Finance News
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Egypt budget deficit drops to 2.1% in Q1 FY2024/2025
Egypt's budget deficit dropped to 2.1 percent of the GDP in the first quarter (Q1) of the current fiscal year (FY) 2024/2025, down from 3.2 percent.
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Egypt, Djibouti central banks partner for training
The Central Bank of Egypt (CBE) announced Tuesday that it has partnered with the Central Bank of Djibouti (CBD) to conduct a comprehensive training.
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Tax Authority identifies over 800 potential VAT payers on digital services
Remote services performed by non-resident suppliers have been taxable in Egypt since 22 June 2023.
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ITIDA, Flat6Labs launch IT Invest Program to support tech startups in Egypt
The Information Technology Industry Development Agency (ITIDA) and Flat6Labs have launched the IT Invest program to support tech-enabled startups.
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Egypt: 4th Review of IMF Loan Program to Start Today
The IMF increased the size of its loan to Egypt to $8 billion from $3 billion in March.
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Fitch upgrades our credit rating to ‘B’
The ratings agency cited an inflow of FDI, our commitment to maintaining a flexible exchange rate, and fiscal consolidation as driving the decision.
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Egypt's CBE sells €642.8 mln euro-denominated T-Bills
CBE sold €642.8 million in euro-denominated treasury bills (T-bills) on Monday, with a maturity period of 364 days, according to the bank’s website.
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IMF 4th review of Egypt loan programme scheduled for Tuesday
Prime Minister Mostafa Madbouly announced Sunday that the IMF fourth review of Egypt's loan programme is scheduled for Tuesday.
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Egypt made progress on its economic reforms: IMF Managing Director
Managing Director Georgieva spoke to Al-Ahram on the eve of her visit to Cairo, which starts on Sunday.
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Fitch upgrades Egypt's credit rating to B with stable outlook
Fitch Ratings announced on Friday that it has upgraded Egypt's long-term foreign-currency Issuer Default Rating (IDR) from B- to B, with a stable.
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IMF’s projects Egypt’s Inflation to cool to 16% by the end of FY2024/2025.
IMF forecasts that Egypt’s inflation rate will decelerate to a notable 16 percent by the conclusion of the fiscal year 2024/2025, which ends in June.
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PwC: Egypt’s M&A landscape is showing signs of recovery
Maye Ayoub, a Cairo-based partner in the firm’s Deals practice, walks through the latest developments in the M&A scene.
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Egypt’s new tax reforms to propel SME growth
Announced by Finance Minister Ahmed Kouchouk, these reforms specifically target businesses with annual revenues below LE 15 million.
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InstaPay app issues urgent notice to its users regarding winter time
According to Law No. 24 of 2023, winter time in Egypt will begin at midnight on Thursday, October 31st.
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Egyptian perspective on a key mechanism in resolving double taxation disputes
A MAP allows taxpayers to seek relief from double taxation by requesting negotiations between tax authorities.
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Egypt:Life insurance gaining in importance
The life insurance sector in Egypt is undergoing a transformation, and its importance is increasing in light of economic and social changes.
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ALEXBANK signed MoU with Cassa Depositi e Prestiti to Support Egypt’s rural development
The MoU establishes a collaborative framework between ALEXBANK and CDP focusing on providing Egyptian farmers and agribusinesses.
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Egypt’s M&A Market Sees 21% Recovery in H1 2024
This is a notable shift from the sharp decline witnessed in 2023, when M&A deals were impacted by currency instability and economic pressures.
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Egypt sovereign fund to run under Ministry of Investment
Prime Minister Mostafa Madbouly issued a decree stipulating that The Sovereign Fund of Egypt (TSFE) be affiliated with the Ministry of Investment.
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Egypt continues to drive growth in the regional M&A space
Egypt’s M&A landscape is showing signs of recovery, with a 21% year-on-year increase in H1 2024.