Bank News
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Egypt agrees to 10 new IMF conditions
IMF led by Ivana Vladkova Hollar, issued a statement at the conclusion of its visit to Egypt, which lasted from November 6-20.
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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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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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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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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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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’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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Egypt, IMF to map out most effective, comprehensive reform paths
Prime Minister Mostafa Madbouly stated in the weekly government meeting that the International Monetary Fund (IMF), in partnership with the government
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Egypt net int'l reserves increase to $46.9 bln by end-October
Egypt's net international reserves (NIRs) increased to $46.9 billion by the end of October, up from $46.7 billion in September.
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Egypt, Djibouti central banks partner for training
The Central Bank of Egypt (CBE) announced Tuesday that it has partnered with the Central Bank of Djibouti (CBD) to conduct a comprehensive training.
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Egypt: 4th Review of IMF Loan Program to Start Today
The IMF increased the size of its loan to Egypt to $8 billion from $3 billion in March.
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Egypt's CBE sells €642.8 mln euro-denominated T-Bills
CBE sold €642.8 million in euro-denominated treasury bills (T-bills) on Monday, with a maturity period of 364 days, according to the bank’s website.
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ALEXBANK signed MoU with Cassa Depositi e Prestiti to Support Egypt’s rural development
The MoU establishes a collaborative framework between ALEXBANK and CDP focusing on providing Egyptian farmers and agribusinesses.
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No devaluation expected after Banque Misr raised USD CDs yield
Raising the yields on US dollar-denominated certificates and other deposits by Banque Misr does not indicate an expected devaluation of currency.
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Egypt's United Bank to list on Cairo stock exchange on Oct. 24
United Bank made a net profit of 1.74 billion Egyptian pounds in the financial year to end June on assets of 106 billion Egyptian pounds.
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For 15 days, Egyptian banks open accounts for free without a minimum
The MBC Masr channel reported that this step comes on the occasion of the Global Week for Financial Inclusion and the World Savings Day.
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CBE allows financial inclusion accounts in foreign currencies
The central bank also announced that direct debit cards can be issued in the same currency as the accounts after obtaining the necessary approvals.