Finance News
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Egypt, Saudi Arabia consider trade exchange in local currencies
Egypt and Saudi Arabia are considering the use of local currencies in trade exchange, said Yehia El-Watheq Bellah.
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Saudi’s Public Investment Fund raises its stake in Egypt’s e-Finance Company
Sarhan said that PIF submitted a request to increase its stake in the company to the Financial Regulatory Authority (FRA) almost a month ago.
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Saudi investments in Egypt hit $6.3 bln: Minister
Saudi investments in Egypt reached $6.3 billion in 7,444 projects in sectors such as industry, construction, tourism, services, and telecommunications
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Egyptian CIB borrows $150 mln from EBRD to cushion against economic risks
The bank's total assets reached EGP 635.83 billion (around $20.6 billion) in 2022, up from EGP 498.23 billion in 2021.
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Egypt’s financial inclusion rate rises 5.4% in 6 months: CBE
The financial inclusion rate in Egypt increased by 5.4 percent to 67.3 percent during the first six months of 2023, according to a report by CBE.
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Payments Fintech Foodics in Egypt and Suplyd to Automate Procurement, Supply Chain for Restaurants
Foodics, the restaurant management and payment solutions in MENA, announced its collaboration with Suplyd in Egypt.
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Japanese Delegation Visits New Alamein City to Review Investment Opportunities
At the beginning of the visit, an explanatory video was shown that included all the projects, investment opportunities available in the city.
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IMF may need to augment Egypt program amid Gaza war impacts, Georgieva says
The conflict is posing difficulties for neighboring countries Egypt, Lebanon and Jordan through the loss of tourism and higher energy costs.
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Egypt, Saudi Arabia set to sign $1.5 billion agreements during upcoming business forum
The Egyptian-Saudi Business Forum is scheduled to take place in Cairo on Monday, 20 November.
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CBE increases limits for financial inclusion accounts, prepaid cards, and mobile payment services
he maximum daily limit is EGP 60,000, up from EGP 30,000. The maximum monthly limit is EGP 200,000, up from EGP 100,000.
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Cellulant obtains a business licence in Egypt
Egypt’s payments sector has been notable lately, following new regulations supporting instant payments and the rise of fintech companies.
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EBRD provides US$150 million to Egypt’s CIB
EBRD First Vice President Jürgen Rigterink said: “The EBRD is delighted to sign this facility with our longstanding private sector partner, CIB."
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Egypt raises limits on prepaid cards, mobile banking transactions by 100%
CBE has increased daily and monthly limits of transactions on financial inclusion accounts, prepaid cards, and mobile banking by 100 percent.
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Digitalizing Duties: Egypt’s Tax System Overhaul
This article delves into the impact of digitalization on Egypt’s tax system from the perspective of taxpayers.
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Central Bank of Egypt issues treasury bills worth LE 3 billion
The Central Bank of Egypt on Monday launched treasury bills with fixed and variable returns at a total value of three billion LE.
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Egypt broaches idea of tapping Indian financial markets
Egypt was keen to diversify funding sources and enter new financial markets, including "the possibility of heading to Indian financial markets,".
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Fitch downgrades ratings on four Egyptian banks
Ratings agency Fitch has downgraded its credit ratings on four Egyptian banks, including the largest private bank.
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94% of Egyptian commuters expect contactless fare payments on public transport
Around 94 percent of Egyptian commuters expect contactless payment options to be available on public transport, according to a survey.
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Qatari Group plans to invest over $60 million in Egypt in 2024
Al-Mana Qatari Group has announced plans to invest more than $60 million in Egypt in 2024.
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Afreximbank signs off on $3B worth of credit facilities to Egyptian companies
The remaining $2.4 billion will be distributed to undisclosed companies in Egypt.