BANKING

20 Mar 2017

Egypt launches World Bank-funded Upper Egypt development scheme

Egypt has launched Sunday a $500 million Local Development Programme for Upper Egypt, primarily funded by the World Bank.

The programme aims to improve the business environment for private sector development, strengthen"...

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20 Mar 2017

ALEXBANK’s SMEs portfolio amounts to EGP 3bn: CEO

Dante Campioni, managing director and CEO of ALEXBANK, said that the small and medium enterprises (SMEs) portfolio at the bank amounted to EGP 3bn, noting that the bank is very interested in financing the sector. He added that the bank provides financial consultation to SMEs, along with financing them.

Building"...

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19 Mar 2017

Deposits at Egypt banks rise 22.04% in November after pound float

The total volume of deposits at banks operating in Egypt hiked to 2.714 trillion Egyptian pounds ($150.3 billion) at the end of November, which witnessed the floatation of local currency.

Earlier in October, deposits"...

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15 Mar 2017

Egypt's int'l cooperation minister discusses improving business environment with World Bank

Egypt’s Minister of Investment and International Cooperation Sahar Nasr met on Tuesday with a high-level mission from the World Bank Group (WB) to discuss improving the business environment in the country, the international cooperation ministry said.

The ministry said in a statement"...

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14 Mar 2017

Market awaits changes in bank leadership in mid April

The market is awaiting changes to be made in the leadership of some banks in mid April, according to a prominent banker.

The source explained that a number of bank heads and managing directors, as well as members of the boards of directors, will have been in office for three years by 15 April. Therefore, it is expected that the banks will examine"......

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14 Mar 2017

Bank Audi Egypt signs MOU with European Investment Bank for $30m loan

Mohamed Abbas Fayed, CEO and managing director of Bank Audi Egypt, said that the bank signed a memorandum of understanding (MOU) with the European Investment Bank to obtain a loan of $30m.

Chief institutional and Islamic banking officer at Bank Audi, Mohamed Latif, noted that the bank is"...

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13 Mar 2017

Hassan Ghanem head of corporate, investment banking and medium enterprises appointed as executive board member of Egypt's ALEXBANK

ALEXBANK announces the appointment of Hassan Ghanem as Executive Board Member and Sherif Lokman as Head of Retail and Small Business.

Hassan Ghanem, who recently extended his responsibilities also to include the ......

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10 Mar 2017

Amec Foster Wheeler: Al-Zour, Kuwait Contract Win

Amec Foster Wheeler announced today the award of a contract by Petrochemical Industries Company K.S.C. (PIC), a subsidiary of the Kuwait Petroleum Company (KPC), for the integration project between its Olefins III, Aromatics II and ZOR Refinery in the State of Kuwait. The contract covers"...

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08 Mar 2017

Egypt's interbank market stagnant as dollar supply eases at banks

Egypt's interbank market has stagnated this month after the flurry of activity in February caused by an influx of foreign inflows died down.

The interbank market was reactivated in early November following a central"...

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06 Mar 2017

Remittances from Egyptians at $5bln in three months after currency float -c.bank

Remittances from Egyptians abroad increased by 20 percent year-on-year in the three months following the country's November currency float, totalling about $5 billion, a central bank statement said on Monday.

Remittances for the month of January were up 23 percent year-on-year, reaching $1.6 billion, the statement said.

The central bank floated...

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