Finance News
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The World Bank’s new strategic partnership with Egypt through 2027
The World Bank (WB) is among the international partners that Egypt relies on to bridge its $17 billion financing gap through FY2025/26.
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Proparco, a French firm, invests $5 million in Egypt’s fintech sector
DisrupTech Ventures wants to give seed funding to up to 28 startups, with a main focus on those that offer services related to financial technology.
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Egypt revises up budget deficit estimate to 6.9% of GDP in FY2023/24
Egypt expects to attain a 4.1 percent real GDP growth in FY2023/2024 and a primary surplus of 2.5 percent of the GDP.
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Egypt's GAFI wins 1st place in MENA at AIM 2023 Global Awards for 5th consecutive year
The GAFI chairman and the Emirati ambassador also discussed establishing partnerships in African markets to capitalize on trade agreements.
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Finance Minister: Committed to achieving goals of current fiscal year
The Finance Ministry was able to maintain a primary surplus of 1.3 percent for five consecutive years that ended last June.
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Egypt upgrades budget deficit target for FY2023/24 to 7% of GDP
The country also expects the budget deficit to hit 8% of GDP in the current fiscal year from the previous forecast of 6.8%.
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Egypt’s authorities debunk rumors of forged LE100 banknote
Egyptian security services debunked rumors circulating on Facebook warning citizens against a counterfeit LE100 banknote in the markets..
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2023-2027 Country Partnership Framework bet. Egypt, World Bank endorsed Sunday
The new CPF was prepared through joint work and continuous discussions with all relevant parties from the national authorities.
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Q&A on development cooperation relations bet. Egypt, World Bank
The Ministry issued a report following the launch of the Country Partnership Framework 2023-2027.
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Egyptian inflation seen inching lower in April: Reuters poll
The median forecast of 13 analysts polled showed annual urban consumer inflation slipping to 31.0% in April from 32.7% in March.
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Finance, planning ministers to address parliament on 2023/24 budget draft, plan Tuesday
The new budget will raise social spending to EGP 530 billion ($17,147,774,760), including EGP 128 billion.
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IFC investments in Egypt touch $1.5bln
Total number and value of ongoing projects funded by the World Bank stands at 15 and $7.33 billion respectively.
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Egypt introduces new regulations for consumer finance providers
New guidelines for the formation and licensing of consumer finance providers have been published by Egypt's Financial Regulatory Authority (FRA).
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Everything you need to know about upcoming economic reforms in Egypt
Since 2016, Egypt embarked on a journey of economic reform supported by the IMF. Here's everything you need to know about it up until now.
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$548mln increase in Egypt’s international reserves in 4 months: CBE
According to the CBE, the value of gold listed in reserves increased to $8bln in April.
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WB Contributed to Financing More Than 175 Projects Worth $25 Bln in Egypt
This came during H.E.’s speech at the launch ceremony of the Country Partnership Framework (CPF) between Egypt and the World Bank Group 2023-2027.
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Egypt’s net investment flows increased to $5.7 billion, CBE
The CBE reported that foreign direct investments in non-oil sectors increased to record a net inflow of $6.6 billion up from $4.4 billion.
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Egypt: aiBANK records $56.1mln revenues in 2022
As part of the reform and development restructuring, the bank has developed a clear strategy to invest in the human element.
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Fitch Downgrades Egypt to 'B'; Outlook Negative
Fitch Ratings has downgraded Egypt's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to 'B' from 'B+'. The Outlook is Negative.
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Fitch's downgrade is the result of unrelenting external pressures on Egypt's economy: Maait
Fitch's downgrade of Egypt's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to “B” – down from “B+”