Bank News
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EBRD approves new $100 mln loan for Banque Misr to finance MSMEs
In March, the EBRD’s Vice President for Banking Alain Pilloux told Ahram Online that the bank is projected to invest over $1.4 billion in Egypt.
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Egypt may need tighter monetary policy to tackle inflation: IMF regional report
Egypt and Tunisia increased interest rates consistent with their historical norms and less than the emerging market and developing economy benchmark.
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Kuwait purchases United Bank of Egypt
The Kuwait Investment Authority (KIA) has purchased the United Bank of Egypt, one of the most famous banks in the country, the Egypt Times reported.
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CDB issues $300m in credit to Egypt
The two banks will cooperate in fields including financial cooperation, infrastructure construction, manufacturing and SME development.
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Faisal Islamic Bank’s standalone profits rise 81% YoY in Q1: Egypt
Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services per Islamic Sharia principles.
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ALEXBANK and SRM presented the fourth edition of the Suez Canal report
The report tackles the performance of the Suez Canal, through which around 12% of global maritime traffic pass through.
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Egypt, IMF had fruitful discussions on preparations for the loan deal’s 1st review
The discussions took place on the margins of the World Bank and IMF Spring Meetings in Washington DC.
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Maait: Egypt Proceeds Steadily in Implementing IMF Reform Programme
Maait pointed out the implementation of a comprehensive package of policies aimed at stabilizing macroeconomic performance indicators.
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World Bank to finance Egypt with $7 bln over 6 years
The World Bank's latest program within a framework of cooperation with Egypt is for the disbursement of US$7 billion to the country over 5-6 years.
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Egypt, World Bank discuss preparations for launching country strategy 2023-2027 in May
The discussions dealt with the issue of strengthening the role of the World Bank in the field of financing development and climate action.
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IMF Chief says Egypt may need to slowdown projects to avoid macroeconomic instability
The IMF’s projections for Egypt’s GDP growth fall below the Egyptian government target of 4.1% GDP growth target in fiscal year (FY) 2023/24.
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Egypt faces problems hindering first review of its loan programme: IMF’s Managing Director
Gerogieva said that the IMF is committed to supporting a more inclusive and effective debt resolution process.
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A cooperation agreement between "ADIB Egypt" and "New Avenue"
This agreement comes in light of the strategy of "ADIB Egypt", which is to provide banking solutions and financing methods.
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'High financing costs & EGP depreciations’ behind lowering growth forecast for Egypt: IMF
The IMF also downgraded its expectations for the country's real GDP growth in 2024 to 5 percent from the 5.3 percent it had projected in January.
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Egypt's urban inflation approaches its all-time high in March at 32.7%
Egypt is witnessing an inflationary wave that has been accelerating almost every month since the beginning of 2022.
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Egypt’s CBE announces 2-day bank holiday for Easter, Sham El-Nessim
Next week the Egyptian Coptic Orthodox Church and other Orthodox churches celebrate Easter according to the Julian Calendar.
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MIDBANK offers EGP 1bn in finance to major projects in various sectors during 2H 2022
MIDBANK was keen to cooperate with various banks to finance many mega projects, as part of its strategy to strengthen the syndicated loan portfolio.
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Government mulls adding Ebank to IPOs Program
On February 8th, the Cabinet announced that it would offer 32 state-owned companies and banks for sale on the Egyptian Exchange (EGX).
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World Bank issues negative forecast for Egypt’s economy
On March 14, the Egyptian government announced an expected growth of the economy during the current fiscal year by 4.2 percent.
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CBE auctions EGP 40 bln in treasury bills to fund budget deficit
The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) worth EGP 40 billion ($1.30 billion) on Sunday, divided into two issues.