Mr. Ibrahim Sarhan - Chairman and Managing Director of E-Finance Company revealed that the firm will build new headquarters on an area of 6000 meter in Smart Village / 6th October City.
Sarhan has quoted Amwal Al Ghad that the initial cost of the (...)
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 (...)
The prolonged tax disputes between Orascom Construction Industries (OCIC.CA) and the Egyptian Tax Authority (ETA) will be resolved soon through an anticipatory settlement agreement, Egypt's Finance Minister said on Sunday.
The tax dispute was over (...)
The Egyptian Minister of Finance El-Morsi El-Sayed Hegazy announced that the state's budget deficit is expected to reach EGP 188 billion in FY 2012/2013.
On the sidelines of the Second Investment Conference on Investment in Public-Private (...)
A member of Al Nour Party said the foreign loans that that Egyptian government seeks to secure will impose great burden on the state's budget in the coming years.
Abdel Halim Al Gammal, deputy head of the Finance and Economic Affairs Committee at (...)
Khaled Ouda, geologist and member of Shura Council (lower house of parliament), stated that Egypt seeks to finance projects such as Qattara Depression Project which has investment cost ranging from US$ 100 billion to US$ 110 billion, and has (...)
The Shura Council's Finance and Economic Affairs Committee has decided to adopt the sukuk bill drafted by the Ministry of Finance, Freedom and Justice Party, Al Nour Party, Al Wasat Party, Egyptian Islamic Finance Association and the Islamci finance (...)
The draft sukuk law, expected to be approved soon, will enable low-income people to invest their funds in Egypt's infrastructure projects which will benefit both people and the country, said Ahmed El Naggar, adviser to the Minister of Finance.
A (...)
The draft sukuk law, prepared by the Egyptian Ministry of Finance in coordination with the Freedom and Justice Party, Al Nour Party, Egyptian Islamic Finance Association and the expert Dr. Hussein Hamed Hassan, was finalized last January 16th and (...)
Dr. Ahmed El Naggar, Adviser to Egypt's Minister of Finance and responsible for Sukuk draft file, announced that US JP Morgan Chase & Co. delegation will be visiting Egypt on Wednesday. The visit aims to conduct talks with the country's Finance (...)
The Egyptian General Petroleum Corporation (EGPC) has not received any offers from the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB) and Banque Du Caire to finance the importing of petroleum raw materials, after the (...)
The National Bank of Egypt's (NBE) retail loan portfolio registered EGP 20 billion at the end of 2012, compared to EGP 19.3 billion at the end of June 2012, said Hazem Hegazy, head of retail banking sector at NBE.
Hegazy added that the bank serves (...)
The National Bank of Egypt (NBE) will launch “Pre-Paid Cards" service next March which will enable customers to pay taxes and customs duties online, said Hazem Hegazy, head of branches and retail banking sector at NBE.
On the sidelines of the Second (...)
Banque Misr has received EGP 584 million in e-payments as the bank adopts the idea of making all payments conducted electronically to keep up with the latest technological developments, said Yehia El Agamy, general manager of retail banking sector (...)