BANKING

09 Apr 2017

Gold holdings in Egypt’s foreign reserves hit $2.621 billion in March

Egypt’s gold holdings recorded around $2.621 billion of foreign reserves, almost 47.1 billion Egyptian pounds, at the end of March, the country’s central bank said Saturday.

In March 2016, gold holdings"...

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05 Apr 2017

Fitch: Currency risk still threatens Egyptian banks' solvency

Some Egyptian banks are still at risk of struggling to meet minimum regulatory capital requirements as a consequence of currency weakness after the Egyptian pound was floated last November, given their high exposure to foreign-currency (FC) loans,"...

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04 Apr 2017

World Bank keen to continue in cooperative programmes with Egypt: chief

The World Bank is keen to continue in implementing cooperative programmes with Egypt and developing consultation and coordination frameworks, said president Jim Yong Kim on Sunday.

During his visit to Washington,"...

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02 Apr 2017

EGBank quadrupled size of deposits and tripled number of employees in two years: Assar

The Egyptian Gulf Bank (EGBank) conjoined more than 100,000 customers, quadrupled the size of its deposits, and tripled the number of its employees in two years, according to the CEO and managing director of the bank, Nidal Assar.

Assar emphasised that the bank aims to become one of the 10"...

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02 Apr 2017

Egypt receives second $500 million tranche of African Development Bank loan

Egypt has received the second $500 million tranche of a $1.5 billion loan package from the African Development Bank (AfDB), Minister of International Cooperation Sahar Nasr said in a statement late Friday.

The AfDB loan is intended to support government programmes that aim to achieve social"...

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02 Apr 2017

EGBank lends UEEPC EGP 2bn to finance maintenance

The Upper Egypt Electricity Production Company (UEEPC) has signed a contract loan with the Egyptian Gulf Bank (EGBank) over EGP 2bn to finance a maintenance programme and update the stations affiliated to the company.

Ibrahim El Shahat, chairperson of the UEEPC, said that the loan will be"...

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02 Apr 2017

EBRD loans Egyptian Gulf Bank $20 million to boost Egypt SMEs

The European Bank for Reconstruction and Development (EBRD) has provided the Egyptian Gulf Bank a $20 million loan, an official in the EGBank announced Saturday.

The loan is to support the small and medium-sized"...

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01 Apr 2017

Egypt receives $500 million loan tranche from African Development Bank

Egypt has received the second $500 million tranche of a $1.5 billion African Development Bank (AfDB) loan, Investment and International Cooperation Minister Sahar Nasr said on Friday.

The money will go towards a"...

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28 Mar 2017

Egypt's central bank seen holding key interest rates on Thursday

Egypt's central bank is expected to shrug off soaring inflation once again and keep interest rates on hold for the fourth meeting in a row since it aggressively hiked rates by 300 basis points in November, a Reuters poll showed.

Urban"...

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27 Mar 2017

Egypt’s NBE bank negotiating for a stake in EBRD-led green financing facility

Egypt’s biggest lender, the state-owned National Bank of Egypt (NBE) is negotiating a new funding from four European financiers under the recently-formed Green Economy Financing Facility (GEFF) for Egypt.

NBE"...

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