Finance News
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Commodity Exchange to start operation in Q1 2022
The Commodity Exchange has been established within the framework of the state’s plan to develop internal trade.
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Egypt to invest EGP 43bln in power sector
The power sector is a good indicator for the development of the whole economy as all the other sectors depend on it for their operation.
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Reda Abdel Kader appointed head of tax authority
Finance Minister Mohamed Maait appointed Reda Abdel Kader Gharib as the head of the Egyptian Tax Authority.
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Faisal Islamic Bank of Egypt's business volume reaches $8.02bln
The business volume of Faisal Islamic Bank of Egypt (FAIT) reached EGP 125.835 billion by the end of June 2021.
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Top 6 Fitch predictions about Egypt economy
The American credit rating agency stated that the Egyptian economy is among a few to managed to achieve an annual growth despite the COVID-19 pandemic
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Egypt signs €57.7m agreement with Germany
This will go to launching 6 projects covering sectors of energy, administrative reform, technical education, vocational training, and water resources
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FBG tops Egypt’s brokerage ranking in July with 30.2% market share
Financial Brokerage Group (FBG) led the brokerage ranking in Egypt during July, with a market share of 30.2%. Hermes Securities Brokerage came second.
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Sisi to develop public business sector
President Sisi directed Minister of Public Business Sector Hisham Tawfiq to proceed with efforts to develop companies of the public business sector.
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Egypt economy grows amid the pandemic
Egypt’s economy has been doing well despite the coronavirus pandemic and should continue on the same path.
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Sisi approves law on FY 2021/22 state budget
the public expenditures for the FY 2021/22 stood at about $157.0 billion while the state's revenues are estimated at about $88.8 billion.
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Egypt to launch 3rd stage of exporters support programme
Finance Minster Mohamed Maait said that the action comes in implementation of President Abdel-Fattah El-Sisi’s decision to back exporting companies.
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Financial positions of banks rise by EGP 532bn
Capital at banks amounts to EGP 177.92bn, reserves register EGP 347.826bn, provisions score EGP 165.588bn in Q1 of 2021: CBE.
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Egypt Takes on Sukuk
Egypt is getting ready to offer its first sovereign bonds (Sukuk), almost the first of its kind for the country, following parliament’s approval.
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Egypt, UAE central banks ink MoU
According to the MoU, the two central banks will cooperate in fields of licenses & the ownership structures of the licensed financial institutions.
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Egypt's economy grows 2.9% in Q3-20/21
The country is projected to achieve 5.2-5.5% economic growth in Q4 of FY20/21, the minister noted.
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Egypt, IMF agree on $5.2 billion release
The IMF had also loaned Egypt a $2.8 billion emergency loan in 2020 to face the consequences of the pandemic.
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Some banks report good results in Q1
The net profit at Al Baraka Bank – Egypt increased by 2% in Q1 of 2021 compared to Q1 of 2020, and by 108% compared to Q4 of 2020, recording EGP 269m.
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Telda announces $5M pre-seed
A newly launched digital bank, Telda, is announcing a $5 million pre-seed round to digitize how Egyptians save, send and spend money.
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Egypt, AfDB ink €145 mln for railway
Under the agreement, Egypt’s Railway Authority's main lines will be extended with 953 km controlled by the European Train Control System (ETCS-L1).
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Egypt’s central bank obligations reach 2.1tln
Despite the Central Bank of Egypt's total assets growing by the end of April, gold and cash assets dropped compared to December's data.