Finance News
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Qatar’s sovereign wealth fund deposits $1 bln into Egypt’s CBE
Qatar’s sovereign wealth fund, deposited $1 billion into the Central Bank of Egypt, to pave the way for the authority to pump new investments in Egypt
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Egypt, World Bank discuss launch of country strategy 2023/2027
The World Bank's active portfolio in Egypt is composed of 14 operations for a net commitment amount of $6.83 billion.
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Al-Sisi, IMF Managing Director discuss bilateral partnership
Meeting comes within IMF Managing Director Kristalina’s participation in COP27 in Sharm El-Sheikh
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EU provides support of up to US$300 mln to Egypt’s start-up sector
Ezz stressed the importance of supporting this sector due to the growing opportunities worldwide and in Egypt.
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COP 27 Kicks off in Sharm El-Sheikh
Every year, the conference is held on a different continent and Egypt offered to host the summit in Sharm El-Sheikh as a representative of Africa.
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Egypt’s Central Bank issues binding regulations to accelerate transition toward green economy
The regulation encompasses several pillars, including the establishment of an independent department for sustainability and sustainable finance.
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Nigeria, Egypt, South Africa are premier investment destinations in Africa
According to research firm Africa: The Big Deal, funding for startups in Africa more than doubled to $3.14 billion in the first six months of 2022.
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Business sentiments of Egypt's non-oil businesses hit record low
Only one out of every 25 businesses surveyed gave a positive outlook for the next 12 months.
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Egypt’s net international reserves rise by $214 million in October
Egypt's net international reserves (NIRs) registered $33.4 billion in late October, an increase of $214 million over its volume in September.
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Egyptian fintech Money Fellows raises $31 million
Money Fellows classifies its users as borrowers, savers or planners depending on their position in a ROSCA cycle and when they receive a payout.
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64 industrial projects launched within Egypt's 'Start' initiative
The main features of the initiative are tax exemption for five years, and offering lands for investors in the leasing system.
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How can Egypt bridge its financing gap?
Hany Genena, an economist and lecturer at the American University in Cairo, said that the financing gap in Egypt is about $25bn, according to the CBE.
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Everything you need to know about Egypt Golden License for investors
Through this license, investors will be able to get their projects going without a lot of paperwork and approvals from different government bodies.
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Egyptian Pound devalued to record low against the US Dollar
Bloomberg Economics estimates the pound needs to weaken to EGP 24.6 per USD 1 “to bring Egypt’s trade deficit to a reasonable level.”
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Egypt announces reaching $3 billion loan deal with IMF
Egypt has reached a 46-month staff-level agreement with the International Monetary Fund under the Extended Fund Facility with a loan worth $3bn.
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Egyptian economy growth to decline to 4.3%: Fitch Solutions
It is expected that the average inflation will reach 15.2 percent during the second half of this year.
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One Finance launches integrated consumer financing in Egypt market
Egypt-based One Finance has launched Buy Now, Pay Later in the country with an issued and paid capital worth USD 5 million.
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Egyptian consumer money app Telda raises $20M
Egypt's private consumption accounts for nearly 85% of its nominal GDP, and only 4% of its overall GDP is cashless.
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Debt reduction, not currency stabilization, is Egypt’s goal
Egypt's debt represents 80 percent of the country’s gross domestic product, which is a low percentage compared to the global level.
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Egypt’s trade deficit drops 28.7% YoY in July
The value of Egyptian exports increased by 2.2% year-on-year (YoY) to $3.13 billion in July 2022 from $3.07 billion.