BANKING

03 Feb 2018

QNB Most Valuable Banking Brand in Middle East and Africa with a Value of US $4.2bn

QNB Group, the largest financial institution in the Middle East and Africa, was recognized once again as the most valuable banking brand in the Middle East and Africa region with brand value worth US $4.2bn, according"...

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31 Jan 2018

[Egypt] Cairo Angels joins forces with EG Bank to launch the mint incubator

Cairo Angels, Egypt’s first formal angel investors’ network has launched the Mint startup incubator, created in partnership with EG Bank. With an intense, highly competitive three-month incubation programme, the incubator is designed to accelerate the growth of product-ready"...

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30 Jan 2018

Egypt receives final $500m tranche of African bank loan

Egypt yesterday signed an agreement to receive the third $500 million tranche of a $1.5 billion loan package from the African Development Bank (AfDB).

The loan agreement, which was approved by AfDB’s board"...

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29 Jan 2018

Egypt's parliament passes bankruptcy law to spur investment

Egypt's parliament has passed the country's first bankruptcy law, the investment ministry said in a statement on Sunday.

Part of an economic reform drive aimed at encouraging investment, the new law aims to minimise the need for companies or individuals to resort to"...

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27 Jan 2018

Egypt's bankruptcy law is credit positive for banks

The first-ever bankruptcy law in Egypt is credit positive for banks and will encourage local and foreign investment in the country, according to Moody’s Investors Service.

The law, passed by the parliament,"...

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25 Jan 2018

Egypt Looks for Means to Resolve ‘Renaissance Dam’ Crisis at Addis Ababa Summit

Egypt has failed to persuade Ethiopia to accept the involvement of the World Bank as a neutral body in the technical negotiations to study the effects of the Renaissance Dam on the downstream countries (Egypt and Sudan), but is hinging on a tripartite summit with Sudan and Ethiopia to be"...

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25 Jan 2018

Citi Private Bank Sponsors Motor Racing Legend Fernando Alonso at Daytona

(AETOS Wire) -- Citi Private Bank is proud to announce its sponsorship of motor racing legend Fernando Alonso for his debut appearance in the Rolex 24 at Daytona beginning January 27, 2018.

The"...

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23 Jan 2018

Tomorrow: Export Development Bank's right issue to be traded

The Listing Committee held on December 20, approved listing Export Development Bank of Egypt's (EDBE) (EXPA) (EXPA_R1) 100,000,000 separated right issue, in results of increasing the company capital to LE2,728,000,000 from LE1,728,000,000 with increase amounting to LE1 billion. The capital hike will be through issuance 100,000,000 shares, at par value of LE10 per stock (with LE0.10 issuance fees). The Shareholders on record of December 26, 2017, will be entitled to participate in the capital increase. The rights issue will be opened......

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23 Jan 2018

Misr Iran Bank injects 500 mln as part of SMEs intiative

Egypt’s Misr Iran Development Bank (MIDB) has injected 500 million Egyptian pounds($28 million) as part of Central Bank of Egypt SMEs initiative, Amr Tantawy Managing Director. The portfolio of small and medium enterprises has increased to 1.5 billion pounds by the end of 2017, registering 20 percent of the total value of credit portfolio. He added that the bank aims to achieve growth rate of 20 percent during 2018, of which 70 percent will be directed to the small and medium projects The Central Bank of Egypt (CBE) has allocated EGP 5 billion ($647 million) for the banks to loan to medium sized enterprises in the industrial and agricultural......

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22 Jan 2018

Chamber of Printing & Packaging Industries negotiates with Akhbar Al-Youm, 2 banks to establish printing factory

The Chamber of Printing and Packaging Industries is negotiating with Akhbar Al-Youm Investments, as well as Banque Misr and the National Bank of Egypt, along with major print shops to invest in the establishment of the first factory to produce printing plates and aluminium sheets with two"...

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