Finance News
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Egypt parliament discusses new budget
Parliament has begun discussing the state’s 2021-22 budget and development plans.
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EBRD to support Egypt's green and sustainable economy
The European Bank for Reconstruction and Development (EBRD) is one of Egypt’s largest financial partners.
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Paymob Closes Series A with $18.5m
Paymob was founded in 2015 by Islam Shawki, Alain El Hajj and Mostafa El-Menessy with a vision to revolutionize payments in Middle East and Africa.
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Egypt’s economy showed high resilience during COVID-19 crisis: EU Ambassador
Berger stated that Egypt has successfully maintained macroeconomic and financial stability while safeguarding those who need it.
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Egypt's relisting on JP Morgan bond index could attract $4.8bn
Egypt has a combined nominal $28.2 billion in eligible bonds that mature in more than 2.5 years, the minimum amount for inclusion in the index.
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More spending budgeted
Increased spending and a set of society-friendly measures have been penciled into Egypt’s 2021-2022 budget.
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Egypt’s economy records growth rate of 2% in the second quarter
Egypt’s economy recorded 1.35% in the first half of the 2020-21 FY Planning Minister Hala Al Saeed said.
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2021-2022 draft budget handed to president for review
The budget aims to support investments, especially in projects that offers support to rural areas and cater to the development of Upper Egypt.
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Egypt’s insurance sector posts 25% growth in net profit
The local insurance sectors’ net profit was up to 6 billion Egyptian pounds ($382 million) in 2020 despite the COVID-19 pandemic.
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Legislative, economic reforms drive Egyptian market growth: Misr Capital
CBE's tendency to reduce interest rates created great demand from companies to finance their expansions through debt instruments.
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IMF forecasts Egypt’s economy to record 2.8% growth in FY 2020/21
Egypt's economy was heavily effected by coronavirus pandemic, which took it's toll on tourism, and worker remittances, yet it avoided contraction.
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2020 Egypt economy contracts 1.1%, but 6.1% recovery projected in 2021
Under a pessimistic scenario, the country’s economy saw an estimated contraction of 2.1% in 2020, to be followed by 7.5% growth in 2021.
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Egypt is working on establishment of first commodity exchange company
The new exchange aims at shrinking the circle of commodity trading from the source to the consumer, and saving the transportation cost.
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IMF completes Egypt’s SBA loan review, $1.6 bln to be disbursed
The IMF said that Egyptian authorities have managed well the COVID-19 crisis and related disruption to economic activity.
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Upturn targets $51.19mln in sales at Egypt's Centric Business District development
The development is set to comprise six phases, and encompass a total of 110 units, once completed.
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HSBC expects Egypt to build on growth momentum during 2021
The event held at a critical time for the global economy, with countries around the world ending 2020 with increasing COVID-19 cases.
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Egypt cuts interest rates
Egypt’s central bank cut its main interest rates by 50 basis points to support an economy badly hit by the coronavirus pandemic.
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Egypt set to issue its first sovereign Islamic sukuk
The move is part of the finance ministry’s plan to diversify its base of investors who want to invest in governmental financial securities.
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Exchange rate liberalisation proves economic boon
Four years have passed since the Central Bank of Egypt (CBE) took a bold decision to liberalise the exchange rate on 3 November 2016.
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Egypt annual inflation rate in decline
The inflation rate projected by the end of this quarter due in November is about 5% while the rate expected for the next 2 fiscal years stands at 6%.