Finance News
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Egypt Takes on Sukuk
Egypt is getting ready to offer its first sovereign bonds (Sukuk), almost the first of its kind for the country, following parliament’s approval.
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Egypt, UAE central banks ink MoU
According to the MoU, the two central banks will cooperate in fields of licenses & the ownership structures of the licensed financial institutions.
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Egypt's economy grows 2.9% in Q3-20/21
The country is projected to achieve 5.2-5.5% economic growth in Q4 of FY20/21, the minister noted.
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Egypt, IMF agree on $5.2 billion release
The IMF had also loaned Egypt a $2.8 billion emergency loan in 2020 to face the consequences of the pandemic.
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Some banks report good results in Q1
The net profit at Al Baraka Bank – Egypt increased by 2% in Q1 of 2021 compared to Q1 of 2020, and by 108% compared to Q4 of 2020, recording EGP 269m.
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Telda announces $5M pre-seed
A newly launched digital bank, Telda, is announcing a $5 million pre-seed round to digitize how Egyptians save, send and spend money.
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Egypt, AfDB ink €145 mln for railway
Under the agreement, Egypt’s Railway Authority's main lines will be extended with 953 km controlled by the European Train Control System (ETCS-L1).
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Egypt’s central bank obligations reach 2.1tln
Despite the Central Bank of Egypt's total assets growing by the end of April, gold and cash assets dropped compared to December's data.
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Egypt’s FY2021/22 draft budget key highlights, targets
Egypt's FY2021/22 comes amid expectations that Egypt will approach its pre-pandemic growth levels, following a notable slowdown in its real GDP growth
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Egypt’s economy set for a rebound in 2022
Egypt’s main sources of foreign exchange will remain under pressure as tourism and Suez Canal receipts still struggle amid the pandemic.
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89% of Decent Life initiative's budget to Upper Egypt
89% of the budget disbursed within the first phase of Decent Life initiative was directed to Upper Egypt so as 334 out of 375 villages get 8.5EGP bln.
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Egypt economy pandemic losses top $23.6bn, eyeing 7% growth over next three years
Finance minister Mohamed Maait also revealed the country’s deficit for the current fiscal year is about 500 billion Egyptian pounds.
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Egypt targeting 5.4% real GDP growth, budget deficit decrease to 6.7% in FY2021/2022
FY2021/22 budget revenues are estimated at EGP 1.3 trillion, while expenses are expected to post EGP 1.8 trillion, according to Maait.
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International partnerships on SMEs
International donor agencies are helping small and medium-sized enterprises in Egypt to alleviate poverty and reduce unemployment
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US-Egypt Business Council recommends ‘4 Big Ideas’ on bilateral economic ties
Egypt’s energy sector has seen tremendous development in recent years, continues to be major contributor to GDP growth.
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Egypt, the Netherlands cooperate to support young entrepreneurs
Orange Corners Egypt provides young Egyptian entrepreneurs with the facilities to grow innovative businesses.
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EBRD President visits Egypt’s business accelerator, Falak Startups
Egyptian government’s efforts to catalyze digitization, innovation is in line with third pillar of EBRD’s new strategy: Al-Mashat.
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The 6 CBE rules for issuing electronic currencies
The permission is only limited to banks under CBE supervision and upon its consent.
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Egypt to allocate EGP 1.25 tln for investments in FY2021/22
Investments directed to productive sectors will increase by 125%, for building up people will rise by 70%, and in service sector will go up 30%.
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NBK-Egypt launches new corporate banking solution
The NBK was founded in 1952 as the first indigenous bank and the first joint-stock company in Kuwait and the Gulf Region; it is considered the largest