Finance News
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Egypt PM Madbouly forms new cabinet economic cluster
Prime Minister Mostafa Madbouly issued on Sunday a decree to establish and define the roles of the new cabinet’s economic cluster.
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Egypt first investment destination in Africa for 2nd year
The economic zone of Suez Canal alone clinched deals worth 10.8 billion dollars in the green ammonia and hydrogen domains.
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Forbes Middle East Reveals The Top Listed Companies In Egypt
The list, derived from the Egyptian Exchange, ranked firms based on their sales, assets, and profits for the financial year of 2023.
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Improving Egypt’s business climate to revive private sector growth
Weak productivity in Egypt is rooted in deep-seated structural causes that impede market competition and prevent a more efficient resource allocation.
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EU to disburse €1 bln of its financing package to Egypt next fall
The European Union (EU) is likely to disburse the first tranche of its 7.4 billion euros financing package to Egypt, worth one billion euros.
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Egypt’s new committee aims to raise up to LE25 billion annually from state asset divestment
The government had divested state-owned assets worth about $5.6 billion two years ago.
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Egypt's IMF loan payout delayed by final details amid difficult environment
The board approval for the third review of Egypt's expanded $8 billion loan program was originally expected on July 10.
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ADIB-Egypt increases card usage limits, reduces foreign currency transaction fees
The cash withdrawal limit for international transactions remains at $50 for most cards.
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Egypt's inflation rate eases for fourth month running in June
June's fall extended the downward shift from a record 38% in September 2023 as authorities have shifted to an inflation targeting model.
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Egypt targets $20 bln for private sector investments
Egypt targets executing $20 billion worth of investments by the private sector during the current FY2024/2025.
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Finance, investment ministers step down from Talaat Moustafa, Edita boards of directors
Misr Insurance Company, a member of TMG's board of directors, reported Kouchouk's resignation from representing the company.
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Fitch Solutions expects CBE to keep interest rates on hold till end of 2024
BMI, a Fitch Solutions company, expected the Central Bank of Egypt (CBE) to keep its monetary tightening policy on hold.
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EU Companies Bet Big On Egypt’s Future
Can a new wave of FDI help Egypt to diversify and modernize its economy?
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Egyptian Exchange launches online platform for discussions, recommendations
The Egyptian Exchange (EGX) announced on Tuesday the launch of the “stock exchange dialogue” platform on its online portal.
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Egyptian startups raise $101 million in funding in H1 2024
Egypt ranked third with 13 percent share of $101 million in funding for startups during the first half of 2024, according to "Africa: The Big Deal".
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Mobile wallet transactions in Egypt surge 112% YoY in 2023
This increase paralleled a 30% rise in the number of mobile wallet accounts, totaling 39.4 million at the end of December.
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Egyptian abroad remittances record $2.7B in May 2024: CBE
In comparison, the remittances in May 2023 amounted to around $1.6 billion, as reported by the Central Bank of Egypt (CBE).
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Banks operating in Egypt showed significant growth
The net open foreign currency positions as a percentage of total capital base improved significantly to 5.7 percent in March 2024.
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Egypt int'l reserves hit new record at end-May
Egypt's net international reserves (NIRs) rose to $46,3 billion at the end of June, the highest level since the COVID-19 pandemic outbreak.
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Bringing down prices: Government and Central Bank prioritize inflation relief
Al-Homsani explained that the meeting focused on discussing the collaborative efforts between the government and the Central Bank.