BANKING

14 Jul 2014

World Bank approves $300 million interest free loan to Egypt

Loan gets green light to finance micro and small enterprises in Egypt, especially in Upper Egypt.

The World Bank has approved a $300 million interest free loan to Egypt to fund micro and small enterprises (MSEs), Mounir Fakhry Abdel-Nour, Egypt's minister of industry, commerce and"...

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10 Jul 2014

World Bank negotiating $500m loan for gas delivery to homes

The World Bank is in negotiations to grant Egypt a loan of $500m to finance delivery of natural gas to approximately 800,000 housing units through the next fiscal year, according to Khaled Abdel Badie, chairman of the state-run Egyptian Natural Gas Holding Company (EGAS).


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08 Jul 2014

BNP Sees Egypt Yield Surge Fading as Deficit Eases: Arab Credit

The increase in Egypt’s borrowing costs after President Abdel-Fattah El-Sisi raised energy prices will be short-lived because the measures will help narrow the budget deficit, BNP Paribas Egypt and Capital Economics said.

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02 Jul 2014

Bank account for Egypt will benefit youth: Presidency

Bank account used to receive donations to help Egypt's economy will be used for the country's youth, says presidential spokesman.

A bank account set up to better Egypt will be used to launch new projects for the country's youth, says the presidential spokesman.

Speaking at"...

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29 Jun 2014

HSBC sees huge opportunity for credit card growth: Bank’s head of retail and wealth management

With a growing reliance on e-payments worldwide, Egypt still struggles with a low credit card penetration. The Daily News Egypt sat down with Head of Retail Banking and Wealth Management at HSBC Ranjan Sen, to discuss the future of credit card usage in Egypt. Also on the table was the reason"...

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29 Jun 2014

Hazem Hegazy, head of retail banking speaks to Daily News Egypt

The National Bank of Egypt (NBE), the largest government bank in Egypt, is planning to reduce cash transactions in the market and replace them with credit cards in order to meet the needs of citizens of diverse age groups and consumer cultures. In an interview with Daily News Egypt, Hegazy"...

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29 Jun 2014

Credit Cards explained

The level of credit card penetration in Egypt remains low despite its worldwide presence. Public fears of becoming indebted, misinformation on the nature, benefits and characteristics of the credit cards as well as the limited availability of point of sales machines and low acceptability"...

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28 Jun 2014

Egypt: IDB to Lend Egypt Egp 2.75 Billion for South Helwan Power Plant

Egypt and the Islamic Development Bank (IDB) signed a loan agreement whereby the bank will offer EGP 2.75 billion to finance the 1950-megawatts South Helwan power plant, Minister of Electricity and Energy Mohamed Shaker said on Thursday 26/06/2014.


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28 Jun 2014

Fitch Affirms Egypt at 'B-'; Outlook Stable

Fitch Ratings has affirmed Egypt's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B-'. The Outlooks are Stable. The issue ratings on Egypt's senior unsecured foreign and local currency bonds have also been affirmed at 'B-'. The Country Ceiling has been affirmed at 'B-' and the Short-term"...

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