Finance News
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NBE reveals main axes of its strategic plan for 2022
Bank aims to offer EGP 45bn retail loans, EGP 35bn funds for SMEs, says Deputy Chairperson.
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EFG Hermes signs EGP 750m sale with MNHD
EFG Hermes’ investment banking division acted as the financial advisor for the transaction, which will also encompass a few securitization issuances.
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Egypt, World Bank discuss extending Country Partnership Framework
Al-Mashat noted that as Egypt is taking significant and rapid steps to achieve Egypt’s Vision 2030.
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CBE issues treasury bonds worth LE 14.5 billion
CBE said that the value of the first offering is LE10 billion for a period of three years, while the second offering is LE 1bn over 7 years.
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Some investors turn cautious on Egypt's lucrative carry trade
Some foreign investors are cautious about buying Egyptian treasuries due to jitters over emerging markets and the sustainability of high yields.
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New coordination council between CBE, government
President AbdelFattah El-Sisi issued resolution 584 to form the council chaired by the prime minister, bank governance and some other ministers.
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Agricultural Bank launches initiative to settle EGP 4bn debt
This comes within the framework of the Central Bank of Egypt’s directives to mitigate the negative effects of the coronavirus pandemic.
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Egypt to approach pre-crisis primary surplus of 2% in FY2022/23
Last week, the International Monetary Fund (IMF) updated its Global Debt database, which includes its forecasts on global debt by end of 2021.
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Egypt achieved economic boom in past seven years
Egypt has achieved an economic boom over the past seven years that enabled the country to become more resilient to domestic and global shocks.
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HSBC Egypt launches EGP 3bn ‘Foras Trade Fund’
Todd Wilcox, Deputy Chairperson and CEO of HSBC Egypt, said: “SMEs are a vital engine of growth for any economy".
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Egypt to rejoin JP Morgan’s index
The move is expected to trigger around $1 billion investments in government equity thus reducing the cost of government debt and raise its efficiency.
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Egypt’s business sector debt falls by 77% in 3 years
The minister further noted that the original value of the debt in 2018 also included costs such as electricity and petroleum.
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Egyptian economy 2nd largest Arab and African economy by 2022
The IMF expectations of the most prominent economic indicators in the coming years indicate an increase in total revenues as a percentage of GDP.
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Egypt's net foreign reserves rise to $40.909 billion in November
Foreign reserves have been rising since June 2020, after dropping to around $36 billion from more than $45.5 billion due to the pandemic.
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JUMIA to offer services to merchants with NBE
The New York-listed firm has acquired a new payments license and is cooperating with NBE to expand its services to other online retailers.
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World Bank, AIIB funds to Egypt hit $720M
Egypt to lead the economic recovery in the Southern and Eastern Mediterranean region with a growth rate of 4.2 percent in 2021 and 4.4 percent in 2022
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Egypt's central bank issues LE 18.5B in T-bills
For the current fiscal year, the budget deficit is estimated to record 6.6 percent of gross domestic product (GDP).
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Egypt’s external debt increases to $137.9bn in June 2021
Long-term debt ($124.2bn) accounts for 90.1% of total external debt, whereas short-term debt ($13.7bn) accounted for 9.9%.
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Business activity in Egypt declines as inflation soars
The decline in business conditions was led by a reduction in output levels in November, IHS Markit said in its PMI survey.
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Egypt seeks to boost SMEs contribution to national economy
The committee is eyeing bigger contribution by SMEs to the national economy in order to reach 80 to 90 percent as in some major countries.