to depreciate by about 14.5% on Oct. 27 and let its value continue weakening slowly and incrementally.
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Egypt commits to IMF to slow projects, increase fuel prices
In a letter of intent to the IMF dated Nov. 30, the government said it sought the support after the war in Ukraine increased existing vulnerabilities.
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Egypt to receive the second tranche of IMF’s $3 bln loan by end of March
The IMF approved in December a 46-month loan for Egypt under the Fund’s Extended Fund Facility (EFF) to address the impacts of the war in Ukraine.
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HD Bank registers block trading worth over $1.74mln
The transaction was carried out on 1.90mln of the bank’s shares.
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IMF expects Egypt's economy to grow by 5.9% in 2025/2026
The IMF expected Egypt's economy will grow by 4% in the 2022/2023 current fiscal year (FY), 5.3% in the fiscal year 2023/2024.
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All you need to know about Egypt’s commitments, targets under new IMF programme
The report detailed the main targets and commitments the government has pledged under the four-year programme.
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EBRD promotes Egypt's transition to green energy with €1.3 billion
Moving from pledges to finance mitigation and adaptation projects from the repercussions of climate change.
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Egypt’s currency drop barely closes gap with black market rate
The pound extended last week’s devaluation of 9% and fell 1.6% as of 4:22 p.m. in Cairo on Monday.
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Egypt's green public investments to increase 50% by 2025- Minster
Green projects include manufacture of electric vehicles or those equipped with natural gas, solar energy, green hydrogen, desalination of sea water.
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Saudi family businesses on show at Bayt Al-Arab expo in Egypt
The exhibition, opened at Al-Qubba Palace in Cairo on Thursday and runs until Jan. 11, is supervised by the Egyptian Ministry of Social Solidarity.
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World Bank: Egypt's economic reforms helpful in overcoming int'l crisis
Reforms since 2014 ease macroeconomic imbalances, enhance performance of energy sector, and mobilize financing enabled the country to face crises.