Finance News
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Enough GCC aid will be made available: Merrill Lynch
Tightened liquidity suggests a need for the GCC aid in the second half of 2014 to support the Egyptian pound and ease external funding pressures.
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IDB approves $425 mn loan to Egypt
Loans will help fund development of petroleum refinery and first phase of redevelopment work at Sharm El-Sheikh airport.
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Ministry of Investment suggests allowing HOTAC to offer bonds
Government is working to repair public sector companies’ financial structures that suffer significant losses and weak production.
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Bank Audi sees long-term payoff in Syria, Egypt
Bank Audi was one of the first Lebanese banks to move to the Egyptian and Syrian markets before the Arab revolutions broke out.
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Foreign investment in Egypt doubles to over $6bn
Egypt is aiming for foreign direct investment of $10 billion in 2014/15, as it seeks to attract investors by cutting bureaucracy.
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Egypt takes over presidency of General Arab Insurance Federation
Egypt took over the presidency of the General Arab Insurance Federation from Morocco during the 30th conference hosted by Egypt in Sharm El-Sheikh.
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Slow start to Egypt’s home-grown budget solution
Confidence is returning to the Egyptian economy, but the challenge of stagflation persists.
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Egypt power outage costs Suez LE100 mn in losses
Traffic along the international waterway and industrial activity in nearby Red Sea towns were cut off Thursday from massive blackout.
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Egypt to borrow $1.4 bn to pay foreign oil debts
Loan will repay around 25 percent of $6 billion debt to foreign oil companies working in Egypt, amid drive to increase foreign investment.
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Egypt central bank keeps key interest rates unchanged
The bank did not give a reason for its decision but said a full statement would be issued shortly.
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MisrLife Insurance Company eyes 40% market share: Chairman
The company has adopted new techniques to achieve these goals by signing bank insurance contracts and increasing investments.
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Egypt to issue certificates to finance Suez Canal today
Officials have said the new canal would boost annual revenues to US$13.5 billion (S$16.8 billion) by 2023 from US $5 billion currently.
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Crowd-funding the new Suez canal?
Authorities have announced that Egyptian pound-denominated certificates will be available locally and abroad.
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Egypt to yield $168m from property tax on factories
Following the price rise, the net revenues of tax will reach 1.2 billion Egyptian pounds ($168 million).
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UAE to provide Egypt with loan to purchase petroleum products
"The Emirati loan will last for one year and is allocated to purchase petroleum substances," Mulla said.
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$5.4bn World Bank financing for existing projects in Egypt: Regional Director
World Bank funds for Egyptian projects in infrastructure, agriculture, energy, and job training total $5.4bn.
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Egyptian Industries chambers reject monetary donations to ‘Billion EGP Initiative’
Economy in need of industrial projects – donation initiatives are just “a media show”, say chamber heads.
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Egypt trade deficit down in May
Trade deficit in decline for 10th consecutive month as exports increases 7.6% and imports fall 13.6%.
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Egypt seeks to have first, biggest commodities exchange in MENA
Egypt plans to launch the first and biggest commodities exchange in the Middle East in the coming period, said Minister of Supply Khaled Hanafy.
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Egypt pulls bond sale as Suez Canal CDs prompt yield demands
The central bank, which conducts debt sales on behalf of the Finance Ministry, called off yesterday's auction of 2 billion Egyptian pounds.