Bank News
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Ahli United Bank – Egypt Wins “Bank of the Year- Egypt” award
The Banker, an international financial publication, has awarded Ahli United Bank – Egypt as “Bank of the Year for Egypt in 2022” in London.
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10 things you need to know about Egypt new IMF loan
How many billions has Egypt received from the IMF so far? are there measures to protect the vulnerable? why devaluate the pound?
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IMF approves $3 billion Egypt loan to support ailing economy
The approval on Friday by the IMF executive board will enable an immediate disbursement of about $347 million.
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Egypt's President meets World Bank's David Malpass in Washington
Rady said that the consultations aim to support the national efforts in Egypt to preserve the path of comprehensive development.
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After raising interest rate by 50 bps, what will be the impact of the US Fed Reserve’s decision on Egypt?
The Federal Reserve abandoned an unprecedented series of decisions to raise interest rates by 75 basis points.
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Egypt's central bank extends deadline for upping banks' credit facilities portfolio to 25% for a year
The decision resulted in pumping EGP 117 billion to the MSMEs sector by the end of 2022.
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PIF prepares to acquire a bank in Egypt
The Saudi Public Investment Fund is in advanced talks for the acquisition of The United Bank, which is owned by the Central Bank of Egypt.
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Al Tadamun Microfinance obtains EGP 100m from AAIB
The 2 parties stressed that the signing of this agreement comes within the framework of keenness on keeping pace with the plans and strategies of CBE.
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Government banks explore opportunities to attract Egyptian expats invest home
Minister of Immigration meets major Egyptian investors in UAE to discuss available opportunities in several fields.
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Egypt, World Bank Group discuss developments of social housing financing programme
The social housing financing programme began in 2015 at a value of $1bn to provide adequate housing for low and middle-income people.
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Saudi Sovereign Fund in talks to acquire Egypt's United Bank for $600M
The United Bank was established in 2006 and has 65 branches nationwide and more than 200 ATMs.
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Finance Ministry refutes rumors on US dollar rate reaching LE40
The Finance Minister commented: “I hope that 2023 will be a year of stability, whether security or economic.”
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IMF stresses need to maintain flexibility of exchange rate in Egypt
The weak expectations of global economic growth, tightening fiscal policies and rising commodity prices led to an increase in financing needs.
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Commercial International Bank Egypt nominates Hisham Ezz Al-Arab for election
The appointment for non-executive chairman is subject to the approval of the Central Bank of Egypt.
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Egypt joins the BRICS new development bank
Egypt ratified its participation in the New Development Bank (NDB) which was created by Brazil, Russia, India, China and South Africa (BRICS) in 2014.
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Cabinet approves draft resolution to establish the New Development Bank
The bank also works in digitization, due to the negative economic effects resulting from the COVID-19 pandemic crisis on the global economy.
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Egypt sees a return of the 18% interest rates on long term Bank deposits
The United Bank offers 18% CDs, as the best certificate in Egypt to attract more customers towards its services.
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Egypt's net foreign reserves rise to $33.532 billion in November
Egypt's net foreign reserves rose to $33.532 billion in November from $33.411 billion in October.
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IMF schedules Egypt’s $3 bln loan meeting on 16 December
By securing this loan, Egypt will have obtained a total of over $23 billion in loans from the IMF over the past seven years.
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Egypt hopes to receive 1st tranche of new IMF loan in December
Egypt hopes to receive in December the first tranche, worth $750 million, of the $3 billion loan from the International Monetary Fund (IMF).