Finance News
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Egypt cuts accumulated oil debt to $4.9bn
The loan was secured from National Bank of Egypt (NBE), Commercial International Bank (CIB), the Arab African Bank and Qatar National Bank (QNB).
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IMF to participate in Egypt's economic summit: Lagarde
IMF's managing director calls Egypt's reforms 'encouraging', ahead of summit to attract international investors to range of projects.
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Reining in Egypt’s Military aid
Egyptian leaders have come to see the annual $1.3 billion American military aid package as an entitlement they are due in perpetuity.
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Egypt's budget deficit between 12.5-12.6% of GDP in FY2013/14
The government had aimed to limit the deficit to 9 percent of GDP, but failed to take the necessary measures, said Demian.
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Egypt pays $1.5 bln to foreign energy companies - oil ministry
Egypt has paid $1.5 billion of its debt to foreign energy companies, the oil ministry said in a statement on Thursday.
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Egypt's Qalaa Holding eyes $560 million capital boost
Private equity firm considering share issue worth LE4 billion in effort to tighten control of core investments, sources tell Reuters.
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Egypt's bourse to close Oct. 5-8 for Eid holidays
The bourse and banks will remain closed for three days and reopen Wednesday, October 8th.
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Personal savings dominate Suez Canal certificates’ purchases: Baseera
42% of certificate-buyers used money kept at home, 38% used bank savings, 13% used Egypt Post savings.
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Egypt's BOP records $1.5 bn surplus in FY 2013/14
Egypt's balance of payments in surplus despite low tourism as remittances and Arab aid increase.
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Payfort launches pay@store service in Egypt
Payfort has announced the launch of its pay@store service in Egypt.
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Fawry announces launch of traffic fine payment service
The service will initially be launched in the Cairo and Giza governorates and gradually be rolled out nationwide.
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MIGA offer $1bn guarantees for cross-border investments in MENA
We are ready to attract investors in power, infrastructure, transport, and agribusiness sectors, says CEO.
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Egypt's Raya approves seizing HSBC stake in Fawry
HSBC bank stake in Fawry reached 280 thousand shares with EGP18.62 per share and with EGP5.213 million total value of the deal.
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Saxo Bank considers adding EGX to global markets by end of 2015
Masry believes that the Egyptian Exchange has a promising future in light of the political stability that lies ahead.
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No plans to privatize Egypt stock market: Chairman
There are currently no plans to privatize Egypt’s stock market either in the near or distant future, according to the head of the bourse.
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New council must determine economic roadmap: CIB managing director
The council must be independent and serve an advisory purpose, Hisham Ezz Al-Arab says.
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Egypt's economy to grow 6% in the new 3 years, says finance minister
Egypt has struggled to curb its swelling budget deficit whilst meeting soaring energy demands, resulting in electricity cuts around the country.
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Barclays Egypt to open new branches, expects profits to grow
Bank projects profits to grow by 15% this year as it plans expansion in upscale Cairo suburbs.
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Dubai lender Mashreq sets sights on Egypt and Turkey, says CEO
Mashreq is looking to join an increasing number of Gulf lenders snapping up banking stakes in other countries to diversify in the face of competition
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Egypt targets 11 pct budget deficit in fiscal 2014/15: finance min
Egypt's gross domestic product (GDP) grew 3.5 percent in the fourth quarter of fiscal 2013/14.