Financial-Services News
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Consumers in Egypt embrace digital payments
88% of consumers in Egypt have used at least one emerging payment method in the last year, with usage expected to further increase.
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Egyptian expats’ remittances grow 2.1% YoY
Remittances sent by Egyptian expats went up 2.1 percent year on year in the first 11 months of the past 2021/2022 fiscal year.
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Fitch Solutions projects 13.2% inflation in 2022
Fitch Solutions upgraded its projections for Egypt’s real GDP growth slightly to 6.1 percent during 2022, up from the 6% projected a month ago.
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Egypt’s new budget allocates EGP356 bln for social support
Another EGP400 billion will go for improving conditions of public employees including wages and compensations.
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MSMEDA pumped EGP 40bn to finance 1.6m SMEs
The funding was over the last 8 years. Over 1,000 exhibitions were organised where sales, contracts exceeded EGP 500m: Trade Minister.
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Egypt GDP topped 5% in Q1
She also said the economy would grow around 6% in the 2021-22 fiscal year, which ends in June.
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Egypt has 85 projects to adapt to climate change
The projects are under the portfolio of the Ministry of International Cooperation, with a total cost that reaches close to $12 billion.
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EBRD upgrades Egypt’s GDP growth forecasts in FY2021/22 by 0.8%
The European Bank for Reconstruction and Development (EBRD) raised its projections for Egypt’s GDP growth for the current FY2021/22 to 5.7 percent.
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UAE Pumps Money Into Egypt as Food-Price Surge
A major food importer, Egypt’s been hit hard by record grain prices fueled by the Russian invasion.
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Field campaign to provide free support for tax payers
This comes within the finance minister’s directives in which the campaign will start in Gharbiya governorate.
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Egyptian investment app Thndr nabs $20M
Replicating the success of Robinhood in the U.S., some platforms are looking to create investors out of the region. One such is Egypt-based Thndr.
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Egypt’s international reserves inch up to $40.98 bln
Egypt’s net international reserves (NIRs) edged up in January by $45 million to post $40.98 billion, up from $40.93 billion recorded in December.
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Egypt non-oil contraction deepens in January
January PMI data signaled a solid and faster deterioration in business conditions across Egypt's non-oil economy.
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Cashless transactions through Fawry increase by 232%
At the end of 2021 Fawry recorded an active daily users’ base of almost 2.5 million users.
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Egypt’s debt instrument market gets $970mln investments
These investments in Egypt’s debt instruments reflect the robust rebound of foreign investments in the Egyptian market in 2022.
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Egypt’s president raises minimum monthly wage
The statement did not say when the increases will be applied, but they are expected with the start of the new fiscal year in July.
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Egypt secured $10.2 bln in development financing in 2021
These include over $8.75 billion for financing sovereign projects and $1.57 billion in support of the private sector
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The draft budget of 2022-2023 to raise living standards
The budget aims to raise the standard of living of 60 percent of Egyptians, and enables citizens to benefit from the fruits of economic growth.
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Egypt's non-oil business conditions improve as inflation eases
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to its highest level in four months in December.
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EFG Hermes signs EGP 750m sale with MNHD
EFG Hermes’ investment banking division acted as the financial advisor for the transaction, which will also encompass a few securitization issuances.