Bank News
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No negative repercussions on Egyptian banking sector due to bankruptcy of Silicon Valley Bank
The CBE noted that the Egyptian banks do not have any deposits, investments, or financial transactions with Silicon Valley.
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CBE expected to raise interest rates by up to 300 bps in March: Goldman Sachs
Bloomberg said that the Central Bank of Egypt will take this decision after inflation in February far exceeded expectations.
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Banks to open accounts for free till end of March in celebration of International Women’s Day
On the occasion of International Women’s Day, banks will open accounts for free starting from March 8 to 31.
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The Central Bank of Egypt (CBE) amends withdrawal limits via PSP apps participating in IPN
The new withdrawal limits will be effective as of March 15th
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EGP flotation benefits Egyptian economy: Prime Minister
The flotation of the Egyptian pound since December under the new Extended Fund Facility programme with the IMF has benefited the industry sector.
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Egypt’s foreign debt falls from $155.7 bln to $154.9 bln in 1Q 2022/2023: CBE
The total debt services during the 1Q of FY2022/2023 inched down to $4.7 billion, compared to $6.2 billion registered in the 1Q of FY2021/2022.
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No withdrawal commissions when using bank ATM machines: Egyptian Banks Federation
It pointed out that cash withdrawal commissions relate to credit cards only when used in cash withdrawals from ATMs.
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Mastercard extends its partnership with the National Bank of Egypt
The partnership aims at bringing more unbanked and underbanked Egyptians into the formal economy.
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CAC: Egypt ranks first in Middle East to issue green sovereign bonds
The report pointed out that Egypt is the first country in the region to issue green sovereign bonds, with $750 million listed on the London Stock.
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18% return savings certificates can be redeemed starting March 22
The new push in the banking system will also to face the floatation of the pound and help customers with their life’s expenses.
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German Development Bank allocates Eur 41M to restore Aswan high dam
The funds will help renew the Aswan High Dam’s electric generators, which have been operating since 1960.
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Egypt's foreign reserves increase $128M by end of February
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
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Banque du Caire launches “Tally” e-payments company, with EGP 500m paid-up capital
“Tally” is a comprehensive platform for digital payment solutions in Egypt, with investments amounting to EGP 500m.
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Banque Misr, Banque du Caire, Misr Insurance Holding Group, Allianz Egypt launch Real Estate Investment Fund 1
Real Estate Investment Fund 1 signed a deal to purchase commercial real estate assets from Talaat Moustafa Group in Al-Rehab City and Madinaty
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World Bank grants Egypt $9.13 M to expand the greater cairo air pollution management and climate change project
The development of this project is to support Egypt’s 2050 Climate Strategy
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Electro Cable logs higher consolidated profits in 2022; capital reduction proposed
The sales hit EGP 5.69 billion last year, higher than EGP 2.66 billion in 2021, according to the income statements.
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JumiaPay to facilitate e-payment for ZoomCar through new partnership
e-commerce platform has teamed up with Zoomcar to endorse online payment and collection transactions for car rentals, according to a press release.
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Interview: EBRD to invest in Egypt over $1.4 bln in 2023
The EBRD has financed 163 projects since it began operations in the country. Of these projects, 57 percent were directed to the private sector.
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World Bank announces $9.13 mln grant to support Egypt’s climate change efforts
The grant is from the Global Environment Facility (GEF) to expand the scope of the Greater Cairo Air Pollution Management and Climate Change Project.
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African development bank holds first industrial and trade business opportunity forum in Egypt
Egyptian businesses keen to increase business and deepen integration with other African countries.