The Arab African International Bank (AAIB) signed a financing contract with the Redcon Development Company, on Wednesday, to provide EGP 2.7bn to complete the second phase of New Alamein City's Latin Quarter project.
The financing supports the (...)
The Central Bank of Egypt (CBE) has announced that the net foreign assets of the local banking sector increased by the equivalent of about EGP 10.714bn during January 2021.
The rise ensured it reached the equivalent of about EGP 281.694bn, compared (...)
The Commercial International Bank (CIB) reported, on Monday, that its full year 2020 consolidated net income recorded EGP 10.2bn, or EGP 6.21 per share, down by 13% from last year.
It also reported that it achieved a fourth quarter (Q4) of 2020 (...)
Mashreq Bank Egypt has seen a 53% increase in the number of individual customers using digital channels at the bank during the novel coronavirus (COVID-19) pandemic.
The data was revealed by Haitham Hammad, Mashreq Bank Egypt's Executive Vice (...)
The novel coronavirus (COVID-19) pandemic has doubled the number of Bank Audi – Egypt's mobile and internet service users, according to the bank's CEO and Managing Director Mohamed Bedir.
Bedir revealed, in an exclusive interview with Daily News (...)
The Housing and Development Bank (HDB) has adopted ambitions plans for digital transformation, according to the bank's Chairperson and Managing Director Hassan Ghanem.
He said that the Central Bank of Egypt (CBE) has also managed to develop and (...)
The Abu Dhabi Commercial Bank – Egypt (ADCB) will soon complete final preparations for launching the second phase of internet banking and mobile banking for individuals and companies.
In an exclusive interview with Daily News Egypt, the bank's CEO (...)
The Egyptian banking sector, led by the Central Bank of Egypt (CBE), played a major role in supporting the state's efforts towards digital transformation and developing electronic payment (e-payment) systems.
The spread of digital technology (...)
Egypt's Ministry of Finance will, on Monday, start implementing a plan to issue EGP 248.5bn in Treasury bills (T-bills) and bonds during March 2021.
This comes as part of a more comprehensive plan through which the government intends to borrow EGP (...)
The National Bank of Egypt (NBE) and Banque Misr have contributed EGP 60m to Egypt's healthcare sector as part of their corporate social responsibility (CSR) commitment in the fight against the novel coronavirus (COVID-19).
It comes within the two (...)
The Arab Organization for Industrialization (AOI) has signed an agreement with the Agricultural Bank of Egypt (ABE) to implement the latter's digital transformation and mechanisation programme.
The agreement was signed in the presence of ABE (...)
The value of Egyptian exports to US in 2019 amounted to $2195.8m, a 27.5% increase on the $1721.7m recorded in 2018, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
The Egyptian exports to the US in 2019 were (...)
The House of Representatives approved the Law of Central Bank of Egypt and Banking System, publicly known as the new banking law, during its plenary session on Monday.
The approval was given after a standing vote on the new law, with a two-thirds (...)
Raya Holding for Financial Investments has announced the successful issuance of a second round of securitisation bonds in less than a year, at a value of EGP 562m.
The securitisation bonds were issued through receipts, financial rights, and future (...)
The Agricultural Bank of Egypt (ABE) has signed a cooperation protocol with the Ministry of Agriculture and the New Valley governorate that will develop and modernise the governorate's irrigation systems.
The tripartite cooperation will see the (...)
The Central Bank of Egypt (CBE) has announced new facilities to remove levy on taxpayers' bank accounts.
In a letter to banks, the CBE said that, as part of a government initiative to end disputes between taxpayers and the Egyptian Tax Authority (...)
The Industrial Development Bank (IDB) has revealed the completion of its technological infrastructure modernisation, as well as its move towards digital transformation as part of its e-services launch.
The IDB's move has been part of the state and (...)
The private sector acquired 61.7% of the total loan portfolio at banks operating in the local market in April, according to the Central Bank of Egypt (CBE).
In a recent report on the performance of locally operating banks, the CBE indicated that the (...)
Egypt's microfinance market amounted to about EGP 17.866bn in the first quarter (Q1) of 2020, granted to 3.2 million customers, the Financial Regulatory Authority (FRA) has announced.
An FRA report noted that the total financing granted to (...)
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) is developing an urgent plan to improve Egypt's SMEs sector after the coronavirus (COVID-19), according to Nevine Gamea, Minister of Trade and Industry and Executive Director of (...)
The Commercial International Bank – Egypt (CIB) revealed it has achieved EGP 7.542bn in pre-tax profits by the end of June 2020, compared to the EGP 7.396bn at the end of June 2019. The latest figures provided by the bank reflect an increase of (...)
Crédit Agricole considers Egypt an important market with excellent potential and tremendous investment opportunities across several sectors, says Crédit Agricole Egypt Managing Director Pierre Finas.
The bank seeks to expand its long-term foothold (...)
The Egyptian pound continued its appreciation against the US dollar on Monday, supported by an increase in foreign exchange (FX) flows into the Egyptian market.
The US dollar value lost 32 piasters against the local currency, reaching EGP 15.90 to (...)
Mashreq Bank has appointed Haitham Hammad as the Deputy CEO of its Egypt unit. Hammad will be responsible for several aspects of the bank's services, including: management of private teams; retail banking services; digital services; local branch (...)
The US dollar exchange rate against the Egyptian pound continued a noticeable depreciation during last week's transactions, losing between 9 and 19 piasters at banks operating in the local market.
The American currency was affected by the Egyptian (...)
