Finance News
-
Egypt's general budget achieves primary surplus LE 10.2bln at 0.1% of GDP
The growth came thanks to an increase in budget revenues by 15.6% during the first quarter of the current fiscal year.
-
CBE explains reasons for rising interest rates
Many central banks abroad have now signaled that inflation rates may have peaked and begun to decline.
-
World Bank okays $500 mln in financing for Egypt’s Takaful and Karama social protection programme
The WB announced on Friday $500 million in financing dedicated to expanding and strengthening Egypt’s flagship Takaful and Karama social safety.
-
Egypt's central bank increases key interest rates by 3%, maintains inflation target at 7% through 4Q of 2024
Analysts had expected that the MPC would raise the interest rates by a maximum of 2 percent (200 bps) to rein in inflation.
-
Fintech Galaxy buys Egypt’s open banking platform Underlie
Underlie is an open banking platform, which offers application programming interfaces (APIs) to banks and businesses.
-
Central Bank of Egypt sets new measures for fraudulent and abusive use of credit, debit cards overseas
The Central Bank of Egypt (CBE) has set new measures meant to ban the fraudulent and abusive use of credit and debit cards outside the country.
-
AXA Egypt concludes fiscal 2021/2022 results with effective operational outcomes
This affirms AXA’s robust strategy during its 7 years in the Egyptian market, providing all insurance products to its customers.
-
Real Estate Investment Fund 1 launched
Real Estate Investment Fund 1 signed a deal to purchase commercial real estate assets from Talaat Moustafa Group in Al-Rehab City and Madinaty.
-
Egypt's central bank seen raising interest rates by 200 bps
The median forecast in a poll of 12 analysts is for the bank to raise its deposit rate to 15.25% and its lending rate to 16.25%.
-
Calling for restructuring global finance system one of most important outcomes of COP27: Mohieldin
It resulted for the first time in efficient plans and initiatives to finance climate action, beside the effective participation of the private sector.
-
Import-export firms turn to black market for US dollars
As the country braces for a new devaluation of the pound, the dollar has reached new heights on the black market.
-
SCZone prepares Abu Khalifa area for investment during 2023
There are many industries within this region, including small industries, food industries, and textiles.
-
Egyptian gov't cancels Hajj at state expense for current season
This came during the PM's meeting of the Higher Ministerial Committee for Hajj.
-
Egypt secures $13.7B to support national development objectives
This included $11.1 billion directed to sovereign projects across various economic activities and $2.6 billion for the private sector.
-
European Bank for Reconstruction and Development grants $40mln loan to Angel Yeast Egypt
The bank noted that the loan would promote diversification and enhancement of the company’s value chain by adding new suppliers from private sector.
-
Majid Al Futtaim inaugurates over $4mln Mall of Egypt Road
The road offers alternative routes to and from key locations in the 6th of October and Sheikh Zayed cities.
-
IMF looks for 'a shift flexible exchange rates' in Egypt after end of December
The Egyptian government filed for the new IMF loan in March to address the severe impacts of the Russian-Ukrainian war on the country’s economy.
-
Egypt building 18 logistics, commercial zones with $1.61bln investments
These projects cover 14 governorates and provide about 250,000 direct and indirect job opportunities.
-
19 newcomers join Forbes Middle East's Top 50 most-funded startups 2022
The 50 most-funded startups in MENA have raised nearly $3.2 billion in combined funding.
-
Egypt concludes $14B concessional development financing agreements in 2022
Al-Mashat explained that the agreements are distributed at $11 billion in soft development funds.