Finance News
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World Bank to provide over $6B in support to Egypt over next 3 years
The bank announced that this support includes $3 billion for financial backing to Government’s programs and $3 billion for the private sector.
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Major Gulf bourses up on strong oil prices; Egypt extends slide
The index encountered a technical glitch earlier in the day displaying inflated gains, before the issue got fixed towards the end of the trading.
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European Union announces €7.4 billion package of aid for Egypt
European Union announces €7.4 billion package of aid for Egypt to fund efforts in curbing migration.
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Market capitalisation of Arab stock exchanges surpasses $4.5trn in February
The market capitalisation of Arab stock exchanges witnessed an increase to approximately $4.54trn in February, up from around $4.4trn in January.
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Italy, EU commission to sign deal with Egypt on 'cooperation and development
Italian Prime Minister Giorgia Meloni says she will be in Cairo on Sunday to sign an agreement between Europe and Egypt.
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Egyptians abroad sending more money home after devaluation
Egyptians abroad had been holding onto their funds or sending them home outside the banking system via the black market.
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Access by FABMISR, Drive Finance unite to redefine payment solutions in Egypt
The alliance is thoughtfully designed to accommodate the monthly instalments of Drive Finance customers.
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Moody’s changes rating for 5 Egyptian banks
Credit rating agency Moody’s announced on Tuesday that it has changed the ratings and estimates of five internationally ranked Egyptian banks.
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Total hard currency sold to Egypt's exchange firms hits $20M within 6 days
Al-Ahly Exchange Company accounts for the largest proportion of the proceeds, with a value of EGP 577 million since the decisions of the Central Bank.
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Germany pledges to make 258 million euros available to Egypt as debt swap
Germany has pledged to make 258 million euros available in the form of debt swaps, grants, and concessional financing.
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US dollar rate drops in major banks by 1.5% on Tuesday to EGP 48.8/1 USD
The US dollar rate against the Egyptian pound declined on Tuesday by approximately 1.5 percent to EGP 48.8/1 USD for selling.
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IMF Lines Up $1.5 Billion to Egypt within Weeks
The amount will include the first and second review tranches, which were postponed earlier.
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Egypt targets primary surplus of 3.5% in GDP in FY2024/2025
Egyptian government targets a primary surplus of 3.5 percent in its GDP in the upcoming fiscal year (FY) 2024/2025, Minister of Finance Mohamed Maait
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Is Egypt finding its path towards economic recovery?
Egypt's new currency devaluation and interest rate hike will lure foreign investors but ordinary Egyptians are feeling the pain of soaring prices.
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Inflation in Egypt increases to 36% during February: CAPMAS
The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that annual inflation recorded 36 percent in February compared to 2023.
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What should Egypt do to ensure steady FX inflows?
The IMF statement mentioned that the increase in the loan was prompted by "significant macroeconomic challenges" that have become more complex.
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Egypt’s trade balance deficit hits $3.03B in December 2023: CAPMAS
During December 2023, the value of Egypt's exports declined by 23.0 percent, to record $3.48 billion, in contrast to $4.52 billion in 2022.
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Egypt sets date for offering operation of 20 airports to private sector
A government source detailed the Egyptian government’s plan to manage and operate several airports by private sector companies.
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European Union close to provide Egypt with $5 to $6B: Finance Minister
A portion of the European funds will be designated for the private sector, while another portion will be allocated to the state budget.
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Egyptian banks adjust withdrawals and purchases limits for cards abroad
Banks operating in the Egyptian market have begun raising credit card withdrawal limits following orders from the Central Bank of Egypt.