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The branch will be closed for four days
4 June 02:06 PM HDB temporarily closes Zamalek branch after COVID-19 case
Cairo – Mubasher: Housing and Development Bank (HDB) announced the closure of its branch in Zamalek after an employee tested positive for coronavirus (COVID-19), HDB’s chairman Hassan Ghanem said. The branch will be closed for four days in order …
The 342-km-long road is planned to comprise three lanes in each direction
4 June 01:30 PM Sisi approves Kuwaiti loan to finance Tunnel-Sharm El-Sheikh Road
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi issued a presidential decree, greenlighting a second Kuwaiti loan to finance the construction of the Tunnel-Sharm El-Sheikh Road project, the Middle East News Agency (MENA) reported on …
These projects have contributed to creating about 12,000 jobs
4 June 12:23 PM KSA’s grant of $200m finances 2,176 Egyptian businesses so far
Cairo – Mubasher: Saudi Arabia has so far financed a total of 2,176 projects in 27 Egyptian governorates through a grant of $200 million, the Egyptian minister of international cooperation Rania Al-Mashat said.  These projects have contributed to …
PAYFORT partnered with the region's leading banks
4 June 10:52 AM Amazon's PAYFORT to support SMEs in Saudi Arabia, UAE, Egypt
Mubasher: PAYFORT, an Amazon company, has introduced an initiative to support startups and small- and medium-sized enterprises (SMEs) in Saudi Arabia, the UAE, and Egypt. Through the #StartUpStayUp initiative, PAYFORT will help over 100 of …
The issuance will be used to finance the country’s budget deficit
4 June 10:34 AM CBE offers EGP 14bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 14 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 …
Deposits denominated in local currency grew by EGP 40.6 billion
3 June 05:11 PM Egypt’s local-currency deposits hit a record EGP 3.1trn in April
By: Heba El-Kordy Cairo – Mubasher: Local-currency deposits held by the Egyptian banking sector continued its upward trend in April for the 14th month in a row, hitting a new record. Deposits denominated in local currency grew by EGP 40.6 billion …
The company has received a discharge of its EGP 25 million debt
2 June 05:25 PM Nile Cotton Ginning settles debt with NBE
Cairo – Mubasher: Nile Cotton Ginning announced settling its debt with the National Bank of Egypt (NBE) by paying EGP 25 million.  The company has received a discharge of its debt owed to the state-run lender, according to a statement to the …
2 June 04:02 PM CIB temporarily closes 4 branches on COVID-19
Cairo – Mubasher: The Commercial International Bank – Egypt (CIB) announced the closure of four branches temporarily as a precautionary measure following the death of two employees from coronavirus (COVID-19). Quweisna branch in the first …
MSMEDA has provided a funding worth EGP 3.5 billion since early 2019
2 June 12:45 PM Egypt’s MSMEDA targets EGP 3bn funding in 2020
Cairo – Mubasher: The Egyptian Micro, Small and Medium Enterprise Development Agency (MSMEDA) aims to provide about 200,000 micro-loans valued at EGP 3 billion during 2020, the executive director of MSMEDA and minister of trade and industry, …
Deposits denominated in foreign currencies rose to EGP 640.676 billion
1 June 04:23 PM Egypt’s foreign-currency deposits grow for 2nd month in row
Cairo – Mubasher: Foreign-currency deposits held by the Egyptian banking sector increased for the second successive month amid the coronavirus (COVID-19) crisis after a 10-month declining streak. Egypt’s deposits denominated in foreign currencies …
Money supply increased to EGP 1.05 trillion
1 June 03:37 PM Egypt’s local liquidity rises to record high in April
By: Heba El-Kordy Cairo – Mubasher: Local liquidity in Egypt continued its upward trend, rising by 1.5% or EGP 73 billion month-on-month (MoM) during April. Egypt’s domestic liquidity amounted to EGP 4.34 trillion in April, hitting a record high, …
The USD went up to EGP 15.86 for buying at NBE
1 June 01:15 PM USD almost hits EGP 16 at local banks on Monday
Cairo – Mubasher: The US dollar continued to increase against the Egyptian pound during early trading at local banks on Monday, almost hitting EGP 16 for the first time in five months. The USD went up to EGP 15.86 for purchasing and EGP 15.96 for …
The issuance will be used to finance the country’s budget deficit
1 June 10:35 AM CBE offers EGP 23.25bn T-bills, bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 23.25 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 91-day notes worth EGP 9.5 …
Customers will be allowed entry to branches from 8:30 a.m. to 2 p.m.
31 May 06:00 PM CBE changes working hours for banks as curfew shortened
Cairo – Mubasher: The Federation of Egyptian Banks (FEB) announced that the governor of the Central Bank of Egypt (CBE) Tarek Amer agreed to change the working hours of banks as of Tuesday, 2 June, as the nighttime curfew was reduced to begin at 8 …
The company’s issued capital will be raised by $66.02 million
31 May 04:55 PM Faisal Islamic Bank gets FRA's approval for capital raise
Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request from Faisal Islamic Bank of Egypt to publish the disclosure form to proceed with its capital increase procedures.   The disclosure form included the board of …
Banks were closed during the Eid holiday
31 May 10:27 AM CBE offers EGP 24.5bn T-bills, bonds on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 24.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes worth EGP 10 …
The financing was provided to 48,743 projects
26 May 12:35 PM Egypt’s MSMEDA offers EGP 1.1bn funding in 4M
Cairo – Mubasher: The Egyptian Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has allocated EGP 1.19 billion in funding to 48,743 small and micro projects during the first third of 2020, MSMEDA’s executive director and the …
Banks will be open to the public from 9:30 a.m. to 3:00 p.m
26 May 11:17 AM CBE changes working hours for banks after Ramadan, Eid
Cairo – Mubasher: The Central Bank of Egypt (CBE) has adjusted banks' working hours to be from 9:00 a.m. to 4:00 p.m., effective from next week. Customers will be allowed entrance and service in bank branches, starting from 9:30 a.m. until 3 p.m., …
Saudi Aramco is currently the most profitable company worldwide
26 May 11:02 AM World's top 2,000 list includes 40 Arab companies; Aramco ranked 5th
By: Amal A. Wahaab Mubasher: This year's Forbes Global 2000 list saw the inclusion of 40 companies from the Arab world in the magazine's ranking of the world's top 2,000 companies, based on assets, profits, revenues, and market value.  Oil giant …
The Egyptian Ministry of Finance
25 May 12:14 PM Egypt produces EGP 30m worth of coins per month - MoF
Cairo - Mubasher: The production capacity of denomination coins has increased by 50% to settle at EGP 30 million per month starting January, the Egyptian Ministry of Finance (MoF) announced on Monday. The ministry confirmed that the Egyptian Mint …
Total assets of the bank stood at EGP 64.2 billion in Q1-20
21 May 01:38 PM NBK Egypt’s profits down to EGP 403m in Q1-20
Cairo - Mubasher: The net profit of National Bank of Kuwait – Egypt (NBK Egypt) amounted to EGP 402.76 million (KWD 7.9 million) in the first quarter (Q1) of 2020, compared to EGP 509.9 million (KWD 8.9 million) in the same period in 2019. Total …
(Photo Credit: cafecredit)
21 May 11:39 AM GCC sees growing trend for fintech platforms amid COVID-19 crisis
Mubasher: The GCC region is set for a big leap in the use of financial technology applications amid the coronavirus (COVID-19) outbreak with the Middle East and Africa (MEA) region witnessing a 70% growth in the use of contactless payments, …
The issuance will be used to finance the country’s budget deficit
21 May 10:59 AM CBE offers EGP 19bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 19 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 91-day notes valued at EGP 8.5 …
The funding was directed to the establishment of more than 500,000 projects
20 May 02:15 PM Egypt's MSMEDA provides EGP 8bn to women entrepreneurs
Cairo – Mubasher: The Egyptian Micro, Small and Medium Enterprise Development Agency (MSMEDA) provided EGP 8 billion in funding to projects founded by women from July 2014 until the end of last March, the executive director of MSMEDA Nevine Gamea …
The ministry affirmed its commitment towards diversifying its financing sources
20 May 11:29 AM Egypt to accept less bids for treasury notes following IMF loan
Cairo – Mubasher: The Egyptian Ministry of Finance announced a possibility of accepting less bids for treasury bills and bonds denominated in the Egyptian pound until the end of fiscal year 2019/2020. The ministry affirmed its commitment towards …