Finance News
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Egypt to set 4 eco-friendly investment zones, with investments of LE 5B
This initiative is expected to create 759 investment opportunities and generate approximately 10,000 job openings.
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CBE to decide on key interest rates Thursday for last time in FY2023/24
This is amid expectations that it will maintain the current interest rates as inflation rates have started to take a downward path the last 2 months.
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Egypt's EFG Hermes acquires minority stake in Danish fintech Kenzi Wealth
The acquisition of a minority stake in Kenzi Wealth represents EFG Hermes’ significant commitment to driving innovation in the fintech sector.
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EBRD extends $119.5 mln loan to National Bank of Egypt for MSME financing
The loan is part of a potentially larger financing programme that could be implemented in multiple stages.
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Egyptian VC firm Glint announces $3m 1st close of 2nd fund
The Egypt-based VC firm Glint has completed the first close of its second venture fund, which will invest in early-stage startups, at US$3 million.
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Cash, Microfinanza launch $2.4 million project to support Egyptian entrepreneurs
Egypt-based Cash for Microfinance, a subsidiary of Beltone Holding, has partnered with Microfinanza Italia to launch a $2.4 million project.
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UN study warns of potential $20bln economic loss for Egypt amid Gaza conflict escalation
Under the least severe scenario, the projected cost to the Egyptian economy would decrease to $5.6 billion for the current and the upcoming FYs.
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Four Egyptian banks receive positive outlook on improved foreign currency liquidity
These revisions reflect reduced pressures on these banks' capital ratios in the upcoming FY2024/2025.
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Al Ahli Bank Of Kuwait – Egypt Records EGP 3.2 Billion Net Profit In The First Quarter Of 2024
Net Interest Income increased by 71% to reach EGP 1.4 billion by the end of March 2024 compared to EGP 841 million over the same period in 2023.
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Entlaq Company wraps up Dutch Startups Matchmaking Program in Egypt
Ehab stated that this program represents an investment opportunity for companies, workers, and investment institutions.
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Orange Egypt Opens Submissions for 2024 Social Venture Prize Competition with an Opportunity to Win Prizes Up to €50,000
This prestigious competition invites three Egyptian startup businesses to vie against enterprises from the Middle East and Africa for a share of €50K.
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Egypt in talks to secure $1.2B from IMF's Resilience and Sustainability Facility
This came during a meeting between the Egyptian Minister of the Environment, Yasmine Fouad, and the IMF's resilience and sustainability mission.
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Egypt’s entrepreneurship sector attracts over $2B in investments during past 4 years
Madbouly highlighted the establishment of a dedicated unit for entrepreneurship and emerging companies.
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SCZone successfully attracts 128 projects worth US$6 billion within two years
It was the fruitful cooperation with industrial developer TEDA-Egypt that built bridges of trust between the SCZone and chinese companies.
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Payments Fintech Foodics Establishes New Location in Cairo as Part of Expansion Plan into Egyptian Markets
Foodics, the provider of restaurant management and financial tech solutions in the MENA region, has officially inaugurated its new office in New Cairo
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CBE pulls record EGP 1 trillion to curb inflation
This liquidity withdrawal is part of the CBE's open market operations to effectively regulate the money supply within the Egyptian banking system.
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Egyptian pound against US dollar: Strongest point since March
The Egyptian pound’s rate against the US dollar declined on Tuesday to 46.92 for selling and 46.79 for buying, its strongest point since 23 March.
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NBE credit card users can now use up to LE 60k in foreign currency without notifying bank
Visa Platinum, Mastercard Platinum and Mastercard holders can now utilize up to LE 40,000, compared to the previous LE 12,500 limit.
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Private sector’s share in Egypt’s total investment reaches 40 percent
In addition, the private sector increased its contribution to the gross domestic product (GDP) to 71 percent this year.
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Sisi: Dollar shortage crisis in Egypt still a challenge for the State
Al-Sisi mentioned again his country hosting about nine million refugees and that hosting them costs over $10 billion per year.