Finance News
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JPMorgan expects major surge in Egypt's foreign exchange reserves
The announcement from JP Morgan comes in the wake of encouraging developments in Egypt's financial landscape.
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Egypt's general treasury pays EGP 3B to support funds’ workers
During the final quarter of the ongoing fiscal year, a sum of EGP 715.7 million was earmarked to pay the entitlements of employees within the funds.
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Finance min.: Egyptian economy restoring trust of int’l rating agencies with positive outlook
The latest rating issued by Fitch Ratings revised the Outlook on Egypt’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to Positive.
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Egypt seeks investment boost from South Korea across key sectors
Madbouly highlighted several sectors that Egpyt seeks to boost investment in, including electronics, oil and gas, nuclear energy, and iron and steel.
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Beltone Launches $100M Private Credit Platform for Egyptian Exporters
BIH is looking to establish a comprehensive facilitatory platform to aid the growth prospects of the Egyptian economy.
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New Administrative Capital company to name int’l IPO advisor in 3Q of 2024
Abbas estimated the ACUD assets at around EGP 300 billion. Their value is expected to triple following the liberalization of the local currency.
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Egypt collects US$12 billion in revenues from Ras al-Hikma
The nation’s economic and financial performance is improving, he assured, adding that “we expect better indicators than the target by the end of June.
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Egypt to increase value of industrial investments by 10% during 2024
The goal is to reach a minimum of $3.6 billion, surpassing the $3.3 billion recorded in 2023.
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CBE receives offers worth $1.117bn for USD-denominated T-bill auction
This auction, announced by the CBE on Monday, has a total value of $980m and is set to mature on 29 April 2025.
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Unification of FX in Egypt will attract Emirati, Saudi FDI: UAE-based Freezoner CEO
The recent unification of the foreign exchange rate in Egypt will contribute to attracting more foreign direct investments into the country.
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Egypt secures $230 million in budget support from Japan
Minister Maait emphasized the potential investment opportunities available to the Japanese business community in Egypt.
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EU’s technical mission to visit Egypt to discuss macroeconomic support
During their time in Egypt, the mission will hold meetings with the Ministries of Finance, Social Solidarity, and representatives from the Cabinet.
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National Bank of Egypt solidifies position as Egypt’s premier brand
Brand Finance’s research also found that National Bank of Egypt also came out on top for sustainability perceptions, leading across 3 key metrics.
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Egypt ascends from developing to advancing implementation category in sustainable finance rating
The upgraded classification, facilitated by the International Finance Corporation (IFC)-led SBFN, is a testament to the CBE's efforts.
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Key targets of Egypt’s FY2024/2025 budget plan
The FY2024/2025 budget is based on oil prices of $82 per barrel, up from $80 per barrel in the current FY2023/2024.
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Egypt Expects to Achieve Primary Surplus of 5.75% of GDP in Current Fiscal Year
Egypt aims to achieve a primary surplus of EGP591.4 billion, or 3.5 percent of GDP, in the next fiscal year 2024-2025.
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Egyptian startups secure funding to boost expansion to Saudi Arabia following a period of stagnation
Egyptian fintech startup Waffarha has secured a seven-figure seed round from Value Makers Studio to expand its footprint.
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Egyptian fintech MNT-Halan lands $120M from Apis Partners, DisrupTech and others
More than 70% of Egypt’s young and fast-growing population of over 100 million is financially underserved, despite mobile penetration exceeding 90%.
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IMF: We support Egypt in all measures aimed at introducing economic structural reforms
The IMF supports Egypt in its structural reform measures aimed at improving the Egyptian economy, praising the positive impact of the steps taken.
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IFC’s banking finance network upgrades Egypt’s performance to ‘Advancing’
The matrix provides a measure of progress made at the country level by member institutions to develop a sustainable finance framework.