Month: December 2023

CAIRO, Dec 25 (MENA) – The exchange rate of the US dollar against the Egyptian pound was stable at the beginning of Monday’s transactions at Egypt’s major banks. At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered LE 30.75 for buying and LE 30.85 for…

Egypt’s developer Madinet Masr held a ceremony to celebrate the fruitful and strategic partnerships with its successful partners, comprising all third-party suppliers, with a total monetary value of EGP 7bn achieved throughout 2023 divided into; EGP 5.3bn for construction, EGP 1.35bn for infrastructure, EGP 250m for landscape, and EGP 100m…

Banque du Caire posted net profits of over EGP 4.5bn in September 2023, compared to EGP 2.9bn in September 2022, indicating a remarkable growth rate of 57%. Pre-tax profits amounted to EGP 7.5bn, up from EGP 4.8bn, showing a growth rate of 57%. As per the bank’s financial statements, net…

Bassel Rahmi, the CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), announced the agency’s commitment to strengthening cooperation with various international entities and development partners. The aim is to offer diverse support for the small projects sector in Egypt, in line with the Egyptian government’s directives to…

The Central Bank of Egypt (CBE) has issued new guidelines to fight money laundering and terrorism financing, replacing the regulations issued in 2008. In regulatory instructions to banks today, the Central Bank announced the repeal of the regulations related to these matters issued in 2008, giving banks six months to…

EFG Hermes, the leading investment bank in Frontier and Emerging Markets (FEM) under EFG Holding and Palm Hills Developments (PHD), a leading real estate developer in Egypt jointly announced Monday the successful closing of an EGP 421m securitized bond, the second issuance in a newly approved EGP 5bn programme. The…

Egyptian MP Mahmoud al-Saeedi, a member of the Economic Committee in the House of Representatives, predicted that the US dollar exchange rate against the Egyptian pound will see a significant decline in the coming period, and assured Egypt is simply going through a passing crisis. Saeedi referred to current efforts…

Neuchâtel– Philip Morris International (PMI) is planning to launch a tobacco-free product called LEVIA soon. LEVIA is made from a cellulose-based material, which is a natural plant fibre. Unlike cigarettes, LEVIA does not contain tobacco, but it does contain nicotine. Gizelle Baker, the Vice President of Global Scientific Engagement at…

GB Capital, a subsidiary of GB Corp, has launched a new subsidiary, “Kredit,” to finance small and medium-sized enterprises (SMEs) in Egypt. Kredit started with an initial capital of EGP 35m, which was increased to EGP 300m, reflecting the importance of this sector. Kredit is part of GB Capital’s strategy…

The Agricultural Bank of Egypt (ABE) has launched the “Dream” initiative to help small breeders and farmers buy genetically improved and highly productive cattle, as well as automated milking machines. The initiative provides soft loans with a 5% decreasing interest rate. Alaa Farouk, the bank’s president, said that this initiative…