Finance News
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Fawry teams up with Infobip to boost electronic payment services
Fawry is an e-payment platform in Egypt, serving the banked and unbanked population.
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Islamic banking accounts for approx. 5% of overall Egyptian banking sector, says EIFA
Egypt's banking market includes 14 banks authorized by the Central Bank of Egypt to offer Islamic products.
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African Economic Outlook: Egypt "Most Attractive" for Short-term Investments in Africa
The report added that recent bank defaults could lead to increased global financial instability and exacerbate capital outflows from the continent.
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Egypt targets $83 billion in foreign currencies for FY 2023/24
The government aims to collect $83 billion in foreign currencies during FY 2023/24 through four streams, according to an official statement.
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Egypt "Largest Recipient" of Official Development Assistance in Africa- AfDB
Egypt leads African countries in terms of obtaining development funds in 2021, at a value of $8.2 billion.
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Deal to make EGP-denominated debt “Eurocleared” close to finalized
Egypt has been working towards meeting clearinghouse Euroclear’s conditions since signing an agreement in 2019.
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Egypt's e-government system gets 8 mln euro grant from Germany's GIZ
Egypt's development portfolio currently comprises 34 projects worth $1 billion, with several partners involved.
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CBE Instructs Banks to Suspend Use of Prepaid Cards for Int'l Transactions
The foreign currency crisis currently facing Egypt has led banks to reduce the limits on all types of bank cards for international transactions.
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Egypt, Rawanda to Settle Payments within "Equal Deals" Mechanism
This came during a meeting held by the minister with Alfred Gakuba Kalisa, Ambassador of Rwanda in Cairo to discuss cooperation.
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What will happen to Egypt’s debt if US dollar hits LE38?
Egypt’s foreign debt increased by 5.2 percent during the last quarter of last year to reach US$162.9 billion at the end of December.
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161% increase in net profit of Suez Canal Bank in 1Q 2023
He added that this was supported by an increase in net income from returns by 90% to reach EGP 707m in March.
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Egypt's parliament approves increase in annual income tax exemption
Parliament approved amendments to the Income Tax Law no.91/2005 to raise annual income tax exemption to EGP 36,000 up from EGP 24,000.
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Banque Misr secures $260 mln loan from IFC to uplift MSMEs
Banque Misr will receive a $260 million loan from the World Bank's (WB) financial arm, the International Finance Corporation (IFC).
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ValU partners with Telda
To offer instant cash redemption and installment solutions to users of “Sha2labaz” in the first-of-its-kind digital offering in the Egyptian market.
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AfDB highlights Egypt’s easing inflation, lowers avg. inflation rate forecast for next FY
Egypt’s GDP is expected to grow to 4.8 percent in FY2023/2024, slightly higher than the previously forecasted 4.4 percent for the current fiscal year.
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Egypt sells treasury bills worth LE46 billion, at interest rate of 23.8%
Egypt’s Finance Ministry accepted about 453 bids to sell treasury bills put forward by the Central Bank of Egypt in its last bid on Thursday.
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Why is Egypt ranking on investor confidence index important?
It's the first time the report has a separate ranking for emerging markets, and Egypt being on it is very significant.
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Egypt Prepares to Launch Investment Company for Expatriates Abroad
PM Mostafa Madbouly held a meeting Sunday to review the features of the proposal submitted by a number of investors abroad.
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Parliament’s Plan Committee nods to raising income tax exemption limit
Raising the income tax exemption aims at saving state costs of nearly EGP 10 million.
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First Abu Dhabi Bank Egypt launches ‘Access’ portal for electronic payments
The “Access” portal is the latest electronic payment solution that suits the needs of all business categories.