Finance News
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Banknbox sets up $10 mln regional HQ in Egypt to offer integrated banking tech
Cairo-based financial services company Banknbox announced the opening of its $10 million regional headquarters in Egypt.
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Fintech serves as keystone element in banking, financial development in Egypt
Various solutions are presented in the Egyptian financial technology market every year, making Egypt a fertile environment.
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AfDB: Egypt best economic performer in North Africa region in 2022
The tourism, non-oil manufacturing, and gas extractives sectors, as well as the Suez Canal benefitted from the resumption of international travel.
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Egypt’s external debt rises nearly 5% in one year
Egypt’s external debt rose by 4.8 percent to $165.3 billion in the third quarter (Q3) of the fiscal year 2022/2023, compared to $157.8 billion.
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Egypt’s Central Bank, Vietnam’s SBV ink MoU to boost cooperation
Lu Quand led a delegation to Egypt to discuss ways to boost its cooperation with the Arab country in the trade sector.
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INTERVIEW: Egypt promotes a digital-first economy, says Canon’s MD
Japanese optical, imaging, and industrial producer Canon perceives Egypt as a leading market in North Africa in terms of digital transformation effort
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IMF projects Egypt’s growth forecast to be 3.7% in 2023
The IMF also projected that inflation in Egypt would record 24.4 percent this year and would increase to 32 percent in 2024.
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Egypt’s e-payment firm Fawry plans to expand into Saudi market
The move is part of its regional expansion plans into the Gulf Cooperation Council region, Fawry said in a press release.
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Egypt’s Qardy plans to scale debt financing marketplace in partnership with country’s post office
Founded in July 2022, Qardy facilitates loans for MSMEs, with founder Abdel Aziz Abdel Nabi saying the startup’s goal was to be the “Amazon of lending
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Mashat, IFC officials review gov’t offering program
IFC Vice President Elena Bourganskaia lauded the progress realized in the governmental offering program in light of the efforts exerted by the state.
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Egypt collects EGP 8.8 bln from tax evaders over 2.5 years
Egypt's tax authorities have generated EGP 8.8 billion ($286 million) from 7,305 tax evasion cases, out of 22,000 since the launch of eInvoice.
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Japanese Amb. Visits SCZone to Review Possible Investment Opportunities
The tour opened the door for the Japanese financial and business community to take advantage of the investment opportunities available.
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Egyptian FinTech Startup Flash Secures $6 Million Funding to Accelerate Contactless Payment Expansion
Flash, aims to revolutionize the payment landscape by offering innovative solutions to consumers and businesses.
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Egyptian insurance market showing resilience despite “challenging economic conditions”
Approximately 40 companies are licensed to operate in the Egyptian insurance market, with non-life companies outnumbering life insurers.
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Egypt growth forecast cut, currency expected to slip further
Egypt's economic growth is expected to be slower than forecast earlier, while inflation would stay higher and the Egyptian pound would weaken.
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Assets under Egypt's sovereign fund record $12 bln: Planning minister
Assets under the management of the Sovereign Fund of Egypt (SFE) recorded $12 billion, reported Hala El-Said.
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Egypt launches ‘Ubuntu Iniatiative’ to help countries ease debt burdens
The title comes from the South African philosophy of “Ubuntu”, which translates to “I am because you are” and reflects the shared struggles of mankind
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Egyptian digital savings startup Menthum secures pre-seed funding
Egyptian digital savings startup Menthum has secured an undisclosed pre-seed round of funding to help it expand its team and develop infrastructure.
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Egypt's Beltone hikes capital by over 1,000%, highest in EGX history
Egyptian investment company Beltone's issued and paid-in capital surged by 1,080 percent to EGP 10.9 billion following shareholders' full subscription
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Egypt grants 5 new Golden Licences to projects worth EGP 10 bln
The Egyptian Cabinet granted Golden Licences to five projects with total investments of EGP 10.2 billion ($329.34 million).