Finance News
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Egypt’s major commitments under the IMF’s $8 bln expanded loan deal
The fourth through eighth and final reviews are scheduled to be completed every six months, allowing the country to receive around $1.3 bn each time.
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Egypt to cut interest rates by 2 percent in May; inflation to decrease to 20 percent by end of 2024
The CBE's Monetary Policy Committee is scheduled to meet on May 23 to review the key interest rates.
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Egypt and African Development Bank finilise programme to strengthen country's entrepreneurial ecosystem
More than 100 businesses and entrepreneurs have benefited from the financial, tax, administrative, and technological advice offered by top consulting.
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The top 5 banks in Egypt in terms of safety
The safety and reliability of banks are of paramount importance to both consumers and investors, especially in a climate of shifting dynamics.
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Slight shift as dollar reaches EGP 47.8 in major banks on Wednesday
The US dollar exchange rate declined against the Egyptian pound at major banks on Wednesday, reaching EGP 47.8 down from EGP 48 recorded on Sunday.
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Banking system ready to secure foreign currency to increase strategic reserves
El-Sisi has also directed the government to improve its ability to intervene during a commodity shortage crisis to ensure price stability.
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Egypt’s bluworks closes $1 million pre-Seed
bluworks, an Egypt-based startup developing blue-collar HRTech SaaS solutions, has raised a $1 million pre-Seed investment round.
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Egypt’s total budget deficit to widen to 7.2% of GDP in FY24/25
The country’s GDP for FY2024/2025, which begins in July, is estimated to be EGP 17 trillion.
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Egypt-Based Fintech Waffarha Raises Seven-Figure Seed Round
With this funding, Waffarha aims to bolster its technological infrastructure, expand its team and broaden its reach into KSA.
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Egypt participates in launching financing platform between 10 international banks
The joint financing forum will provide a space for participants to discuss joint financing opportunities, the best practices, and common issues.
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Egypt Eyes 800 Billion EGP Investments in 2024 Economic Plan
Speaking at a press conference, El-Said detailed Egypt’s ambitious target of $1.5 billion from its public offering program by the end of 2024.
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The IMF Outlines Four Primary Goals for Egypt’s Economic Stability
Egypt’s economy has been struggling for years with inflation. In January 2022, one USD cost EGP 15.7, and one year later, it cost EGP 29.8.
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UK to finance Egypt’s budget by $400M: MoIC Minister
Minister Al-Mashat also highlighted a debt swap agreement worth $100 million signed with China in October 2023.
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Egypt's Net Foreign Asset Deficit Shrinks to 2-year Low
Data published on the website of the Central Bank of Egypt (CBE) showed that the deficit in the bank’s net foreign assets fell in March.
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Madbouly government slashes 2024 privatization program targets to USD 1 bn
Finance Minister Mohamed Maait said that the government was looking to raise some USD 6.5 bn as recently as February.
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UAE-based Freezoner, IFZA team up to showcase investment opportunities in Egypt, UAE, Saudi Arabia
Scheduled for 30 April, in Cairo, the event aims to delve into investment prospects and feasibility of establishing companies in Egypt, UAE and KSA.
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Beltone, Citadel to launch $30 mln fund for early-stage startups
The partnership aims to establish and manage a $30 million fund dedicated to supporting the growth of fast-growing startups.
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Egypt’s debt to GDP ratio projected to decelerate to 82.6% in 2025: IMF
Egypt’s overall debt to GDP is expected to decline to 82.6 percent of GDP in 2025, from over 90 percent in 2024, and will continue to shrink.
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Egypt aims for private sector to constitute over 70% of its economy
The Egyptian government is committed to empowering the private sector to take the lead in driving economic growth and capturing a significant share.
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Egypt’s finance minister says cutting inflation is priority
Maait also said the government aimed to sell more state assets, which would reduce the state’s role in the economy.