Bank News
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Egypt weathers Covid’s repercussions
The World Bank praised the economy’s ability to mitigate Covid-19. Al-Ahram Weekly reviews Egypt’s Economic Monitor report.
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UAE's FAB seeks to buy Egypt's top investment bank EFG Hermes
FAB has made a non-binding offer to buy at least 51% in EFG Hermes for 19 Egyptian pounds ($1.21) a share.
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Egypt's central bank to keep interest rates unchanged
All 18 analysts polled predicted Egypt's central bank would keep rates unchanged at its regular monetary policy committee meeting.
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Egypt to receive $368 mln loan from AMF
The loan to strengthen the country’s financial position and meet emergency needs amid challenges caused by COVID-19.
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Abu Dhabi Commercial Bank – Egypt increases its capital to US$318m
Abu Dhabi Commercial Bank – Egypt (ADCB) has announced increasing its capital to EGP 5 billion (US$318m) from EGP 1.5 billion (US$95.48m).
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IMF upgrades Egypt’s real GDP growth for 2022 to 5.6%
The International Monetary Fund upgraded Egypt’s real GDP growth by 0.4% in 2022 to 5.6 percent, compared to the fund’s October 2021 projections.
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Egypt economy forecast to grow to 5.5% in 2022/23
After its tourist industry was devastated by the coronavirus pandemic in 2020, the economy has bounced back from the worst of the slowdown.
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Egypt's debt instrument market receives $970 mln in investments
Foreign investors have pumped $970 million since early January in investments in Egypt’s long-term treasury bills (T-bills).
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Egypt completes $3bn loans of green and Islamic financing
The loans were provided by Emirates NBD and First Abu Dhabi Bank.
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Egypt’s Meeza cards to replace payroll cards
Meeza cards will replace the payroll cards of 4.3 million state employees by the end of January, Minister of Finance Mohamed Maait.
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Al Baraka Bank-Egypt targets profits in 2022
Al Baraka Bank-Egypt plans to achieve net profits of EGP 1.41 billion in 2022, as part of its budget plan, according to a bourse filing.
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NBE increases its stake in CIB to 9.13%
A disclosure form to the stock exchange dated Jan. 2 showed the increase.
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Egypt, UNDP chart partnership roadmap through 2027
Al-Mashat said that the 2018-2022 framework includes 45 projects implemented in 20 governorates to the tune of $250 million.
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NBE reveals main axes of its strategic plan for 2022
Bank aims to offer EGP 45bn retail loans, EGP 35bn funds for SMEs, says Deputy Chairperson.
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Egypt, World Bank discuss extending Country Partnership Framework
Al-Mashat noted that as Egypt is taking significant and rapid steps to achieve Egypt’s Vision 2030.
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CBE issues treasury bonds worth LE 14.5 billion
CBE said that the value of the first offering is LE10 billion for a period of three years, while the second offering is LE 1bn over 7 years.
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Some investors turn cautious on Egypt's lucrative carry trade
Some foreign investors are cautious about buying Egyptian treasuries due to jitters over emerging markets and the sustainability of high yields.
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New coordination council between CBE, government
President AbdelFattah El-Sisi issued resolution 584 to form the council chaired by the prime minister, bank governance and some other ministers.
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Agricultural Bank launches initiative to settle EGP 4bn debt
This comes within the framework of the Central Bank of Egypt’s directives to mitigate the negative effects of the coronavirus pandemic.
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HSBC Egypt launches EGP 3bn ‘Foras Trade Fund’
Todd Wilcox, Deputy Chairperson and CEO of HSBC Egypt, said: “SMEs are a vital engine of growth for any economy".