Finance News
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Siemens-led consortium reaches financial close agreement for Egypt power plant
The power plants will be located in Burullus on the north coast, the planned administrative capital east of the country and Upper Egypt's Beni Suef.
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$500m of foreign partners’ dues to be paid by the end of 2015
Ministry of International cooperation to assist Ministry of Petroleum with a share of the African Development Fund loan.
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Egypt to showcase Suez Canal Area Development projects at February conference
The Suez Canal Authority is in charge of the zone until the new authority is fully formed.
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Egypt’s market loses $268m in week
EGX market capital lost EGP2.1 billion ($268 million) to hit EGP423.1 billion, compared to EGP425.2 billion last week.
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Egypt expects to receive $1.5 billion loans from WB, AFDB before year end
The money is first chunk of $1.5 billion loan that has been negotiated with the AFDB to be sent over three years.
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Egypt’s dollar crunch siphoning steam from renewable energy plan
Egypt’s foreign-currency crunch has solar developers concerned about financing new power plants.
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Egypt’s trade deficit decreases 25.7% in August 2015-official
The export value dropped by 14.4 percent, standing at EGP13.1 billion in August, while it was EGP15.3 billion a year earlier.
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Egypt's market inches up on Egyptian, Arab buying
Egyptian investors were net buyers to the tune of LE34 million and Arab investors to the tune of LE10 million.
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Egypt govt working with CBE to ease currency pressures
Egypt has been suffering from an acute dollar shortage that has left imports piling up at ports with companies unable to open letters of credit.
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Standard and Poor's reduces Egypt's sovereign credit rating
Statement: "The stable outlook reflects our expectation that Egypt will largely remain politically stable."
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Egypt's Industrial Bank offers new 3-year certificate at 12.75 pct
The move comes after five lead Egyptian banks last week raised interest rates to above 12 percent.
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5 banks represent UAE in Egyptian market
5 UAE banks currently operate in the Egyptian market; ENBD, the National Bank of Abu Dhabi, Abu Dhabi Islamic Bank, Union National Bank and Mashreq.
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U.S. military aid for Egypt seen continuing despite rights concerns
Egypt's 2016 package is expected to end up at about the same level as last year's, with $1.3bn in military aid and $150m in economic aid.
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Egypt's CBE Governor Ramez appoints caretaker for rest of term
Gamal negm will serve as a caretaker as Ramez will be on leave until the end of his term in 26 November then Tarek Amer takes over.
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Egypt allows pound to appreciate
Egypt’s attempt to preempt a collapse in the currency isn’t convincing investors it can avoid an eventual devaluation.
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Kuwait's Al Ahli completes purchase of Piraeus Bank Egypt
Al Ahli paid $150 million for the stake in the Greek lender's Egyptian unit.
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Egypt's market losses accelerate as more banks raise interest rates
On Sunday, Egypt's largest two state-owned banks launched savings certificates for Egyptian pounds at an interest rate of 12.5 percent.
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Egypt’s annual inflation rate inched up to 6.26 percent in October
Inflation soared in Egypt last summer after the government cut energy subsidies by 40 billion EGP.
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Egyptian army’s economic empire: Unidentified market share yet high impact
Egypt hopes to export fertilisers through a new army-owned factory.
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Egypt's 5-, 10-year treasuries almost steady, confusing the market
The central bank had offered 3 billion Egyptian pounds worth of five-year bonds and 2.25 billion pounds worth of 10-year bonds and sold them all.