Bank News
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Egypt's net foreign reserves rise to $40.909 billion in November
Foreign reserves have been rising since June 2020, after dropping to around $36 billion from more than $45.5 billion due to the pandemic.
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JUMIA to offer services to merchants with NBE
The New York-listed firm has acquired a new payments license and is cooperating with NBE to expand its services to other online retailers.
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World Bank, AIIB funds to Egypt hit $720M
Egypt to lead the economic recovery in the Southern and Eastern Mediterranean region with a growth rate of 4.2 percent in 2021 and 4.4 percent in 2022
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Egypt's central bank issues LE 18.5B in T-bills
For the current fiscal year, the budget deficit is estimated to record 6.6 percent of gross domestic product (GDP).
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Egypt’s external debt increases to $137.9bn in June 2021
Long-term debt ($124.2bn) accounts for 90.1% of total external debt, whereas short-term debt ($13.7bn) accounted for 9.9%.
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NBE launches ‘B2B’ e-payment service for corporates
Bank aims to expand e-payments in line with Central Bank’s direction towards digital transformation: Aboul Fotouh.
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Egyptian health sector receives support from the World Bank
World Bank participated in drafting the idea of the comprehensive health insurance law, its preparation & implementation in Port Said.
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Egyptian bank boards to grant 2 seats for women
The Central Bank of Egypt (CBE) decided that two seats in each of Egypt's bank boards will be reserved for women, CBE Governor Tarek Amer told MENA.
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EBRD approves €250 mln loan to establish Alexandria’s Abu Qir metro line
EBRD’s loan, alongside with other finances, will be utilised to transform Abu Qir’s railway to a green metro line.
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CBE receives 33 bids worth $1.766bn for T-bills tender
Proceeds of latest tender will be directed to pay for previous one worth $1.585bn put forward on 17 November 2020.
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Economic reform helped Egypt's economy confront COVID-19
Egypt, unlike many other countries, has faced coronavirus with economic resilience and flexibility that are necessary to confront the pandemic.
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HDB reports EGP 2.038bn profits before taxes in September 2021
Bank’s recent results reflect strong operational performance, developing clear strategy to be among top commercial banks: Ghanem
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EBRD sees Egypt's economy growing 4.9% in FY21/22
The increase is driven by a boom in the telecommunications sector, private consumption and investment and the return of FDIs.
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$360M loan aims to enhance Egypt's macro fiscal sustainability
Egypt Inclusive Growth for Sustainable Recovery program duration is around 17 months, with the closing date planned for March 31st, 2023.
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CBE to decide key interest rates amid rising inflation
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) will convene on Thursday to review the key interest rates.
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Fitch Solutions maintains Egypt’s real GDP growth forecasts at 3%
Fitch Solutions has maintained its projections for Egypt’s real GDP growth and inflation during 2021 at 3 percent and 5.1 percent respectively.
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Agricultural Bank aims to reach 35mln customers
ABE to complete development of 1,000 branches nationwide by late 2022, more branches to come in villages and remote areas.
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Central Bank of Egypt reveals reasons behind high inflation
This comes as monthly headline urban inflation recorded 1.1% in September compared to 0.3% in September 2020. Consequently.
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Mashreq Bank signs partnership with Visa
Latest partnership aligned with Egypt’s ambitious strategy to encourage electronic payments ecosystem in country.
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Credit Agricole Egypt allocates EGP 200m to finance medical sector
In an official ceremony, UltraTeb was launched as the first electronic platform for providing medical supplies, with innovative bank financing.