BANKING

18 Feb 2017

Egypt central bank leaves key interest rates unchanged as pound strengthens

The Central Bank of Egypt (CBE) left its key interest rates unchanged on Thursday at a meeting of its Monetary Policy Committee (MPC), holding fire as the pound currency strengthened to its lowest rate versus the dollar since it was floated in November.

"...

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15 Feb 2017

How Trump's economic policies could hurt Egypt

The World Bank's global growth forecast for 2017 has something for everyone — from doubt, to caution, to cautious optimism. And while not mentioning US President Donald Trump by name, the report makes it clear his policies could change things considerably for much of the world, including"...

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11 Feb 2017

Egypt signs deal with African Development Bank to restructure state's social lender

Egypt's International Cooperation Minister Saher Nasser signed a grant deal with the African Development Bank on Thursday to restructure the state's Nasser Social Bank, the ministry stated on its website.

Under"...

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07 Feb 2017

Egypt Pays Eni $650 Million Under Zohr Development Deal

Egypt paid its $630 million financial obligation in January to Italy's Eni to develop the biggest gas fields ever found in the Mediterranean, Rami Aboul Naga, assistant sub-governor for foreign reserves at the Central Bank of Egypt, told state news agency MENA on Feb. 7.

Petroleum"...

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02 Feb 2017

Deposits at Egypt’s banks surge to 2.224 trillion pounds in October

The total volume of deposits at banks operating in Egypt, aside from the central bank, rose to 2.224 trillion Egyptian pounds ($117.4 billion) at the end of October.

Earlier in September, deposits stood at 2.202"...

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31 Jan 2017

Will the IMF loan save Egypt?

In early 2015, the Egyptian government spent some LE 300 million on a splashy economic development conference in Sharm el-Sheikh that aimed to win back the confidence of foreign investors. A few months later, President Abdel Fattah el-Sisi unveiled a LE 64-billion upgrade to the Suez Canal,"...

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30 Jan 2017

NBE arranged 10 syndicated loans worth EGP 50bn in 2016

The National Bank of Egypt (NBE) arranged and managed 10 syndicated loans at a total value of EGP 50bn during 2016, according to NBE deputy chairperson Mahmoud Montasser.

Montasser said that the NBE participated with EGP 14bn, or 28% of the total value, and he pointed out that the bank owns"...

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29 Jan 2017

NBE and e-finance contract with 14 public universities to collect students’ tuition fees electronically: Abu ElFotouh

The National Bank of Egypt (NBE) and e-finance company signed 14 cooperation agreements with the Egyptian government around the country, so students would pay their tuition fees electronically, according to NBE vice president Yehia Abu ElFotouh.

Abu ElFotouh explained that during the first"...

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25 Jan 2017

Afreximbank to sign $500mn credit lines for Egypt SMEs in two weeks

The African Export-Import Bank (Afreximbank) plans to sign $500 million credit line contracts with two state-owned banks from Egypt within two weeks, a source with knowledge in Afreximbank said Tuesday.

The credit"...

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24 Jan 2017

Banque Misr, NBE receive definitive judicial ruling against head of Dreamland Group

Banque Misr and the National Bank of Egypt (NBE) said they obtained definitive judicial rulings to sell most of Dreamland’s assets, which is owned by Ahmed Bahgat, as well as other rulings obligating Bahgat, as head of Dreamland Group, to pay EGP 600m to both banks.

In a press release"...

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