Bank News
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World Bank working on various programs in Egypt
The World Bank do vaccination programs in many of the countries, and we've worked with and encouraged Egypt in contracting, said the WBG’s President.
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Egypt's government gross debt to hit 91.4% of GDP in 2021
The International Monetary Fund (IMF) projected Egypt’s government gross debt to hit 91.4 percent of its GDP in 2021, up from the 89.8% in 2020.
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Egypt begins IPO of state payments firm e-finance
E-finance, founded in 2005, is the sole entity authorized to operate the government's financial network, including processing and settling payment.
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World Bank raises Egypt’s GDP growth forecast to 5.5 percent in 2021
The World Bank (WB) has raised its forecasts for Egypt’s real GDP growth for 2021 to 5.5 percent, up from 4.5 percent predicted in June.
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3 Egyptian banks to launch investment trust for fintech start-ups
The National Bank of Egypt, Banque Misr and Banque du Caire aim to launch a trust to support fintech start-ups with an overall EGP100bln capital.
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Nasser Alshaali appointed Chairperson of HSBC Egypt
A member of a number of private and public executive and board directorship roles in the region, Nasser brings a wealth of experience.
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Egypt’s external debt jumps to $134.8 bln
The general government remains the main obligor of all debts, accounting for around 59.7 percent of Egypt’s external debt, as it rose by $11.1 billion
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Faisal Islamic Bank of Egypt's business volume reaches $8.02bln
The business volume of Faisal Islamic Bank of Egypt (FAIT) reached EGP 125.835 billion by the end of June 2021.
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Financial positions of banks rise by EGP 532bn
Capital at banks amounts to EGP 177.92bn, reserves register EGP 347.826bn, provisions score EGP 165.588bn in Q1 of 2021: CBE.
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Egypt Takes on Sukuk
Egypt is getting ready to offer its first sovereign bonds (Sukuk), almost the first of its kind for the country, following parliament’s approval.
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Egypt, UAE central banks ink MoU
According to the MoU, the two central banks will cooperate in fields of licenses & the ownership structures of the licensed financial institutions.
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Egypt's economy grows 2.9% in Q3-20/21
The country is projected to achieve 5.2-5.5% economic growth in Q4 of FY20/21, the minister noted.
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Egypt, IMF agree on $5.2 billion release
The IMF had also loaned Egypt a $2.8 billion emergency loan in 2020 to face the consequences of the pandemic.
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Some banks report good results in Q1
The net profit at Al Baraka Bank – Egypt increased by 2% in Q1 of 2021 compared to Q1 of 2020, and by 108% compared to Q4 of 2020, recording EGP 269m.
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Telda announces $5M pre-seed
A newly launched digital bank, Telda, is announcing a $5 million pre-seed round to digitize how Egyptians save, send and spend money.
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Egypt, AfDB ink €145 mln for railway
Under the agreement, Egypt’s Railway Authority's main lines will be extended with 953 km controlled by the European Train Control System (ETCS-L1).
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Egypt’s central bank obligations reach 2.1tln
Despite the Central Bank of Egypt's total assets growing by the end of April, gold and cash assets dropped compared to December's data.
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Egypt’s FY2021/22 draft budget key highlights, targets
Egypt's FY2021/22 comes amid expectations that Egypt will approach its pre-pandemic growth levels, following a notable slowdown in its real GDP growth
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Egypt’s economy set for a rebound in 2022
Egypt’s main sources of foreign exchange will remain under pressure as tourism and Suez Canal receipts still struggle amid the pandemic.
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The 6 CBE rules for issuing electronic currencies
The permission is only limited to banks under CBE supervision and upon its consent.