Finance News
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EBRD injects $50m in trade facility for Egypt
EBRD will issue guarantees in favour of international commercial banks, covering political and commercial payment risks for transactions made by CIB.
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Egypt has only begun to tackle subsidy problem, World Bank says
Steps by the government in July to reduce energy subsidies were “tremendous,” Shantayanan Devarajan said.
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Egypt's inflation slows to 9.1% in November
Urban inflation down in November after significant spike during September and October.
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An investment bank revives along with Egypt
EFG Hermes has re-emerged as the go-to investment bank in Egypt — bringing companies public and funneling foreign investor money.
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Subsidies and the Construction Industry
The Cement and Steel Industry are under threat due to the government’s plans to reduce subsidies on energy-consuming industries.
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Egypt's net international reserves down to $15.9 bn
Egypt has returned most of a $3bn loan from Qatar received during Mohamed Morsi's rule.
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Numerous public bank officials resign to protest maximum wage
New maximum wage sets wages at 50% less than original wages, resigned NBE official says.
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IDB allocates $220m for Egypt-Saudi power interconnection project
The approval covers sectors including energy, roads, petrochemicals, water, education, and health.
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Deputy governor of Egypt's central bank resigns
The second highest-ranking official in Egypt's central bank has resigned, two senior sources said on Wednesday.
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EGP 10.5bn to support budget deficit by Egyptian banks
NBE-led union collects loan worth $1.5bn to pay portion of the dues of foreign oil companies operating in Egypt.
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HSBC Group believes in long-term future of Egypt
The bank remains committed to investing in the growth of its business in the country.
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NBAD, HSBC, NBE arrange $1.5 bln syndicated loan for state oil company
Each bank would arrange $500 million of the loan in order for Egypt to pay back foreign energy companies.
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Egypt pays back $2.5 billion deposit to Qatar: central bank official
The payment brings the amount Egypt has returned to Qatar to $6 billion, leaving $500 million outstanding.
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EALB in talks with 5 Gulf firms to market its property assets
The bank has recently contracted with Marsa Abu Dhabi Properties LLC to marketing assets for Egyptian abroad in the current year.
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Abu Dhabi investments fuel banking recovery in Egypt
Investments by Abu Dhabi companies in Egypt are feeding a revival in the country’s corporate banking industry.
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Egypt’s hopes of attracting investment given timely boost by IMF
Policies implemented so far, along with a return of confidence, are starting to produce a turnaround in economic activity and investment.
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Egypt needs more flexible exchange rate, IMF says
Egypt’s pound has slid against the dollar on the black market even as the official exchange rate hasn’t changed in about five months.
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Egypt one of the HSBC Group’s 19 global priority markets
HSBC Group believes in the long-term future of Egypt and remains committed to investing in growth of its business in the country.
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UAE to loan $200M to Egypt SMEs
Abu Dhabi-based Khalifa Fund for Enterprise Development said it signed the loan agreement with the Egyptian government in Cairo.
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Egypt's Beltone to issue bonus shares, raise capital
An initial capital increase of LE 41.83 million was approved by shareholders on Sunday night, the financial services company said in a statement.