Finance News
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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.
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Banks’ Finance Portfolios for MSMEs Grow 362% in 6 Years
CBE added the growth rates of financial inclusion for youth (age group from 16 to 35 years) reached about 48.5% during the period from 2020 to 2023.
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New directions for Egypt's economic ministries
3 ministers hold economic-related portfolios and they share their vision for the command.
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7 facts about the women entrepreneurs finance initiative
The Women Entrepreneurs Finance Initiative (We-Fi) represents a significant milestone in Egypt’s journey toward economic empowerment for women.
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Egypt's new finance minister pledges strong support for private sector growth
Kouchouk affirmed the government's commitment to stimulating private sector growth highlighting the ongoing structural reforms in Egypt's economy.