Lack of financing hinders SMEs in Egypt
The lack of a unified body responsible for this sector is the main problem, says El-Saeed
Hossam Mounir
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Latest by Hossam Mounir
Combating fraud: Visa working to ensure safe transactions for cardholders
Visa has analysed and risk scored more than 112bn transactions annually, says Rodriguez
2.5m SMEs in Egypt providing 75% of jobs: EBI executive
We face great economic challenges and the solution lies in supporting these projects, says EIB research director
Beltone complains to EFSA about EGX for cancelling several transactions on its shares
The release stated that the chairperson of the Egyptian Exchange (EGX) had issued multiple and consecutive decisions to repeatedly cancel the executed transactions on Beltone shares during the months of February, March, April, and May
Some banks find it difficult to implement the CBE’s SME financing initiative due to lack of specialised staff, geographical spread
Doubts about the continuation of these projects in Egypt in wake of the recession and economic problems that even big companies cannot cope with, says Abdel Aal
Training plays a major role for SMEs in Egypt: Egyptian Banking Institute executive
The institute is training bank employees and project owners, as well as raising awareness on the importance of SMEs, says El-Baradei
SMEs acquire 7.5% of Emirates NBD Egypt’s loan portfolio
Guaranteeing loans for micro-enterprises via Credit Guarantee Company will encourage banks to finance them
SME Banking Egypt 2016 begins on Monday under ‘Roadmap for the Future’
Daily News Egypt to monitor major challenges facing the banking sector and provide a comprehensive vision to support it
NBE granted EGP 1.65bn to 2,663 small and very small enterprises over 4-month period: deputy chairperson
73% of the enterprises were granted loans to expand their activities, 27% of the financed enterprises were newly established
Unemployment rate reaches 12.7% in Q1 of 2016: CAPMAS
The report has further elaborated that 36.1% of unemployed individuals in the 15-29 age range have completed secondary or higher education
Global Lease aims to increase its portfolio to EGP1.3bn by end of 2016
Global Lease secured 12.75% of the lease financing market share in the first quarter of 2016, says CEO Samir
Public banks stop selling their 15% interest certificates on Sunday
The three state-owned banks have begun offering these certificates in mid-March 2016
NBE’s net profit EGP 5.8bn in the first half of FY 2015/2016
The bulletin stated that the total equity at the bank amounted to EGP 33.5bn
Local, international institutions offer to invest $1.5bn in treasury bills
Interest rate on bills stabilised at same level as the CBE’s latest tender in February
Expansion of gas production tops state priorities for next period
Egypt currently consumes about 73m tonnes of oil, 33m tonnes of this is directed to the electricity sector
Banque Du Caire to invest EGP 700m in transport, electricity sectors: chairperson
The bank will focus on the energy and transport sectors in part due to the large social impact and for their alignment with the government’s development plans, according to al-Zahid
CBE provides banks with $118.7m in weekly auction
The CBE sold US dollars at a fixed price of EGP 9.78. Banks have been directed to sell the US currency to their customers at a price of EGP 8.88
Annual inflation rate rises to 10.9% in April: CAPMAS
The agency said in its monthly report for inflation issued on Tuesday, that the annual consumer urban inflation index in April reached 182.6, registering an increase of 1.5% compared to March 2016
14,500 road accidents in 2015, 63.3% attributed to human error: CAPMAS
Transport Ministry estimates the cost of traffic accidents at about EGP 17bn per year, the highest in the world
Issued credit cards increased to 2.813m at December’s close: CBE
Top five banks operate 97% of electronic points of sale and 63.7% of ATMs
NBE, CIB, Banque Misr, QNB Al-Ahli, HSBC hold over half of banking sector’s total profits as of December 2015
The CBE said in a recent report that the net profit of the banks operating in Egypt reached EGP 35.882bn as of the end of December 2015
Outstanding balance of treasury bonds increased by EGP 10.5bn at end of April
The ministry indicated in a recent report that there are two types of bonds in Egyptian pounds, the first being coupon yield bonds, the balance of which recorded EGP 671.523bn, with an average return rate of 12.868%
Five banks acquire 59.6% of banking sector total assets: CBE
Top ten banks acquire 72.4% of total deposits, 67.6% of loans, from among 40 banks operating in local market
Korea aims to increase investments in Egypt to $3bn: Korean minister of industry
Cooperation protocol signed between the two countries in medium industries
23.1% increase in value of financial investments for banks: CAPMAS
The Central Agency for Public Mobilization and Statistics (CAPMAS) issued on Thursday its annual bulletin of statistics and financial indicators for banks, insurance, currency exchange, and brokerage companies for fiscal year (YR) 2014/2015.
CBE expects UAE deposit before end of May
The CBE’s governor says Egypt has not received any deposits from abroad since he took the helm in November 2015
Cleopatra Hospital begins procedures to offer part of its shares on EGX
The 40m shares are 25% of the company’s total capital listed on the EGX
Egypt’s foreign exchange reserves gain $450m in April: CBE
It explained in a statement on its website that the reserves increased to $17.011bn in April, compared to approximately $16.561bn in March
CBE fixes dollar price in Tuesday auction, dollar remains stable in informal market
Through its weekly auction, the CBE sells dollars to banks working in the local market. On Tuesday, banks were auctioned$118.7m, and sold to their clients at a rate ofEGP 8.88 to the dollar
Arab medical tourists spend $27bn abroad annually: Arab Tourism Organisation
Egypt and Tunisia will be top Arab tourists’ destinations promoted by the Council of Arab Tourism Ministries, says Fuhaid