Finance News
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Government banks explore opportunities to attract Egyptian expats invest home
Minister of Immigration meets major Egyptian investors in UAE to discuss available opportunities in several fields.
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Egypt not threatened by its inability to pay its debts
The report issued by the Cabinet indicated the increase in the growth rate of Egyptian exports by 53.1 percent during the fiscal year 2021/2022.
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Unraveling Egypt’s external debt: problems and solutions under spotlight
Egypt’s external debt was estimated at $155.7 billion by June 2022, according to Central Bank of Egypt data.
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Egypt, World Bank Group discuss developments of social housing financing programme
The social housing financing programme began in 2015 at a value of $1bn to provide adequate housing for low and middle-income people.
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Saudi Sovereign Fund in talks to acquire Egypt's United Bank for $600M
The United Bank was established in 2006 and has 65 branches nationwide and more than 200 ATMs.
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Orascom Investment achieves profit of EGP 265.4m in nine months
The company’s revenues also increased to EGP 59.24m, compared to EGP 17.5m.
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Finance Ministry refutes rumors on US dollar rate reaching LE40
The Finance Minister commented: “I hope that 2023 will be a year of stability, whether security or economic.”
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Egypt sets master plan to boost foreign exchange reserves until June 2023
The value of imports exempted from the letters of credit system was increased to $500,000, instead of $5,000.
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IMF stresses need to maintain flexibility of exchange rate in Egypt
The weak expectations of global economic growth, tightening fiscal policies and rising commodity prices led to an increase in financing needs.
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Commercial International Bank Egypt nominates Hisham Ezz Al-Arab for election
The appointment for non-executive chairman is subject to the approval of the Central Bank of Egypt.
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EGX expects to start trading on carbon certificates in 1H 2023
The point is to motivate companies to reduce carbon emissions and adopt sustainable plans to reduce air pollution while encouraging green investments.
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Egypt's pound keeps falling on black market ahead of IMF meeting
Egypt continues to face a foreign currency shortage despite two major devaluations this year.
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Egypt witnessed a 41.3% decrease in trade deficit in September 2022
The value of exports increased by 11.6%, reaching $4.11bn, up from $3.68bn due to the increased value of some commodities such as LNG.
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Egypt joins the BRICS new development bank
Egypt ratified its participation in the New Development Bank (NDB) which was created by Brazil, Russia, India, China and South Africa (BRICS) in 2014.
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Egypt launches site for investors to apply for ‘golden license’
Two types of businesses are eligible, those who contribute to sustainable development and those who establish partner up public and private sectors.
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Cabinet approves draft resolution to establish the New Development Bank
The bank also works in digitization, due to the negative economic effects resulting from the COVID-19 pandemic crisis on the global economy.
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Urbnlanes plans to raise investments in Egypt to $974.61mln
Urbnlanes’ investments in Egypt amount to EGP 11 billion distributed on 3 projects, Urbnlanes CEO, Fadi Emeel said.
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IFE discusses its regional call for proposals for economic growth in Africa
IFE launched a Call for Proposals in 8 countries including Egypt, Ethiopia, Cote D’Ivoire, Ghana, Rwanda, Senegal, Tunisia, and Morocco.
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New flotation of Egyptian pound not possible
IMF experts did not arrive in Cairo until after filling the financing gap through recent Arab investments, Al-Fiki added.
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Egypt sees a return of the 18% interest rates on long term Bank deposits
The United Bank offers 18% CDs, as the best certificate in Egypt to attract more customers towards its services.