The Egyptian government will not amend the economic reform plan submitted to the International Monetary Fund (IMF), unless the Shura Council objects to the country's public budget, said the Minister of Finance Fayad Abdel Monem.
On the sidelines of (...)
Zain Zahran, executive director of Islamic Development Bank, has revealed that the total value of agreements signed with the Egyptian government reached US$ 8.1 billion.
The latest financing package from IDB to Egypt is worth US$ 800 million and (...)
The Egyptian Minister of Finance Fayad Abdel Monem stated that issuing sukuk (Islamic bonds) is an important step towards achieving sustainable development in Egypt in the upcoming period as the new instrument can finance all investment fields and (...)
The Islamic Development Bank (IDB) plans to provide Egypt with US$ 920 million worth of finances; of which US$ 800 million allocated for water pumping stations and US$ 120 million for an electricity generation plant in Damietta, said Zain Zahran, (...)
The Ministry of Finance has started three projects that will be financed through sukuk which are Ain Shams-10th of Ramadan Train Project, Black Sand Project in Kafr El-Sheikh and Wheat Silos, said the Minister Fayad Abdel Monem.
Abdel Monem added to (...)
Alex Bank Intesa Sanpaolo targets to increase retail finances by EGP 250 million by the end of 2013, Bassel Rahmy, head of the retail banking group, said.
The bank's retail finances rose EGP 100 million in the first three months of 2013 to reach EGP (...)
The National Bank of Egypt (NBE), Banque Misr, Alex Bank Intesa Sanpaolo and Nasser Social Bank plan to finance the third phase of the White Taxi Project with EGP 450 million.
Sources said NBE will contribute EGP 150 million, while the other banks (...)
The National Bank of Egypt (NBE) targets to contribute EGP 150 million to the loans offered to finance the third phase of the White Taxi project in collaboration with the Ministry of Finance, said Karim Sous, general manager of retail credit risk (...)
Egypt will resume negotiations with the International Monetary Fund (IMF) over the long-awaited US$ 4.8 billion loan through video conference, the Minister of Finance, El-Morsi El-Sayed Hegazy, said.
He expected signing the definitive loan agreement (...)
The National Bank of Egypt (NBE), Banque Misr, Alex Bank Intesa Sanpaolo and Nasser Social Bank have raised interest rate on loans offered to finance the third phase of White Taxi project from 11.5% to 13.5%.
The contract of the project, which aims (...)
Many banking experts have shown disagreement with the Shura Council which suggests the amendment of article no. 57 which regulates the taxes on loans and credit facilities.
The Shura Council suggests that article no. 57 shall be amended as follows: (...)
The Egyptian Tax Authority will impose tax on shareholders and investment funds that make capital gains from the acquisition deal of National Société Générale Bank (NSGB) by Qatar National Bank (QNB), said Mamdouh Omar, chairman of the (...)
The National Bank of Egypt (NBE) has turned down a request submitted by the Principal Bank for Development and Agricultural Credit for a protocol of cooperation for establishing ATMs.
The Principal Bank for Development and Agricultural Credit Sought (...)
The Arab African International Bank's (AAIB) portfolio of real estate assets registered EGP 8 million at the end of last September, compared to EGP 5 million at the end of the first half of 2012, with an increase of EGP 3 million.
The bank targets (...)
The Arab African International Bank (AAIB) disbursed 112,000 yellow remittances worth EGP 430 million in the sixth month allocated for disbursing such remittances.
Sources said the bank still has to disburse 15,000 yellow remittances in the period (...)