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The country’s money supply increased to EGP 1.096 trillion
1 July 12:51 PM Egypt’s local liquidity rises to EGP 4.45trn in May
Cairo – Mubasher: Egypt’s domestic liquidity increased by 2.26% or EGP 98.36 billion to a record high of EGP 4.45 trillion in May from EGP 4.35 trillion in April. Year-on-year, local liquidity grew by 17.23% from EGP 3.79 trillion in May 2019, …
The initiative allows tourism companies to obtain soft loans
30 June 05:44 PM CBE extends tourism funding repayment period
Cairo – Mubasher: The Central Bank of Egypt (CBE) has made amendments to its recently-launched tourism support initiative with a guarantee worth EGP 3 billion. The initiative allows tourism companies to obtain soft loans to cover wages of their …
The greenback slid to EGP 16.08 for buying at ALEXBANK and Suez Canal Bank
30 June 04:01 PM USD falls against EGP at local banks on Tuesday
Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound fell by about EGP 0.02 at local banks on Tuesday. The greenback slid to EGP 16.08 for buying and EGP 16.18 for selling at ALEXBANK and Suez Canal Bank. Meanwhile, the USD …
The USAID has invested about $1 billion in various sectors in Egypt
30 June 03:35 PM Egypt, USAD agree on funding projects with $105m
Cairo – Mubasher: The Egyptian Ministry of International Cooperation signed an agreement with the US Agency for International Development (USAID) to finance five projects with a total value of $105 million. The planned projects focus on women …
The ITFC has financed $1.1 billion Murabaha deals
30 June 12:44 PM Egypt secures $9.6bn from ITFC until June 2020
Cairo – Mubasher: The International Islamic Trade Finance Corporation (ITFC) has provided about $9.6 billion in funding to Egypt from 2008 until June 2020, the country’s minister of planning and economic development Hala El-Saeed said. The …
Egypt Aluminum's planned upgrade has an estimated cost of EGP 13 billion
29 June 11:47 AM Gov't explores Egypt Aluminum's expansion plans with int'l financial institutions
Cairo – Mubasher: The Egyptian Ministry of International Cooperation and Ministry of Public Business Sector explored cooperation opportunities with a number of international financial institutions. The public business sector minister Hesham Tawfik …
The loan has a seven-year term
29 June 11:16 AM Edita's Moroccan unit borrows $8.2m from Arab Bank
Cairo – Mubasher: Edita Food Industries announced that its subsidiary Edita Food Industries-Morocco received a loan worth MAD 80 million (about $8.2 million) from Arab Bank – Morocco. The seven-year loan will be used to finance the establishment …
The issuance will be used to finance the country’s budget deficit
29 June 11:02 AM CBE offers EGP 6.75bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 6.75 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds will be offered through five-year notes valued at EGP 3.5 …
Banks whose fiscal year ends on 30 June will also be closed on Wednesday
29 June 10:46 AM CBE, EGX change planned holiday
Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to change its planned holiday from Tuesday, 30 June, to Thursday, 2 July, in accordance with the cabinet’s decision to make Thursday a public holiday for the public and private sectors to …
Trading will be resumed on Thursday
28 June 04:56 PM EGX, CBE announce 30 June holiday
Cairo – Mubasher: The Egyptian Exchange (EGX) will be closed for Tuesday, 30 June, on the occasion of the 30 June Revolution. In addition, the bourse will also be shut down on Wednesday, 1 July, marking the beginning of a new fiscal year, …
The company will seek regulatory approval within the coming few months
28 June 03:40 PM EFG Hermes selected as advisor on Amer Group’s securitised bonds
Cairo – Mubasher: Amer Group Holding Co signed a protocol of cooperation with the Egyptian Financial Group Hermes Holding (EFG Hermes) to advise on and arrange a securitised bond transaction.   Under the protocol, EFG Hermes will act as the …
Mansour Group, from Egypt, came in first place
28 June 03:24 PM Top 100 Arab family businesses include 36 Saudi firms - Forbes
Mubasher: Saudi Arabia has dominated this year’s Forbes Middle East Top 100 Arab Family Businesses, which are seen as the backbone of the region's economy. Saudi Arabia came in the lead with 36 family businesses, followed by the UAE with 21 …
The initiative is in line with the CBE’s EGP 100 billion industrial support initiative
28 June 02:02 PM CBE launches EGP 7bn funding guarantee initiative for large companies
Cairo – Mubasher: The Central Bank of Egypt (CBE) announced the launch of a new initiative pledging EGP 7 billion in favour of Credit Guarantee Company to cover the risks related to major corporate funding offered by banks. This is in line with …
Careem will benefit from Visa's real-time push payment solution
28 June 01:45 PM Careem partners with Visa to promote cashless payments
UAE - Mubasher: Careem and Visa have inked a partnership agreement to boost cashless payments and digital financial inclusion across the Middle East and North Africa region, according to a press release on Sunday. Under the partnership, Visa …
Saudi Arabia has so far financed a total of 2,176 projects
28 June 12:57 PM KSA approves EGP 200m grant to finance 5 new projects in Egypt
Cairo – Mubasher: The Saudi Grant Management Committee's board of directors approved a decision to finance five new projects in Egypt with a funding of EGP 200 million as part of the Saudi grant of $200 million, the Egyptian minister of …
State-run banks are the top purchasers of the government debt instruments
28 June 10:34 AM CBE offers EGP 13.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 13.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 91-day notes valued at EGP 6.5 …
The syndicated credit facility will partially finance the investment cost of Hacienda Bay
25 June 12:00 PM Palm Hills borrows EGP 365m from AAIB, Banque Misr
Cairo – Mubasher: Palm Hills Developments Co. has signed a medium-term loan agreement worth EGP 365 million with Arab African International Bank (AAIB) and Banque Misr. The syndicated credit facility will partially finance the investment cost of …
State-run banks are the top purchasers of the government debt instruments
25 June 10:49 AM CBE offers EGP 15bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 15 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP 7.5 …
The new funding will be used in financing agricultural MSMEs enterprises
24 June 05:29 PM EBE obtains $15m loan from Sanad Fund for MSME
Cairo – Mubasher: Export Development Bank of Egypt (EBE) has received an additional medium-term loan worth $15 million from Sanad Fund for MSME. The new funding will be used in financing agricultural micro-, small-, and medium-sized enterprises as …
The VAT has been applicable to all goods and services since 2016
24 June 01:51 PM Maait denies imposing new taxes on e-commerce purchases
Cairo – Mubasher: Egypt will not impose any new taxes on consumer products whether those sold through electronic platforms or conventional outlets, minister of finance Mohamed Maait said. The goods sold through e-commerce platforms are subject to …
The two parties aim to acquire 76% of the bank’s capital
24 June 11:47 AM EFG Hermes, Egypt’s sovereign fund to conduct due diligence on aiBank
Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) and the Sovereign Fund of Egypt (TSFE) announced obtaining the Central Bank of Egypt’s (CBE) approval to conduct due diligence process on the Arab Investment Bank (aiBANK). …
The period of notification about previous defaulters was cut to six months
24 June 11:17 AM CBE requires banks to notify customers when removed from blacklists
Cairo – Mubasher: The Central Bank of Egypt (CBE) has issued new instructions, requiring banks to notify their customers when procedures are taken to remove them from the blacklist. The instructions are aimed at accelerating the completion of …
The local currency depreciated by 3% against USD in the last period
23 June 05:47 PM CBE expected to keep interest rates unchanged on EGP depreciation
By: Heba El-Kordy Cairo – Mubasher: Analysts are expecting the Central Bank of Egypt’s (CBE) monetary policy committee (MPC) to keep interest rates unchanged in its next meeting on Thursday. The depreciation of the Egyptian pound by about 3% …
EBRD has invested about EUR 6.5 billion in Egypt since 2012
22 June 05:57 PM EBRD provides NBE with $100m loan to support private sector in Egypt
Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) signed an agreement to support the Egyptian economy through a $200 million financing package to the National Bank of Egypt (NBE). The EBRD will extend a $100 million …
The decision is extended to 15 September
22 June 10:59 AM CBE extends exemption from local transfer fees
Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to extend the exemption of EGP-denominated transfers from all fees and charges until 15 September. This decision is part of the government’s efforts to limit the use of cash as a …