Finance News
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Egyptian worker remittances surge in second quarter
The Egyptian pound was set at 30.85 to the dollar at the official rate but traded as low as 74 on the black market.
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Key economic figures of Egypt in FY2023/2024
Minister of Finance Ahmed Kouchouk announced in a press conference on Tuesday key indices and the financial performance FY2023/2024.
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Egypt’s Qardy secures seven-digit pre-Seed
Egypt-based fintech Qardy has raised a USD seven-figure pre-Seed round, invested by White Field Ventures, Vastly Valuable Ventures, along with others.
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Egypt's net foreign assets positive for second month in June
NFAs slid to 626.6 billion Egyptian pounds in June from 676.4 billion pounds as of end-May.
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EBRD, donors and Crédit Agricole Egypt boost green investments in Egypt
EBRD and GCF boost small businesses and green investments in Egypt, with a US$ 20 million loan to Crédit Agricole Egypt.
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Egypt’s credit bureau “Iscore” reveals new analytics platform to support banking sector
The newly introduced platform aims to facilitate real-time monitoring and in-depth analysis of various credit products.
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Egypt PMI hits highest level in June: S&P report
Egypt’s Purchasing Managers’ Index (PMI) hit its highest level in three years in June at 49.9, up from 49.6 in May, according to an S&P Global.
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Mashroak empowers 212,000 projects with EGP 29bn in loans
Expanding SME implementation and financing across all governorates through “Mashroak” remains a top priority for the ministry.
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Egypt's banking sector achieves LE 626.6B surplus in net foreign assets
Notably, May's surplus was the first since January 2022 when a surplus of EGP 9.674 billion was noted.
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SAIB Bank supports fintech startups, entrepreneurship
SAIB Bank has been actively supporting companies in the Egyptian market, including One Order, Aalnota, and Waseela.
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EFG Hermes ONE rebrands
EFG Hermes ONE offers the Egyptian market's pioneering licensed e-KYC digital onboarding process.
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Saudi Arabia to Deepen Investments in Egypt
Saudi Investment Minister Khalid Al-Falih announced the kingdom’s intention to escalate investments from the Public Investment Fund (PIF) in Egypt.
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IBAG partners with Banque Du Caire to increase Egyptian expats’ remittances
This partnership aims to attract new customers from many social segments to support the financial inclusion initiative.
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Egypt Receives Third Tranche from IMF worth $820 Million
The International Monetary Fund announced the completion of a review that allows Egypt to withdraw $820 million.
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Infograph: Egypt overall debt trajectory in 9 fiscal years
Egypt’s overall debt decreased by approximately seven percent in FY2023/2024 to 89 percent of the GDP, down from 95.70 percent in FY2022/2023.
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IMF adjusts Egypt’s economic forecast with more positive outlook post-3rd review
In a report released last week, the IMF had predicted a 2.7 percent growth in FY2024/2025 and a slightly improved 4.1 percent in FY2025/2026.
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US Dollar rate against EGP hits its highest level in almost four months
The US dollar rate against the Egyptian Pound (EGP) hit its highest level on Wednesday since April.
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Egypt’s non-oil trade deficit declines 16 percent to $15.9 billion in H1 2024
The decline in Egypt’s non-oil trade deficit during H1 of 2024 was primarily due to a $1.2 billion decline in imports.
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IMF says Egypt’s real GDP growth forecast at 4% in 2024/25
The IMF and the Egyptian government will continue negotiating the country’s access to a Resilience and Sustainability Facility (RSF) in the autumn.