Finance News
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Naguib Sawiris raises attention after tweeting solution for public sector losses
Egyptian businessman Naguib Sawiris turned heads after a tweet he posted regarding the solution he sees for the losses of companies.
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Egypt's FY 2023/24 budget: Key points at a glance
Egypt's new budget for FY 2023/24 takes effect on 1 July, with higher revenues and expenditures forecasted by the government.
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Egyptian startups to digitally transform pharmacies
Also stationed in Cairo, financial service Paymob was founded in 2015 and has 40 payment methods available for businesses to choose from.
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Egypt-IMF deal stalls as devaluation rides on FX supply boost
When Egypt agreed a $3bn, 46-month financial support package with the IMF back in December, it vowed to adopt a flexible exchange rate regime.
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Egypt allocates EGP 202 bln to pensions in 2023/24
Egypt is allocating EGP 202 billion ($6.54 billion) of its budget for the fiscal year 2023/24 to pensions, a six percent increase compared to 22/23.
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Finance Min.: EGP 50 Million of Coins Offered to Avoid Change Shortage on Eid al-Adha
The minister added that the Treasury and Mint Authority witnessed during the past few years an unprecedented boom in the field of "digitization".
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Fitch Solutions warns of high inflation rates in Egypt
Inflation remains a major concern for Egyptians and will lead to a sharp rise in borrowing costs, warned Fitch Solutions, one of the Fitch Ratings com
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Banque Misr taps Talabat Egypt to provide financial and non-financial services MSMes
For the bank’s Head of the SMEs and Microfinance Sector Amr Demerdash, the agreement is part of Banque Misr’s strategy to support projects.
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Egyptian Gov't aims to increase FDI to $16 Bln by FY 25/26
The parliamentary report confirmed that the state’s plan aims to stimulate commodity exports to exceed $58 billion in 2024/23.
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CBE Pumps EGP 2 Billion of New 20-pound Polymer Note
The Central Bank of Egypt (CBE) pumped EGP 2 billion of the new 20 paper banknote, ahead of the Eid al-Adha holiday.
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AIIB to provide a guarantee of more than $200M in Egypt’s green panda bonds
Egypt is considered the first African country to issue panda bonds on the Chinese market and it plans to raise the equivalent of $500 million.
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Afreximbank Announces Talks with Egypt to join Platform for Commercial Transactions with Africa in Local Currencies
The official stressed that the accession of Egypt, led by the Central Bank and with the participation of a number of commercial banks.
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Egypt launched new phase of immediate cash payment initiative with LE 8.7B
Earlier this year, the Ministry of Finance launched the sixth phase of the immediate cash payment initiative with planned investments worth LE 10bn.
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The effects of digital transfers on Egypt's economy
Remittances are a crucial source of income and foreign currency in Egypt, often serving as the only financial safety net for low-income households.
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Saudi Arabia’s VMS acquires minority stake in Egypt’s Cash Cows
The partnership aims to connect Egypt’s and Saudi Arabia’s startup and entrepreneurship market and also help in mobilizing resources and expertise.
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Targets of Egypt’s IPO program achieved: Elsaid
Moreover, she referred to the completion of a number of transactions under the program.
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MSCI mentions possibility of reclassifying Egyptian indexes
Morgan Stanley Capital International (MSCI), an investment research firm, recently released a report discussing the potential reclassification.
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Egypt ascends six spots in Sustainable Development Report 2023 rankings
El-Saeed added that the report indicates Egypt's progress in the Sustainable Development Goals Index for 2023.
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Egypt's central bank keeps interest rates steady
Economic growth meanwhile eased to 3.9% in the fourth quarter of 2022 from 4.4% in the third quarter, the MPC said.
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Flutterwave eyes Egypt’s cross-border payments market as it plans IPO
The payment company hopes expanding and deepening its market coverage will also be a boost for its IPO appeal.