Finance News
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Egypt's NIRs reach $40 bln in March - the highest since February 2022
Egypt’s Net International Reserves reached $40.36 billion at the end of March 2024, the highest since February 2022.
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Egypt's non-oil business sector yet to gain from IMF deal, PMI shows
An expanded IMF agreement and major investment by the UAE provided little relief to Egypt's non-oil private sector in March.
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Egypt's Sisi starts third term pledging more investment, social spending
Sisi swept to victory in an election last December with 89.6% of the vote and no serious challengers.
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Egypt’s net foreign assets deficit shrinks by $7.04 billion in February
NFAs represent both central bank and commercial bank assets held by non-residents, minus their liabilities.
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Efforts to integrate informal economy, expand tax base: Finance Minister
Minister Maait has issued firm instructions to swiftly address tax evasion and the improper withholding of taxes by businesses.
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Tax revenues surge by over 38% since beginning of FY24/25
Tax revenues have recorded a growth rate exceeding 38 percent since the beginning of the current fiscal year (FY24/25).
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IMF ties Egypt loan disbursements to currency flexibility
Egypt will have immediate access to $820 million this week and another $820 million after a review to be completed by the end of June.
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Egypt’s M&A activity decline by 60% during 2023: PwC
The decline is due to the devaluation of the Egyptian pound against the US dollar, interest rate hikes, and broader economic challenges.
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Egypt expects IMF agreement to stimulate more foreign financing
Maait added that the rest will come from the World Bank, the European Union, Japan and the United Kingdom.
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Egyptian concessions on foreign currencies now at LE8 billion
The proceeds of the concessions on Friday alone amounted to LE224 million, with 65 percent of the total proceeds were from concession of US dollar.
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EU will provide €1 bln to Egyptian microenterprises in 2024
The EU will provide one billion euros to finance microenterprises in Egypt during 2024 as long-term loans with low-interest rates.
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IMF: $35 billion Ras el-Hekma deal supports Egypt's economy, to help handling of future shocks
The International Monetary Fund stressed the importance of implementing economic policies and supporting the private sector.
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Egypt to receive first tranche of expanded IMF loan next week
IMF said on Friday the expanded $8 billion financial support program enables the immediate release of $820 million.
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Egypt major FX companies collect foreign currency proceeds exceeding EGP 7.5 bln since EGP flotation
The exchange companies affiliated with Egypt's three largest state-owned banks have collected foreign currency proceeds surpassing EGP 7.5 billion.
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Egypt approves FY2024/25 budget
Egypt’s cabinet has approved in its meeting on Wednesday the draft budget for the upcoming FY 2024/2025 to send to the House of Representatives.
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Egypt to receive 2nd installment of financial dues for Ras El Hikma project within weeks
The government expects the project to attract investments of up to $150 billion during its development, helping to provide millions of jobs.
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National Bank of Egypt intends to invest five billion LE this year
These new investments will be in the sectors of financial technology, real estate development, chemical industries, and engineering industries.
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GAFI grants 6 golden licenses to companies for projects worth EGP 5.6 bln
The golden licences, also known as "single approval licences," were introduced as part of the 2017 investment law and activated in 2022.
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Egypt to establish Supreme Council of Taxes
A presidential decree establishing the Supreme Council of Taxes was issued on Monday, Minister of Finance Mohamed Maait announced.
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Afreximbank provides Egypt with $30B in financing over past 5 year
This came in a meeting with the Minister of International Cooperation Rania Al-Mashat to discuss enhancing cooperation with the Afreximbank.