The Egyptian banking sector saw its net profit grew by more than half throughout 2023, the central bank said in its latest report on Monday.
Egyptian banks' net profit rose to 283.388 billion Egyptian pounds ($6 billion) at the end of 2023, compared (...)
The World Bank announced on Monday plans to provide more than $6 billion in support to Egypt throughout the coming three years. The anticipated funding is subject to the international lender's board approval.
"Over the coming three years, the World (...)
As Egypt enforced exchange rate reforms, signed landmark multi-billion agreements, and received the thumbs up from international financial institutions, Banque Misr's chairman Mohamed El-Etreby announced on Wednesday that Egyptian expatriates are (...)
The new International Monetary Fund (IMF) deal is expected to catalyse a total of $20 billion in foreign support for Egypt, Bloomberg reported citing Finance Minister Mohamed Maait as saying on Thursday.
During a business event in Cairo, Minister (...)
Egyptian President Abdel Fattah al-Sisi issued the presidential decree no. 483 of 2023 approving the use of SOFR as a replacement of LIBOR in setting interest rates of the European Bank for Reconstruction and Development's (EBRD) loan agreements, as (...)
Emirates NBD-Egypt reported on Thursday a 174 per cent growth in its net profits for 2023, marking the highest annual growth rate in the bank's profits since the start of its business in the North African country.
According to its statement, the (...)
Egypt's central bank has no intention to keep the exchange rates at a certain level as number one priority right now is to bring inflation down to single-digit target rates, said Governor Hassan Abdalla on Wednesday.
The erosion of consumers' (...)
The Central Bank of Egypt (CBE) is working around the clock to ensure the soundness and stability of the banking system, Deputy Governor Tarek ElKholy said in a press conference on Wednesday.
ElKholy emphasised that Egypt's banking sector is solid (...)
The International Monetary Fund's executive board is expected to meet before the end of March to approve the staff-level agreement reached with the authorities in Egypt, said IMF Mission Chief for Egypt, Ivanna Vladkova Hollar on Wednesday.
The (...)
Egypt's Prime Minister Moustafa Madbouly said the new agreement with the International Monetary Fund (IMF) will enable the country to secure soft loans from other international financial institutions, including the World Bank.
The Prime Minister (...)
Egypt has on Wednesday signed an agreement with the International Monetary Fund (IMF) to extend the current $3 billion loan deal to $8 billion.
The agreement was announced during a press conference attended by Prime Minister Mostafa Madbouly, (...)
Egypt and the International Monetary Fund (IMF) have reached on Wednesday staff level agreement on a set of comprehensive policies and reforms needed to complete the first and second reviews under the Extended Fund Facility (EFF) arrangement.
"Amid (...)
Egypt will sign a new loan programme agreement with the International Monetary Fund (IMF) in the next few hours, an official source with knowledge told Amwal Al Ghad English on Wednesday.
"We are very close to signing the new agreement with the IMF, (...)
Egypt's central bank told commercial banks on Wednesday to cancel restrictions imposed late last year on the use of credit cards for transactions in foreign currencies.
The move came after the Central Bank of Egypt's (CBE) Monetary Policy Committee (...)
The third edition of the Egyptian Women's Summit has kicked off on Sunday under the auspices of Prime Minister Moustafa Madbouly.
Organised by Top 50 Women Forum, the Egyptian Women's Summit 2024 is taking place on March 3-4 in collaboration with (...)
Dina Abdel Fattah, Founder of Top 50 Women Forum, inaugurated the third edition of the Egyptian Women's Summit in Cairo on Sunday.
Abdel Fattah urged the attendees of the Egyptian Women's Summit to observe a minute's silence in solidarity with the (...)
Egyptian real estate company, Amer Group reported on Tuesday a consolidated net profit of 45.9 million Egyptian pounds ($1.5 million) for 2023, opposed to a net loss of 195.16 million pounds for 2022.
According to a disclosure Amer Group sent to the (...)
Egypt's strategic wheat reserves are sufficient for 3.5 months, Reuters reported citing Supply Minister Ali Moselhy as saying on Monday.
He added that the country's strategic reserves for sugar were sufficient for six months, while those of (...)
The European Bank for Reconstruction and Development (EBRD) announced on Friday a new financing package of $50 million to Banque du Caire (BdC) to scale-up support to micro, small, and medium-sized enterprises and women entrepreneurs in Egypt.
Out (...)
Egypt and the International Monetary Fund (IMF) are making "excellent progress" in their comprehensive policy package discussions to reach a staff level agreement for the combined first and second reviews under the IMF's reform programme.
IMF (...)
Egyptian Cabinet approved on Thursday "the biggest direct investment deal" in partnership with a number of conglomerates, according to a statement posted by the Cabinet on Facebook.
Prime Minister Moustafa Madbouly said details about the new deal (...)
Export Development Bank of Egypt (EBank) has secured $25 million (€23.2 million) in loan from the European Bank for Reconstruction and Development (EBRD), EBRD said in a statement on Wednesday.
The financing, the second provided to the Ebank, aims (...)
Egypt's mergers and acquisitions (M&A) activity have surged by 32 per cent during the second half of 2023, compared to the first half.
According to the latest report by global law firm Baker McKenzie based on the LSEG data for globally announced M&A (...)
Norwegian renewable energy producer Scatec ASA is in discussions with Egypt about signing new agreements involving energy sector, CEO Terje Pilskog told Amwal Al Ghad English on the sidelines of Egypt Energy Show EGYPES 2024.
Pilskog said Scatec is (...)
Norwegian renewable energy producer Scatec ASA signed on Tuesday a co-operation agreement with Misr Aluminium Company – Egyptalum to set up a 1 GW solar power plant, n Egyptian cabinet statement.
The power plant will be the energy backbone of (...)