Finance News
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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.
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Mobile financial services poised for surge in users and revenue, says new report
The report surveyed 46 senior decision-makers from mobile network operators (MNOs) across 35 countries.
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CBE unveils key banking soundness metrics for 2023
According to a recent report, CBE noted a decrease in the ratio of non-performing loans to 3% at the close of 2023.
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Full financing by Egyptian Banks clears accumulated goods at Egypt's Ports
This has resulted in the prompt release of goods, particularly food commodities, medicines, feed, and production necessities.
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CIB raises yields on CDs by 2% for 2nd time in two months
Commercial International Bank (CIB) has raised the yields on its new EGP-denominated fixed-rate certificates of deposits (CDs) by two percent.
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Emigration Minister present developments of setting up investment Company for Egyptain abroad
Its primary objective is to stimulate investments in various sectors, including agriculture, commerce, import-export, and tourism.
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Egypt Budget 2024/25: 8 key facts you need to know
Egypt's budgetary measures reflect a delicate balance between economic growth, fiscal discipline, and social welfare priorities.
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Egypt aims to reduce debt-to-GDP ratio to less than 80% in 3 years
Maait also mentioned that a significant space for public investments in the state has been left for the private sector to thrive.
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President Sisi directs gov't to reduce public debt, budget deficit
El-Sisi also directed to continue and enhance efforts to alleviate burdens on citizens, particularly in terms of controlling inflation.
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Egypt allocates over US$12 billion to support citizens in new budget
The Egyptian government in December raised the target of subsidizing petroleum products in the current fiscal year by 9%.
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Why Egypt’s inflation continues to rise in February 2024
Egypt’s annual headline urban inflation rose to 35.7% in February 2024, up from 29.8% in January 2024.
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Egyptian pound Appreciates against Foreign Currencies
The exchange rates of foreign and Arab currencies declined against the Egyptian pound at the end of trading on Tuesday in Egyptian banks.
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S&P upgrades Egypt’s credit outlook to positive
S&P Global views Egypt’s exchange rate liberalization as a crucial milestone in bolstering confidence and fostering economic growth.
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Egypt to impose strict limits on public investments, debt in FY 2024/25
Minister of Finance Mohamed Maait said the state is placing a stringent ceiling of EGP 1 trillion on public investments in the upcoming fiscal year.
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Al Tadamun Microfinance boosts women’s funding to EGP 2.34bn in 2023
The foundation saw a 21% increase in disbursed funds, injecting approximately EGP 2.341bn into client projects, up from EGP 1.94bn in 2022.
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World Bank to provide over $6B in support to Egypt over next 3 years
The bank announced that this support includes $3 billion for financial backing to Government’s programs and $3 billion for the private sector.
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Major Gulf bourses up on strong oil prices; Egypt extends slide
The index encountered a technical glitch earlier in the day displaying inflated gains, before the issue got fixed towards the end of the trading.
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European Union announces €7.4 billion package of aid for Egypt
European Union announces €7.4 billion package of aid for Egypt to fund efforts in curbing migration.