Finance News
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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.
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NBE increases its stake in CIB to 9.13%
A disclosure form to the stock exchange dated Jan. 2 showed the increase.
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Egypt, UNDP chart partnership roadmap through 2027
Al-Mashat said that the 2018-2022 framework includes 45 projects implemented in 20 governorates to the tune of $250 million.
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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.