Almost three years of turmoil in Egypt has had a devastating effect on small and medium businesses which are also now struggling through a lack of government support.
Successive governments have failed to find innovative ways to support the sector (...)
The banks have suffered major hits to their bottom lines in a country that has long enjoyed stability, especially after the collapse of the security apparatus that had kept the country in check during the rule of deposed president Hosni Mubarak.
The (...)
Banque du Caire's corporate loans portfolio totaled EGP12.8bn by the end of Q3 2013, increasing EGP1.4bn from EGP11.4bn by the end of 2012, according to Ayman Mukhtar, General Director of the bank's Corporate Credit Sector.
According to Mukhtar, (...)
Bank loan rates increased during former President Mohamed Morsi's term by 8.2% in the fiscal year ending in June, compared to 6.7% during the previous fiscal year.
A Central Bank report stated that EGP 41.6bn in bank loans were provided between July (...)
Officials within the banking sector refused to provide new lines of credit to industrial companies for the purpose of collectively paying back loan instalments. Similar lines of credit were previously granted to the tourist sector, with industrial (...)
Despite the recent ouster of Egypt's first elected president, Mohamed Morsi, banking sector officials have expressed optimism in the country's future.
Recent improvements seen in the stock market and decreases in the cost of insuring government debt (...)
A representative from the National Bank of Egypt stated on Monday that the bank had agreed to provide $65m (EGP 455m) worth of credit to the Egyptian General Petroleum Company (EGPC), in order to fund the import of diesel fuel and gasoline (...)
A number of banks have stated that they consider themselves Egypt's most affected economic sector by the country's repeated credit downgrades since the outbreak of the 25 January Revolution, seeing as they are the primary owners of government debt (...)
Despite their recent withdrawal from a merger with Piraeus, UK based Standard Chartered recently stated that it still considered Egypt an attractive market for business and investment.
Standard Chartered previously announced in 2011 that it wanted (...)
The Central Bank Egypt (CBE) purchased a total of EGP 178.8bn in government bonds by November 2012, EGP 48.3bn during the last fiscal year alone, according to recently released financial statements.
A bank official said that as is standard for (...)