Finance News
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Egyptian Gulf Residents Can Soon Transfer Money to Egypt via InstaPay
Transfers will be exclusively received in Egyptian pounds, with fees determined by individual banks based on the currency and country of origin.
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Egypt's Rare Bank Privatization Brings United Bank Shares To Market
Egypt’s Central Bank embarked on a rare privatization journey by putting 30% of United Bank up for grabs – only the second such sale in four years.
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EBRD extends €50 million guarantee to CIB for on-lending to Egyptian SMEs
The EBRD facility will help cover up to 50 per cent of the credit risk on as much as €50 million in financing for Egyptian SMEs originated by CIB.
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Fitch Ratings upgrades 4 Egyptian banks IDRs
Fitch Ratings has raised the Long-Term Issuer Default Ratings (IDRs) of the largest four banks in Egypt following the recent upgrade.
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Remittances from Egyptian nationals in KSA, USA record the highest during 9 months of 2024
In contrast, the value of remittances from G20 workers in Egypt amounted to about $215.6 million during the fiscal year 2022/2023.
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Egypt’s inflation remains stable for third month straight
Annual nationwide headline inflation increased to 26.3 percent in October 2024, up from 26 percent in September 2024.
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Egypt ranks among top 3 countries in entrepreneurship in MENA
The ICT sector has significantly contributed to GDP in recent years. In 2023, the sector constituted 5.8 percent of GDP.
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Orange Egypt Commits USD 52.7M to Power African Startups
Orange Egypt has invested USD 52.7 million to boost startups across Africa, focusing on youth-driven innovation.
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IFIs supported Egypt's NWFE energy projects with over $2.5 bln in past 2 yrs
Egypt secured more than $2.5 billion from International Financial Institutions (IFIs) to finance the private sector's energy projects over 2 years.
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EBRD provides $2.5B to support Egypt's private sector
The discussions focused on expanding the cooperation portfolio and exploring new areas aligned with Egypt's governmental priorities.
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Egypt Sees a Marked Increase in Expat Remittance Inflows
The Central Bank of Egypt reported a year-on-year growth of 76.2% in remittance inflows for July and August 2024.
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CBE allows opening bank accounts from age 15 without guardian
The bank explained that this amendment comes in light of the decision of Interior Minister amending the age of issuing the ID card to be 15 not 16.
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Egypt denies requesting larger IMF loan tranche
The Central Bank of Egypt (CBE) has denied recent media reports that the country has requested an increase in the upcoming tranche of its $8 billion.
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Egypt recovery hinges on inflation, debt control and investment
World Bank (WB) Chief Economist for the Middle East and North Africa (MENA) Region Roberta Gatti discussed the latest forecasts.
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United Bank eyes raising up to EGP 5.1 bln in EGX offering
The United Bank (UB) is aiming to raise between EGP 4.16 billion and EGP 5.14 billion in the upcoming initial public offering (IPO) on the EGX.
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Egypt expat remittance inflows surge by 65.5% in August
Egyptian expat remittance inflows into the country surged to approximately $2.6 billion in August, compared to $1.6 billion in August 2023.
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EBRD guarantee to QNB Egypt to unlock €70 million for small firms in Egypt
The agreement was signed by Jürgen Rigterink, EBRD First Vice President, and Mohamed Bedeir, QNB-Egypt Chief Executive Officer.
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Egypt sets goal to increase entrepreneurship investments to $5 Billion
To address challenges and drive growth, Madbouly announced the establishment of a ministerial group dedicated to entrepreneurship.
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Egypt’s IMF Debts Represent 69% Of Total Arab Countries' Obligations
Egypt's total obligations to the IMF hit $13.2 billion , exceeding the combined IMF debts of eight Arab countries.
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MSMEDA cooperates with WB to upgrade Egypt entrepreneurship eco-system
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) is cooperating with the World Bank (WB) to upgrade the Egyptian Entrepreneurship.