BANKING

19 Sep 2016

Egypt’s economic projects financed with EGP 180bn in 1 year by banks: Emirates NBD deputy managing director

Banks have injected EGP 180bn into financing several economic projects within a year’s time and are still ready to inject more funds to support the economy in the coming period, according to Deputy Managing Director and Chief Risk Officer of the National Bank of Dubai (NBD) Sahar El-Damati.

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18 Sep 2016

EGPC paid $480m of bank instalments to EDCO

The Egyptian General Petroleum Corporation (EGPC) paid approximately $480m in bank instalments to EDCO liquefaction plant, affiliated to Royal Dutch Shell, which ceased operating at full capacity in 2012. This did not result in the foreign partner (Shell) raising an international arbitration"...

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18 Sep 2016

CBE expected to increase interest rate by 1% on Thursday

The Monetary Policy Committee affiliated with the Central Bank of Egypt (CBE) will hold its regular sixth meeting of the year on Thursday to discuss the future of basic yield in the CBE, which is the leading indicator for the direction of interest rates on the Egyptian pound in the local market.

It"...

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15 Sep 2016

Cairo bourse ends lower following Eid al-Adha holidays


Egyptian stock market closed lower on Wednesday in thin trade following a three-day Eid al-Adha holidays.

Main index, EGX30 tumbled 0.68 percent, to 8132.75 points.

Other indices; EGX50 EWI index also went down"...

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15 Sep 2016

Egypt, AfDB discuss slums development

International Cooperation Minister Sahar Nasr on Monday had talks with Permanent Representative of the African Development Bank (AfDB) in Cairo Laila al Moqaddem on the development of slums in Egypt.

During"...

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15 Sep 2016

EGX30 retreats 0.1% during early trading on third day of Eid Al-Adha

The major index of the Egyptian Exchange, EGX30, retreated slightly by 0.12% during the early trading of Wednesday’s session, the third day of Eid Al-Adha, registering 8,178.3 points, while the equally weighed index EGX50 increased by 0.07%, registering 1,371.3 points.

The"...

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15 Sep 2016

Sharjah Islamic Bank wins Wells Fargo “Straight-Through Processing Award”

Multi-award winning Sharjah Islamic Bank (SIB) has received yet another accolade to add to its list of achievements, having been recognised with a Wells Fargo Straight-Through Processing Award – for “consistently demonstrating thoughtful and"...

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14 Sep 2016

Acelity Announces Pricing of $1,750 Million of 9.625% Second Lien Senior Secured Notes

Acelity L.P. Inc. (“Acelity”), a global advanced wound care and regenerative medicine company, announced today the pricing of the private offering by its wholly-owned subsidiaries, Kinetic Concepts, Inc. (“KCI”) and KCI USA, Inc. (together with KCI, the “Issuers”),"...

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10 Sep 2016

Union Bank Egypt to grow its financing portfolio to SMEs

Union National Bank-Egypt (UNB) intends to grow its financing to the Small and Medium enterprises to eight percent of its total loan portfolio by year end owing to what it says is the growing importance of the sector to the economic growth.

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10 Sep 2016

UPDATE 1-Egypt says receives first $1 billion tranche of World Bank loan

Egypt received on Friday the first $1 billion tranche of a $3 billion three-year loan from the World Bank aimed at supporting the government's reform programme, the international cooperation ministry said in a statement.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval...

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