Finance News
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Cabinet approves draft resolution to establish the New Development Bank
The bank also works in digitization, due to the negative economic effects resulting from the COVID-19 pandemic crisis on the global economy.
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Urbnlanes plans to raise investments in Egypt to $974.61mln
Urbnlanes’ investments in Egypt amount to EGP 11 billion distributed on 3 projects, Urbnlanes CEO, Fadi Emeel said.
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IFE discusses its regional call for proposals for economic growth in Africa
IFE launched a Call for Proposals in 8 countries including Egypt, Ethiopia, Cote D’Ivoire, Ghana, Rwanda, Senegal, Tunisia, and Morocco.
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New flotation of Egyptian pound not possible
IMF experts did not arrive in Cairo until after filling the financing gap through recent Arab investments, Al-Fiki added.
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Egypt sees a return of the 18% interest rates on long term Bank deposits
The United Bank offers 18% CDs, as the best certificate in Egypt to attract more customers towards its services.
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Egypt has plan to provide hard currency, aware of price increase crisis
Commenting on the dollar and gold prices, the PM said that the government has a plan to deal with the challenges resulting from the global crisis.
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Morni invests $10 million in Egypt to acquire mobility startups
Egypt-based fintech investment platform Exits.me finalised a new buy-side mandate with KSA-based Morni Holding earlier this month in Dubai.
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Egypt's net foreign reserves rise to $33.532 billion in November
Egypt's net foreign reserves rose to $33.532 billion in November from $33.411 billion in October.
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IMF schedules Egypt’s $3 bln loan meeting on 16 December
By securing this loan, Egypt will have obtained a total of over $23 billion in loans from the IMF over the past seven years.
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Egypt hopes to receive 1st tranche of new IMF loan in December
Egypt hopes to receive in December the first tranche, worth $750 million, of the $3 billion loan from the International Monetary Fund (IMF).
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Egypt private sector shrinks in November after devaluation
The S&P Global Egypt Purchasing Managers’ Index (PMI) slid to 45.4 in November from 47.7 in October.
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Egypt’s index outperforms regional peers
Egypt’s blue-chip index outperformed regional peers to close higher on Sunday, while Saudi and Qatari stocks slipped on weakness.
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‘Your Project’ programme injected EGP 25.6 bln in businesses across Egypt
Egypt's national project to provide employment opportunities for young people contributed to establishing 207,000 business projects across the country
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CBE to receive billion dollars from RSF in January
The billion-dollar loan will be repaid over 20 years, and Egypt will be granted a grace period of 10 and a quarter year.
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Egypt to witness 2.7% increase in remittance flows for 2022
The report said that this development may reflect a rebalancing of flows among host countries and regions.
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Middle East startups on a fund-raising spree
The UAE-based fintech startup Qashio raised $10 million in a seed funding round using equity and non-equity investments.
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Egypt approves $271mln financing agreement with ADF
The financing will further help support the economic growth programme by raising agricultural productivity and sustainability.
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CBE grants preliminary approval to launch prepaid card Takka
Receiving CBE’s preliminary approval to launch Takka reflects confidence in ADIB-Egypt and ADI-Consumer Finance’s compelling brand portfolio.
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Egypt's economy is good despite all global challenges
The Minister stressed that the Egyptian economy is diversified, and the business climate is attractive to increase domestic and foreign investments.
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Saudi Arabia extends term for $5 bln deposit in Egypt's c.bank
Gulf states have deposited at least $13 billion with Egypt's central bank to support its economy so far this year.