Finance News
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Egypt expects IMF agreement to stimulate more foreign financing
Maait added that the rest will come from the World Bank, the European Union, Japan and the United Kingdom.
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Egyptian concessions on foreign currencies now at LE8 billion
The proceeds of the concessions on Friday alone amounted to LE224 million, with 65 percent of the total proceeds were from concession of US dollar.
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EU will provide €1 bln to Egyptian microenterprises in 2024
The EU will provide one billion euros to finance microenterprises in Egypt during 2024 as long-term loans with low-interest rates.
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IMF: $35 billion Ras el-Hekma deal supports Egypt's economy, to help handling of future shocks
The International Monetary Fund stressed the importance of implementing economic policies and supporting the private sector.
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Egypt to receive first tranche of expanded IMF loan next week
IMF said on Friday the expanded $8 billion financial support program enables the immediate release of $820 million.
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Egypt major FX companies collect foreign currency proceeds exceeding EGP 7.5 bln since EGP flotation
The exchange companies affiliated with Egypt's three largest state-owned banks have collected foreign currency proceeds surpassing EGP 7.5 billion.
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Egypt approves FY2024/25 budget
Egypt’s cabinet has approved in its meeting on Wednesday the draft budget for the upcoming FY 2024/2025 to send to the House of Representatives.
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Egypt to receive 2nd installment of financial dues for Ras El Hikma project within weeks
The government expects the project to attract investments of up to $150 billion during its development, helping to provide millions of jobs.
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National Bank of Egypt intends to invest five billion LE this year
These new investments will be in the sectors of financial technology, real estate development, chemical industries, and engineering industries.
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GAFI grants 6 golden licenses to companies for projects worth EGP 5.6 bln
The golden licences, also known as "single approval licences," were introduced as part of the 2017 investment law and activated in 2022.
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Egypt to establish Supreme Council of Taxes
A presidential decree establishing the Supreme Council of Taxes was issued on Monday, Minister of Finance Mohamed Maait announced.
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Afreximbank provides Egypt with $30B in financing over past 5 year
This came in a meeting with the Minister of International Cooperation Rania Al-Mashat to discuss enhancing cooperation with the Afreximbank.
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Mobile financial services poised for surge in users and revenue, says new report
The report surveyed 46 senior decision-makers from mobile network operators (MNOs) across 35 countries.
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CBE unveils key banking soundness metrics for 2023
According to a recent report, CBE noted a decrease in the ratio of non-performing loans to 3% at the close of 2023.
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Full financing by Egyptian Banks clears accumulated goods at Egypt's Ports
This has resulted in the prompt release of goods, particularly food commodities, medicines, feed, and production necessities.
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CIB raises yields on CDs by 2% for 2nd time in two months
Commercial International Bank (CIB) has raised the yields on its new EGP-denominated fixed-rate certificates of deposits (CDs) by two percent.
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Emigration Minister present developments of setting up investment Company for Egyptain abroad
Its primary objective is to stimulate investments in various sectors, including agriculture, commerce, import-export, and tourism.
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Egypt Budget 2024/25: 8 key facts you need to know
Egypt's budgetary measures reflect a delicate balance between economic growth, fiscal discipline, and social welfare priorities.
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Egypt aims to reduce debt-to-GDP ratio to less than 80% in 3 years
Maait also mentioned that a significant space for public investments in the state has been left for the private sector to thrive.
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President Sisi directs gov't to reduce public debt, budget deficit
El-Sisi also directed to continue and enhance efforts to alleviate burdens on citizens, particularly in terms of controlling inflation.