Finance News
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Cash, Microfinanza launch $2.4 million project to support Egyptian entrepreneurs
Egypt-based Cash for Microfinance, a subsidiary of Beltone Holding, has partnered with Microfinanza Italia to launch a $2.4 million project.
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UN study warns of potential $20bln economic loss for Egypt amid Gaza conflict escalation
Under the least severe scenario, the projected cost to the Egyptian economy would decrease to $5.6 billion for the current and the upcoming FYs.
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Four Egyptian banks receive positive outlook on improved foreign currency liquidity
These revisions reflect reduced pressures on these banks' capital ratios in the upcoming FY2024/2025.
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Al Ahli Bank Of Kuwait – Egypt Records EGP 3.2 Billion Net Profit In The First Quarter Of 2024
Net Interest Income increased by 71% to reach EGP 1.4 billion by the end of March 2024 compared to EGP 841 million over the same period in 2023.
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Entlaq Company wraps up Dutch Startups Matchmaking Program in Egypt
Ehab stated that this program represents an investment opportunity for companies, workers, and investment institutions.
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Orange Egypt Opens Submissions for 2024 Social Venture Prize Competition with an Opportunity to Win Prizes Up to €50,000
This prestigious competition invites three Egyptian startup businesses to vie against enterprises from the Middle East and Africa for a share of €50K.
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Egypt in talks to secure $1.2B from IMF's Resilience and Sustainability Facility
This came during a meeting between the Egyptian Minister of the Environment, Yasmine Fouad, and the IMF's resilience and sustainability mission.
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Egypt’s entrepreneurship sector attracts over $2B in investments during past 4 years
Madbouly highlighted the establishment of a dedicated unit for entrepreneurship and emerging companies.
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SCZone successfully attracts 128 projects worth US$6 billion within two years
It was the fruitful cooperation with industrial developer TEDA-Egypt that built bridges of trust between the SCZone and chinese companies.
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Payments Fintech Foodics Establishes New Location in Cairo as Part of Expansion Plan into Egyptian Markets
Foodics, the provider of restaurant management and financial tech solutions in the MENA region, has officially inaugurated its new office in New Cairo
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CBE pulls record EGP 1 trillion to curb inflation
This liquidity withdrawal is part of the CBE's open market operations to effectively regulate the money supply within the Egyptian banking system.
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Egyptian pound against US dollar: Strongest point since March
The Egyptian pound’s rate against the US dollar declined on Tuesday to 46.92 for selling and 46.79 for buying, its strongest point since 23 March.
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NBE credit card users can now use up to LE 60k in foreign currency without notifying bank
Visa Platinum, Mastercard Platinum and Mastercard holders can now utilize up to LE 40,000, compared to the previous LE 12,500 limit.
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Private sector’s share in Egypt’s total investment reaches 40 percent
In addition, the private sector increased its contribution to the gross domestic product (GDP) to 71 percent this year.
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Sisi: Dollar shortage crisis in Egypt still a challenge for the State
Al-Sisi mentioned again his country hosting about nine million refugees and that hosting them costs over $10 billion per year.
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Egypt reportedly received 2nd and final tranche from Ras El Hekma
The Egyptian government is expected to allocate around $11 billion to paying off some of its external debt.
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Egypt has promising landscape of financial inclusion with youth representing 60% of population
Egypt's youth's robust use of mobiles and the internet makes the local market promising for investments in digital transformation.
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Egypt Shrinks Budget Deficit To 6%, Improves Debt-To-GDP To 95.8% In FY 2023
A primary surplus of 1.6% of GDP in FY 2022/23 contributed to the improved fiscal position.
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MNZL raises $3.5m to enhance asset-backed lending in Egypt
MNZL, a FinTech startup, has raised $3.5 million to revolutionise asset-backed lending in Egypt and across the MEA region.
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Egypt's non-oil business shrinks for 41st straight month, PMI shows
Egypt signed an agreement with the International Monetary Fund on March 6, with an initial $820 million payout received in April.