Finance News
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Egyptian expats’ remittances grow 2.1% YoY
Remittances sent by Egyptian expats went up 2.1 percent year on year in the first 11 months of the past 2021/2022 fiscal year.
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National Bank of Egypt, Banque Misr achieve profits of over $5bln
The statements also indicated that NBE achieved net profits after taxes of EGP 29.7bn, as the bank paid EGP 36.3bn in taxes to the state treasury.
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Egypt to achieve growth rate of 5.5 percent
the Ministry of Planning and Economic Development issued a report on the economic and social development plan for the fiscal year (23/2022).
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Switzerland offers $1.8 bln for Aswan water project
Swiss Ambassador in Cairo Yvonne Baumann announced that the Swiss Agency for Development and Cooperation (SDC) would offer a grant worth USD 1.8bln.
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CBE explains reasons behind decline in inflation in June
Annual headline urban inflation decelerated for the first time after increasing for six months recording 13.2% in June.
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Egypt 7th in Arab world in Sustainable Development
Egypt ranked 7th out of 20 Arab countries, 4th out of 47 African countries, and 7th in MENA region in the Sustainable Development report 2022.
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Egypt's central bank issues LE 35.4B in T-bills, bonds
The T-bills were offered in two installments, with the first valued at LE 15 billion with a 182-day term, and the second worth LE 16 billion.
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Fitch Solutions projects 13.2% inflation in 2022
Fitch Solutions upgraded its projections for Egypt’s real GDP growth slightly to 6.1 percent during 2022, up from the 6% projected a month ago.
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Month-on-month inflation in Egypt records negative rate for 1st time in 2022
For the first time since December 2021, a negative inflation occurred recording -0.1 percent.
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IMF held productive discussions on Egypt’s new loan
A staff-level mission to Egypt through a team led by IMF mission chief for Egypt Celine Allard concluded, to discuss a new loan programme with Egypt.
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EGP 40 million of loose coins and new banknotes issued in July
Egypt’s Finance Minister Mohamed Maait said EGP 40 million of loose coins and new banknotes were issued in July, at a 10 million pounds rise for Eid.
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Egypt eyes investment in basic sectors in South Sudan
These are animal and fish production, food processing, mining, and pharmaceuticals.
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Egypt’s new budget allocates EGP356 bln for social support
Another EGP400 billion will go for improving conditions of public employees including wages and compensations.
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World Bank earmarks US$500M for Egypt’s agriculture sector
The loans will see the establishment of the Emergency Food Security and Resilience Support Project.
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Banque Misr obtains license to operate in Somalia
Governor of the CBS Abdel Rahman Mohamed Abdullah said that Banque Misr will contribute significantly to strengthening the country’s financial system.
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Remittances from Egyptian expats hike 7.7% in 4 months
In April, the remittances of Egyptians expatriates recorded $3.1 billion, compared to about $2.5 billion compared to the same month of 2021.
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Central Bank of Egypt auctions over $1bln debt instruments
The first tranche was valued at EGP 14 billion, carrying a 91-day maturity period until 4 October this year, according to official data.
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EIB funds Cairo Metro line 3 by €600M
The project is also funded by the French Agency for Development (AFD) at a value of €300 million, and a grant support of €43 million from the EU.
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MSMEDA pumped EGP 40bn to finance 1.6m SMEs
The funding was over the last 8 years. Over 1,000 exhibitions were organised where sales, contracts exceeded EGP 500m: Trade Minister.
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NBE to open a subsidiary in South Sudan
The move is part of NBE’s strategy to establish itself internationally and strengthen its operations outside of Egypt.