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Banking

Egypt's Finance Minister Mohamed Maait
21 February 03:58 PM Egypt hires 4 int’l banks for 1st green bonds
Cairo – Mubasher: The Egyptian finance ministry has commenced the required procedures for Egypt’s first green bond issue on global markets, according to a statement. Egypt will be the first country in the Middle East and North African to …
The discount rate was maintained at 12.75%
20 February 10:58 PM Egypt C. bank maintains interest rates
Cairo – Mubasher: The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided in its meeting on Thursday to keep the current interest rates unchanged. The overnight deposit rate and the overnight lending rate were maintained at …
President Abdel Fattah El Sisi
20 February 03:57 PM El Sisi approves KWD 40m loan to develop national power grid
Cairo – Mubasher: The Egyptian President Abdel Fattah El Sisi has issued Decree No. 508 of 2018 approving a loan agreement between the Egyptian government and the Arab Fund for Economic and Social Development. The loan amounts to KWD 40 million …
El Kahera Housing logged net profits of EGP 85.18 million in nine months
20 February 02:24 PM El Kahera Housing approves EGP 580m loan from ADIB Egypt
Cairo – Mubasher: The board of directors of El Kahera Housing approved a funding agreement worth EGP 580 million with Abu Dhabi Islamic Bank – Egypt (ADIB Egypt). The funding will be used for the payment of all dues owed to financial leasing …
The issuance will be used to finance the country’s budget deficit
20 February 10:28 AM CBE offers EGP 20.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20.5 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 10 billion and will be offered through …
EBRD invested over EUR 7.6bn in Egypt, Jordan
19 February 05:56 PM EBRD funds Almarai’s business in Egypt, Jordan
Riyadh – Mubasher: The European Bank for Reconstruction and Development (EBRD) has announced that it will provide a $100 million loan to food and beverages producer Almarai Company for new investments in Egypt and Jordan, according to a statement …
The mortgage is offered at an interest rate of 10%
19 February 04:35 PM Egyptian banks operationalise EGP 50bn middle-income housing initiative
Cairo – Mubasher: The new initiative to support the finance of middle-income housing with EGP 50 billion is operationalised, Deputy Governor of the Central Bank of Egypt (CBE) Gamal Negm stated on Wednesday. People who meet certain requirements …
The IFC will be the lead arranger for the package
18 February 08:10 PM IFC supports private healthcare sector in Egypt, Morocco
Cairo – Mubasher: The International Finance Corporation (IFC) has announced that it will facilitate an Islamic financing package of up to $125 million to Humania, a private health care company, to support private health care in Egypt and Morocco. …
Egypt's Inflation rate is forecast to record an average rate of 5.6%
18 February 03:35 PM CBE likely to keep interest rates unchanged next Thursday – HC Research
Cairo – Mubasher: HC Research expects the Central Bank of Egypt (CBE) to keep interest rates unchanged in its meeting on Thursday, 20 February. Although inflation rates accelerated in January, they are within the CBE’s target range of 9% plus or …
The company’s issued capital by increased by $32.12 million
18 February 01:27 PM FRA approves EG Bank’s capital raise procedures
Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request to publish the disclosure form of the Egyptian Gulf Bank (EG Bank) to proceed in raising its issued capital. The disclosure form includes the board of …
Interest and loan payments worth EGP 10.6 billion have been waived
18 February 12:57 PM CBE settles EGP 18.4bn non-performing loans
Cairo – Mubasher: A total of 8,600 customers are included in the Central Bank of Egypt’s (CBE) initiative for funding customers in default, including 800 in the industrial sector, the CBE’s governor Tarek Amer revealed. Non-performing loans (NPLs) …
Disclosures will be required to be submitted online on a quarterly basis
18 February 12:25 PM Egypt’s income taxpayers to submit disclosures online in April
Cairo – Mubasher: Income taxpayers will be able to submit their disclosures online via the Egyptian Tax Authority’s (ETA) official website in April, ETA’s head Reda Abdel Qader revealed. This move is in preparation of making the procedure …
The new rule will not apply to EALB and HDB
18 February 11:02 AM CBE raises cap on banks’ mortgage loans
Cairo – Mubasher: The Central Bank of Egypt (CBE) has raised the cap on banks’ mortgage loan portfolio to 10% of the total loan portfolio from a previous percentage of 5%. The new rule will not apply to the Egyptian Arab Land Bank (EALB) as well …
The bank’s assets grew by 10% year-on-year to EGP 183.4 billion
18 February 10:45 AM Banque du Caire posts EGP 4bn net profit in 2019
Cairo – Mubasher: Banque du Caire reported a 60% year-on-year hike in its net profits after taxes during 2019. The lender’s net profits after taxes stood at nearly EGP 4 billion last year, compared to EGP 2.5 billion in 2018, according to a …
The USD dropped to EGP 15.65 for buying at ADIB
17 February 02:43 PM USD falls against EGP at local banks on Monday
Cairo – Mubasher: The US dollar exchange rate declined against the Egyptian pound at 12 local banks on Monday. The USD dropped to EGP 15.65 for buying and EGP 15.75 for selling at Abu Dhabi Islamic Bank (ADIB) and EGP 15.63 for buying and EGP …
SAIB's interest expenses recorded $401.2 million in 2019
17 February 01:36 PM SAIB achieves $12m net profits in 2019 initial financials
Cairo – Mubasher: Societe Arabe Internationale de Banque (SAIB) turned to net profits of $12.39 million in 2019, versus net losses of $19.25 million in 2018, the lender’s financial indicators showed. The bank’s interest income declined to around …
These inflows included remittances from Egyptians living abroad
17 February 11:09 AM Egypt draws $12bn cash inflows year-to-date – CBE official
Cairo – Mubasher: Egypt has attracted more than $12 billion of cash inflows since the beginning of 2020, the Middle East News Agency (MENA) reported, citing an official source at the Central Bank of Egypt (CBE). These inflows included remittances …
The issuance will be used to finance the country’s budget deficit
17 February 10:37 AM CBE offers EGP 7bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 7 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds amounts to EGP 3.75 billion and will be offered through …
Remittances from Egyptians living abroad amounted to $11.1 billion
16 February 05:15 PM Remittances from Egyptian expats rise $1.2bn in 5M
Cairo – Mubasher: Remittances from Egyptian expatriates increased by $1.2 billion or 12.1% year-on-year during the first five months of fiscal year 2019/2020, data released by the Central Bank of Egypt (CBE) showed Remittances from Egyptians …
The lender reported net profits of EGP 1.228 billion last year
16 February 12:55 PM ADIB Egypt’s profit jumps 44% in 2019 initial results
Cairo – Mubasher: The initial financial results of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) showed a 44% year-on-year profit surge during 2019. The lender reported net profits of EGP 1.228 billion last year, compared to EGP 850.239 million in …
Bosta served over 5,000 e-commerce businesses
16 February 12:33 PM Bosta secures DPDgroup’s 1st investment in Egypt
Cairo – Mubasher: The Egyptian on-demand delivery startup Bosta has raised a multi-million funding in a Series A round of investment from Europe’s second largest parcel delivery network DPDgroup and the Egyptian e-payment platform Fawry. This is …
The issuance will be used to finance the country’s budget deficit.
16 February 10:26 AM CBE offers EGP 14.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 14.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 4 billion and will be offered through …
The sale included 182-day notes
13 February 08:16 PM Egypt sells EGP 20.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) on Thursday announced the sale of treasury bills (T-bills) worth EGP 20.5 billion. The sale included 182-day notes worth EGP 10 billion at a yield ranging between 13.5% and 14.13%. The CBE also …
A Faisal Islamic Bank branch in Egypt
13 February 06:19 PM Faisal Islamic Bank’s assets reach over EGP 103bn in January 2020
Cairo – Mubasher: Faisal Islamic Bank of Egypt’s assets grew by 13.9% year-on-year at the end of January 2020. The bank’s assets rose to EGP 103.148 billion in January from EGP 90.593 billion in the same month a year earlier, according to a bourse …