Finance News
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Egypt’s YFS gets $7M
Yalla Fel Sekka (YFS), whose business involves building a network of dark stores and micro-warehouses across Egypt secured a $7 million Series A round
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Egyptian social commerce startup Brimore raises $25M
The Egyptian social e-commerce market will be worth over $14.8 billion by 2024.
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Int'l coop. ministry launches development partners' map
In its 2021 annual report, the ministry said that the map sheds light on the distribution of projects funded by multilateral and bilateral partners.
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Egypt to receive $368 mln loan from AMF
The loan to strengthen the country’s financial position and meet emergency needs amid challenges caused by COVID-19.
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Cashless transactions through Fawry increase by 232%
At the end of 2021 Fawry recorded an active daily users’ base of almost 2.5 million users.
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Egypt’s FM attends 3rd session of Egypt-Oman business council
Shoukry called on Omani investors and private business owners to make the best use of the mega economic and developmental projects in Egypt.
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Abu Dhabi Commercial Bank – Egypt increases its capital to US$318m
Abu Dhabi Commercial Bank – Egypt (ADCB) has announced increasing its capital to EGP 5 billion (US$318m) from EGP 1.5 billion (US$95.48m).
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IMF upgrades Egypt’s real GDP growth for 2022 to 5.6%
The International Monetary Fund upgraded Egypt’s real GDP growth by 0.4% in 2022 to 5.6 percent, compared to the fund’s October 2021 projections.
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Egypt’s debt instrument market gets $970mln investments
These investments in Egypt’s debt instruments reflect the robust rebound of foreign investments in the Egyptian market in 2022.
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Egypt economy forecast to grow to 5.5% in 2022/23
After its tourist industry was devastated by the coronavirus pandemic in 2020, the economy has bounced back from the worst of the slowdown.
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Egypt’s president raises minimum monthly wage
The statement did not say when the increases will be applied, but they are expected with the start of the new fiscal year in July.
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Egypt's debt instrument market receives $970 mln in investments
Foreign investors have pumped $970 million since early January in investments in Egypt’s long-term treasury bills (T-bills).
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Egypt completes $3bn loans of green and Islamic financing
The loans were provided by Emirates NBD and First Abu Dhabi Bank.
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AXA Egypt signs 5-year bancassurance agreement with AAIB
The deal is in line with AAIB’s keenness to offer excellent non-banking, value-added services, and quality products to meet the customers’ needs.
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Egypt secured $10.2 bln in development financing in 2021
These include over $8.75 billion for financing sovereign projects and $1.57 billion in support of the private sector
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The draft budget of 2022-2023 to raise living standards
The budget aims to raise the standard of living of 60 percent of Egyptians, and enables citizens to benefit from the fruits of economic growth.
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Egypt’s Meeza cards to replace payroll cards
Meeza cards will replace the payroll cards of 4.3 million state employees by the end of January, Minister of Finance Mohamed Maait.
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Egypt's non-oil business conditions improve as inflation eases
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to its highest level in four months in December.
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Al Baraka Bank-Egypt targets profits in 2022
Al Baraka Bank-Egypt plans to achieve net profits of EGP 1.41 billion in 2022, as part of its budget plan, according to a bourse filing.
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Egypt working on creating attractive environment for investors
Egypt’s government is working on creating an attractive environment for local and foreign investors for a deeper partnership with the private sector.