ADIB Egypt raises capital of its consumer finance company to EGP 30m
New company allow customers to purchase products, services with Sharia-compliant financing
Hossam Mounir
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Latest by Hossam Mounir
NBE manages 51 financing deals worth over EGP 235bn in 2021
Bank ranks first in Egyptian, African banking markets as financing agent, main arranger, marketer of syndicated loans during 2021: Bloomberg
Egypt’s net international reserves increase to $40.93bn in 2021 despite COVID-19 repercussions
Net international reserves up by $872m in 2021 from $40.062bn in 2020
CBE approves launch of e-portal for smartphone wallet management
There are over 25 million e-wallets now in Egypt, with 27% growth since 2020
CBE receives 33 bids worth $1.037bn for T-bills issuance denominated in US currency
The Central Bank of Egypt (CBE) received 33 bids from local and foreign investors worth $1.0379bn to cover the recent tender of treasury bills (T-bills) denominated in the US currency. The CBE put out this tender on Monday at a value of $850m for a period of 364 days, due on 3 January 2023. The …
9 banks participate in securitization bonds issuance worth EGP 2.4bn for CorpLease: Misr Capital
The issuance comes in four tranches, the first with a value of EGP 330m with a maturity period of 13 months, the second with a value of EGP 1.08bn with a maturity period of thirty-seven months, the third with a value of EGP 744.6m with a maturity period of 61 months, and the fourth with a value of EGP 202.4m with a maturity period of 73 months. The tranches have obtained distinguished credit ratings from Meres – Middle East for credit rating and investor service, AA+ for the first tranche, AA for the second, AA- for the third and BBB for the fourth.
Agricultural Bank of Egypt offers EGP 14.2bn loans for Upper Egypt development projects
Bank’s loan portfolio to finance agriculture production in Upper Egypt reaches EGP 2.9bn, of which EGP 1.6bn allocated to financing sugarcane cultivation: Chairperson Alaa Farouk
MSMEDA pumps EGP 6.2bn to finance 178k projects in 11M 2021: Trade Minister
Gamea indicated that the agency is now working, in cooperation with various state agencies, to implement the political leadership’s directives to provide more facilities to the small projects sector by activating the Projects Development Law 152/2020 and its executive regulations.
CBE’s assets increase to EGP 2.412trn in November 2021
According to the CBE’s financial position report for November, the bank’s balances increased to EGP 312.8bn in November, up from the EGP 289.574bn recorded in June.
Attijariwafa Bank Egypt takes part in 4 securitisation bond offerings worth EGP 700m in 4Q 2021
The bank participated as a coverage guarantor with a value of EGP 200m in favour of the Hermes Financial Group, which amounted to EGP 790m.
MSMEDA pumps EGP 1.13bn in Aswan over 7 years
Gamea emphasized that the agency’s branches in all governorates provided technical support, non-financial services, and training courses to qualify young people for the labour market and help them prepare feasibility studies and finalize the necessary procedures to be able to start their new projects, in addition to applying various mechanisms to help them market their products through their participation in exhibitions organized by the agency or participate in organizing and facilitating their participation in government contracts.
Net foreign assets of banking system increase EGP 23.923bn in September 2021: CBE
Household sector accounts for 83% of total bank deposits, while private business sector receives 60.1% of credit facilities
AUB – Egypt secures $82m fund from renowned international institutions
EBRD, EU, GCF provide $52mn loan, $30m trade facility
National Bank of Egypt reveals main axes of its strategic plan for 2022
Bank aims to offer EGP 45bn retail loans, EGP 35bn funds for SMEs, says Deputy Chairperson
CBE extends emergency decisions to deal with COVID-19 repercussions to June 2022
CBE decides to extend initiative to support tourism sector for additional year until late December 2022
CBE reveals most prominent indicators of financial viability in Egypt’s banking sector during 3Q 2021
Banking system records EGP 80.103bn net profits, with top 10 banks accounting for 85.9%
MSMEDA, Misr El Kheir cooperate to establish business incubators
Tarek Shash, Executive Vice President of MSMEDA, said that the agency is coordinating with various concerned authorities to spread the idea and culture of self-employment among citizens, especially in the governorates of Upper Egypt. This is to help them develop their skills so that they can set up new small businesses or expand their existing projects by using the natural resources available in these governorates and exploiting them appropriately to provide well-made Egyptian products that meet the needs of their local communities.
Egyptian remittances increase to $24bn in 9M 2021: CBE
Preliminary data of the CBE showed a decline in remittances from Egyptians working abroad during September 2021 at a slight rate of 3.0% on an annual basis, to record about $2.62bn, compared to about $2.70bn during September 2020.
Egypt’s Sovereign Fund, Mobica partner to establish two schools in Cosmic Village
The project will be executed by TSFE and Mobica within the framework of the Fund’s plan to exploit movable assets and support education.
NBE, Misr Life Insurance launch new investment fund
The amount of insurance in the “Al-Ahly Life” fund is equivalent to the market value of the insured’s documents owned by the client at the end of the month of death, without a minimum and a maximum of EGP 250,000.
CBE explains fixing interest rates for 9th time in row
Keeping policy rates unchanged remains consistent with inflation target of 7% (±2%) on average in 4Q 2022, price stability in medium term
saib opens fourth financial education centre within digital transformation strategy
Amr Nosseir, Head of the bank’s Retail Banking Group and Distribution Channels, said that financial education centres are a new model presented by the bank as part of its digital transformation strategy. These centres are founded on the basis of self-service for customers who need quick services. They aim to attract young people whose daily lives revolve around modern technology.
Suez Canal Bank contracts with AFS to supply, operate automated risk management system
The contract was signed by Hussein Rifai, Chairperson and Managing Director of the Bank, Ahmed Radwan, Head of Comprehensive Risk Sector, and Juan Antonio, Managing Director of the AFS.
ADCB- Egypt expands branch network to 46
Bank aims to open 5 new branches, increase ATMs to 200 in 2022
Agricultural Bank of Egypt launches initiative to settle EGP 4bn worth debt
This comes within the framework of the Central Bank of Egypt’s directives to mitigate the negative effects of the coronavirus pandemic on small customers and small and micro enterprises and to correct their conditions to enable them to deal again with the banking system, and return them to work and production.
CBE to decide fate of local interest rates heading into 2021-end
Monetary Policy Committee expected to keep base rates unchanged for ninth time in row
Contact Holding aims to open 13 consumer finance centres in December
The company aims this December to open 13 small consumer finance branches to reach 25 branches.
HSBC Egypt launches EGP 3bn ‘Foras Trade Fund’ for SMEs
Todd Wilcox, Deputy Chairperson and CEO of HSBC Egypt, said: “SMEs are a vital engine of growth for any economy and we are delighted to launch the HSBC Foras Trade Fund to support them. The fund is designed to help strong Egypt businesses with bold visions to enter new trade markets, re-engineer their supply chains, innovate, and to play an active part in supporting the ongoing growth, modernisation and diversification of the country’s economy.”
First Abu Dhabi Bank cooperates with CBE to complete acquisition of Bank Audi: CEO Fayed
He believes this deal will contribute to strengthening the Egyptian investment opportunities, especially the ability of the Egyptian banks to attract investments, support the quality of banking services and products provided to banking customers in general, in addition to paying attention to the human element and the bank’s employees through ambitious training and development plans.
Beltone maintains positive outlook for banks due to improvement in economic activities
Economic growth seen in improvement of financial position of banking sector with positive outlook for profitability, asset quality