Latest in Banking Highlight
Latest in Banking
Private business 61.9% of total non-governmental credit facilities granted by banks: CBE
Industry obtained 26.894% of total loans, letters of credit and guarantee, versus 22.34% by services
AAIB opens its branches for primary school students within framework of its financial education programme
In the belief that applying the definition of financial inclusion is one of the main pillars to achieve economic growth through reaching the different segments of society and raising awareness of banking services in activation of the financial education programme, the Arab African International Bank (AAIB) has started receiving primary school students as a first …
HSBC awarded Best Cash Manager in Egypt
HSBC bank was awarded as the Best Domestic Cash Manager for the eighth consecutive year by both corporations and financial institutions in the Euromoney Cash Management Survey 2017. HSBC was also awarded Best Regional Cash Manager in the Middle East, the bank’s ninth win since 2009, and it retained its title as Best Global Cash …
EBRD, QNB ALAHLI join forces to support women entrepreneurs in Egypt
In line with EBRD’s support for the development of micro, small, and medium enterprises in Egypt, and the leading role of QNB ALAHLI in Egypt regarding that field, EBRD offered a senior loan of $20m to QNB ALAHLI SAE for on-lending to local small businesses. The loan is the first under EBRD’s new “Egypt Women …
EBRD boosts trade in partnership with Emirates NBD Egypt
$40m finance line to facilitate trade
EGBANK Signs a US$ 20 Million Trade Finance Agreement with EBRD
In light of EG Bank’s efforts that focus on supporting exporters and importers, EG Bank signed a $20mn trade facility agreement with EBRD under its Trade Facilitation Programme (TFP) in a ceremony attended by EG Bank CEO Nidal Assar and EBRD President Suma Chakrabarti. The trade finance line will allow EG Bank to issue guarantees …
EBRD provides $100m loan to Commercial International Bank of Egypt
EBRD is providing a subordinated loan of up to $100m to Commercial International Bank (CIB) to strengthen CIB’s capital base and support the growth of the bank’s lending in Egypt. The subordinated loan qualifies as Tier II capital under the recently modified regulations of the Central Bank of Egypt. It is the second time under …
EBRD enhances financing to Egyptian small businesses via $75m loan to Banque Misr
EBRD is providing a $75m loan to Banque Misr to support the growth and development of small and medium sized enterprises (SMEs) in Egypt. SMEs account for over 90 percent of enterprises in Egypt and contribute to the majority of total employment in the country. However, access to finance for SMEs remains limited, and improving …
EBRD boosts small firms through lending $30m to Arab African International Bank
EBRD is further supporting the development of small and medium-sized enterprises (SMEs) in Egypt with a $30m loan to the Arab African International Bank (AAIB). EBRD’s SME credit line will help AAIB to further expand its SME lending and will contribute to increased access to finance for small businesses in Egypt. Although SMEs account for over 90 percent of all …
EBRD, ALEXBANK support energy efficiency in Egypt
EBRD and the European Investment Bank (EIB) are planning to support energy-efficient and renewable energy investment in Egypt through a financing package to ALEXBANK in the amount of up to $30m under the Green Economy Financing Facility (GEFF) for Egypt. EBRD is providing a financing facility of up to $15m to ALEXBANK for on-lending to …
EBRD supports international trade through $10m loan to Al Ahli Bank of Kuwait-Egypt
The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of international trade with a $10m trade facility to Al Ahli Bank of Kuwait-Egypt (ABK-Egypt) under the EBRD’s Trade Facilitation Programme (TFP). ABK-Egypt is now one of 11 issuing banks under the TFP in Egypt. Through the facility, EBRD provides guarantees in favour …
Government, banking sector stress support for SMEs
NILEX is one of the most effective factors in financing these projects: Sharkawy
Egypt aims to take private, public sector loans to EGP 2tn
No intention to postpone $5.2bn Afreximbank loan to be repaid before end of 2017
EBRD provides 7 Egyptian banks $225m
Funding is reallocated for SMEs, women, green projects, and foreign trade
CBE reaches terms for $3.1bn financing from international banks
CBE repaid total sum of $2bn on November 9, honouring Repurchase Transaction with consortium of international banks
ADIB appoints Mohamed Aly as CEO, MD of ADIB Egypt
Abu Dhabi Islamic Bank (ADIB) has appointed Mohamed Aly as CEO of ADIB Egypt. Mohamed has over 30 years of international experience in the financial services and banking industry, having held senior leadership roles at several banks in the MENA region. Prior to joining ADIB, Mohamed was the CEO at Mashreq Bank’s Egypt business. Commenting …
United Bank establishes specialised technical, advisory support unit for entrepreneurs
The unit aims to ensure the continuity of the project and the return on the invested money, said El Kady
How to get microfinance from Banque Misr
Banque Misr serves micro entrepreneurs through 197 branches nationwide
Green project bonds worth USD100bn in world market
Director of the Research Department at the Egyptian Banking Institute (EBI) Ola El-Khawaga, stressed the importance of supporting the state to invest in green projects, given the recent high rate of growth. El Khawaga said at a seminar on financing green projects held by the EBI on Wednesday that the volume of bonds offered to …
17 banks involved in financing limited and middle-income housing
“There are 17 banks and three companies participating in the CBE’s initiative to finance [housing for] limited and medium-income [people]. There are negotiations to enter two new banks and another company within the initiative in the coming period,” said Mai Abdel Hamid, head of the MFF. She explained that the number of beneficiaries of this …
IDBE-Egypt expands real estate finance
Chairperson of the Board of Directors of the Industrial Development Bank and Egyptian Workers (IDBE-Egypt) Maged Fahmy, and Mai Abdel Hamid, head of the Mortgage Finance Fund (MFF), signed a cooperation protocol to increase the former’s stake in the Central Bank of Egypt (CBE)’s initiative to finance housing for low and medium-income persons. The bank …
CIB profits EGP5.7bn in 9 months
Commercial International Bank (CIB) posted a record profit of EGP 2.1bn in the third quarter (Q3) of 2017, up 23% year over year (YOY), according to the bank. Its revenues rose by 45% during Q3 of 2017 compared to the same period last year, reaching about EGP 4.2bn. During the first nine months of this …
BM SMEs portfolio registers EGP 4.4bn at end of June
Bank launches training programme to raise entrepreneurs’ awareness in Alexandria
CBE grants ABE deposit of EGP 4bn for 10 years
The Egyptian Agricultural Bank’s losses fell from EGP 1.084bn at the end of June 2016 to EGP 70m the next year
Flotation decision was an urgent necessity and action taken at the right time: Banks officials
Decision contributed to increasing FX Reserves to $36.5bn, and positively impacted banks activity, El-Refaie said
Linking Egyptian banks to COMESA supports economic relations, facilitates funds transfer: CBE Deputy Governor
Starting series of workshops to raise awareness of all state sectors of the new system and its importance
The Egyptian Banking Institute (EIB) is organising a seminar on financing green projects
The Research and Awareness Department at the EIB is organising a seminar for journalists on Wednesday, entitled “Financing Green Projects”. Hoda Sabri, a financial and banking expert, has worked for several years in foreign banks inside and outside Egypt in the fields of project finance and credit, branch management, investment and corporate finance, and small …
Mashreq Bank Egypt inaugurates its new branch to serve Mashreq Gold customers, SMEs, and corporations
Mashreq Bank Egypt announced the inauguration of its new branch in Heliopolis within the bank’s expansion strategy and plan. This branch is dedicated to serve Mashreq Gold customers, SMEs, and corporations in order to ease their procedures and save clients’ time. Shaker Zainal, head of retail at Mashreq Bank Egypt, commented, “Mashreq Egypt has dedicated …
Small construction companies demand banks to support them
The small and medium-sized companies working in the construction sector demanded that the financing obstacles faced by these companies, especially the serious companies qualified to participate in the development plan adopted by the state, be canceled. According to Daker Abd Allah, a member of the board of directors of the Egyptian Federation For Construction & …
Banque du Caire arranges two loans for petroleum sector worth EGP 4-5bn
The bank is considering contributing to the Islamic loan, which is arranged by Banque Misr for Egyptian Iron, worth EGP 200m