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The initiative is set to end on 30 June 2020
9 December 05:35 PM CBE’s initiative targets defaulting factories indebted with EGP 35.6bn
By: Islam Fadl Cairo – Mubasher: The Central Bank of Egypt (CBE) has launched an initiative to support defaulting factories with a debt less than EGP 10 million. Under the initiative set to end on 30 June 2020, factories will pay 50% of the …
The Egyptian government aims to increase its exports to EGP 200 billion by 2030
9 December 04:41 PM Egypt’s industrial initiative targets factories with EGP 50m-1bn annual sales
By: Islam Fadl Cairo – Mubasher: Egypt’s recently-launched EGP 100 billion initiative targets private-sector industrial companies with annual sales between EGP 50 million and EGP 1 billion, the Central Bank of Egypt’s (CBE) deputy governor Gamal …
Central Bank of Egypt
9 December 02:02 PM Egypt mulls 3 green, Islamic bond offerings in FY19/20
Cairo – Mubasher: Egypt is mulling the issuance of three bond offerings during fiscal year 2019/2020, Reuters reported on Monday, citing the finance minister Mohamed Maait as saying. The potential issuance include green, variable-yield, and …
The bank's non-performing loan portfolio reached EGP 3.5 billion
9 December 01:21 PM Egypt’s Agricultural Bank mulls 3 offers to develop infrastructure
By: Islam Fadl Cairo – Mubasher: The Agricultural Bank of Egypt (ABE) is currently considering three offers submitted by international companies to develop its infrastructure, the bank’s vice chairman Tamer Gomaa told Mubasher. Three foreign …
The loan will be used to resume the construction works of seven new faculties
9 December 11:55 AM Cairo Investment borrows EGP 130m from QNB Al Ahli
Cairo – Mubasher: Cairo For Investment and Real Estate Development signed a credit facility agreement worth EGP 130 million with Qatar National Bank Al Ahli (QNB Al Ahli). The loan will be used to resume the construction works of seven new …
NBE’s SME loan portfolio reached EGP 65 billion at the end of November
9 December 11:40 AM NBE expected to generate EGP 9bn profit in H2-19/20
By: Islam Fadl Cairo – Mubasher: The National Bank of Egypt (CBE) is projected to achieve profits of EGP 9 billion during the second half of fiscal year 2018/2019, NBE’s vice chairman Yehia Aboul Fotouh told Mubasher. During the first half of …
The bank's paid-up capital stands at EGP 1.5 billion
8 December 05:54 PM Al Baraka Bank – Egypt looking to raise capital to EGP 5bn in 3 yrs
By: Islam Fadl Cairo – Mubasher: Al Baraka Bank – Egypt aims to increase its paid-up capital by EGP 3.5 billion to EGP 5 billion over the next three years, the bank’s CEO Ashraf El-Ghamrawy said. The banks plans to increase its capital in order to …
The Egyptian lender also aims to open a new office at Dubai World Trade Centre
8 December 04:36 PM Banque Misr awaits SAMA’s approval to open new branch in KSA
By: Islam Fadl Cairo – Mubasher: Banque Misr is in talks with the Saudi Arabian Monetary Authority (SAMA) to obtain a licence to inaugurate a new branch in the GCC kingdom, the bank’s vice chairman Akef El-Maghraby said. The Egyptian lender also …
Investments in the UK topped the list with AED 69.9 billion
8 December 04:34 PM Emirati banks’ investments in KSA, Egypt exceed $30bn in 9M
UAE – Mubasher: Investments of Emirati banks in Saudi Arabia and Egypt amounted to AED 111.3 billion ($30.3 billion) over the first nine months of 2019, 27.5% up from AED 87 billion in the same period in 2018, Emirates News Agency (WAM) reported …
Cash inflows have significantly recovered from previously low levels
8 December 04:19 PM Egypt sees $200bn cash inflows in 4 yrs – CBE governor
By: Islam Fadl Cairo – Mubasher: Foreign cash inflows in Egypt amounted to $200 billion during the last four years, the Central Bank of Egypt’s (CBE) governor Tarek Amer revealed. Cash inflows have significantly recovered from previously low …
The issuance will be used to finance the country’s budget deficit
8 December 10:41 AM CBE issues EGP 18.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche will be offered through 91-day notes valued at EGP 9 billion, while the …
Tax payers will be allowed to resolve disputes with the Tax Administration
5 December 05:46 PM Egypt’s tax dispute resolution bill referred to parliament
Cairo – Mubasher: The Egyptian minister of finance Mohamed Maait highlighted the main aspects of the temporary draft law intended to resolve tax disputes.    The temporary (six-month) draft law has been referred by the Egyptian cabinet to the …
CIB’s capital stands at EGP 14.58 billion
5 December 04:57 PM Kenya mulls CIB’s request to acquire controlling stake in Mayfair Bank
Cairo – Mubasher: The Commercial International Bank – Egypt (CIB) plans to acquire a controlling stake in one of Kenya’s smallest banks, Reuters reported on Thursday, citing the Competition Authority of Kenya.   The Kenyan regulator said that it …
New biogas and organic fertilisers will be built
5 December 03:45 PM NBK Egypt agrees with ILO to build biogas, fertilisers units
Cairo – Mubasher: National Bank of Kuwait – Egypt (NBKE) inked a cooperation deal with the International Labor Organization (ILO) and Bioenergy for Sustainable Rural Development to establish 60 new biogas and organic fertilisers units in the …
The increase in foreign reserves was backed by the issuance of Eurobonds
5 December 03:03 PM Egypt’s foreign reserves jump $2.8bn in 11M
By: Heba El-Kordy Cairo – Mubasher: Egypt’s foreign reserves continued to rise to record high levels, exceeding $45 billion in November. From January to November, the most populous Arab nation’s international reserves climbed by about $2.8 billion …
The agreement has been effective as of 18 October 2019.
5 December 01:32 PM Sisi approves EUR 290m funding deal to purchase 100 locomotives
Cairo – Mubasher: The Egyptian president Abdel Fattah El-Sisi approved a funding agreement to purchase 100 locomotives for the Egyptian National Railways (ENR). Egypt and the European Bank for Reconstruction and Development signed a funding …
The funding will be offered at an interest rate of 10%
5 December 10:59 AM Egypt launches EGP 50bn middle income mortgage funding initiative
Cairo – Mubasher: The Egyptian government approved the launch of a new initiative to support the finance of middle-income housing with EGP 50 billion, the governor of the Central Bank of Egypt (CBE), Tarek Amer, said. The funding will be offered …
The issuance will be used to finance the country’s budget deficit
5 December 10:26 AM CBE issues EGP 19.25bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 19.25 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 9.5 billion and will be offered through …
HCWW owes the Ministry of Electricity a total amount of EGP 8 billion
4 December 03:55 PM Egypt’s HCWW owes EGP 21.6bn to NIB, electricity ministry
By: Islam Fadl Cairo – Mubasher: The Egyptian Holding Company for Water and Wastewater’s (HCWW) indebtedness to the National Investment Bank (NIB) and the Ministry of Electricity stood at EGP 21.6 billion, the company’s chairman Mahmoud Raslan …
A $600 million export credit risk guarantee company has been established
4 December 11:44 AM EBA to hold symposium on export credit guarantee company
Cairo – Mubasher: The Banking and Stock Exchange Committee at the Egyptian Businessmen Association (EBA) will hold a symposium under the title “Export Credit Risk Guarantee Company in Africa” on 17 December, according to a statement on Wednesday. …
The Central Bank of Egypt
3 December 09:38 PM Egypt’s int’l reserve rises $108m in November
Cairo – Mubasher: Egypt’s net foreign reserve grew 0.24% month-on-month, or $108 million, at the end of November 2019. The North African country’s foreign reserve went up to $45.354 billion at the end of last month, compared to $45.246 billion a …
Mohamed Omran - chairman of the Financial Regulatory Authority
3 December 05:34 PM Egypt’s securitisation bonds hit EGP 18bn year-to-date – FRA chairman
Cairo – Mubasher: Egypt has issued securitisation bonds worth EGP 18 billion since the beginning of 2019, compared to EGP 5.3 billion in 2018, Reuters reported on Tuesday, citing the chairman of the Financial Regulatory Authority (FRA), Mohamed …
The board nominated Hassan Ismail Ghanem to succeed El Sebai
3 December 04:15 PM Housing & Development Bank’s board nominates new chairman
Cairo – Mubasher: The board of directors of Housing and Development Bank (HDB) approved the resignation of its chairman Mohamed Fathy El Sebai. The board nominated Hassan Ismail Ghanem to succeed El Sebai as the new chairman and managing director …
Net interest income increased by 33% to EGP 6 billion
3 December 11:08 AM Banque du Caire logs EGP 3bn profit in 9M
Cairo – Mubasher: Banque du Caire reported a 66% year-on-year profit surge during the first nine months of 2019. The lender’s net profits after taxes amounted to EGP 3 billion in the January-September period, compared to EGP 1.7 billion in the …
The farm is expected to start production by the second half of 2020
2 December 05:56 PM Obour Land plans to build EGP 255m dairy farm
By: Islam Fadl Cairo – Mubasher: Obour Land for Food Industries plans to build a dairy farm over an area of 44 feddans in Belbeis with investments worth EGP 255 million, the company’s vice chairman and CEO Ashraf Hamed said. The food manufacturer …