Year: 2023

The Deputy Assistant Governor of the Central Bank of Egypt (CBE) for Banking Operations and Payment Systems Ehab Nasr announced on Friday that more services will be launched on InstaPay soon – including cash withdrawal through ATMs. The Central Bank on Thursday chose to continue free InstaPay application transactions, and…

The Central Bank of Egypt (CBE) on Thursday moved decided to postpone the imposition of fees on the InstaPay application indefinitely. The CBE also issued directives to banks participating in the InstaPay real-time payments network to postpone the collection of fees on transactions indefinitely. The Deputy Assistant Governor of the…

Xiaomi, the smart devices company, has finished building its factory in the industrial zone of 6th of October City in partnership with El Safy Group, the exclusive agent for Xiaomi in Egypt, Daily News Egypt has learned from sources close to Xiaomi. The sources said that the factory is ready…

Alaa Farouk, Chairperson of the Agricultural Bank of Egypt (ABE), announced a significant growth in the bank’s loan portfolio, reaching EGP 77.797bn in November 2023, compared to about EGP 63.97bn in December 2022, a 19% increase. Farouk attributed this achievement to the completion of a major phase of the comprehensive…

Beltone Financial Holding, one of the fastest-growing financial institutions, announces that Cash for Microfinance, a wholly owned subsidiary of Beltone, has signed an agreement with the Challenge Fund for Youth Employment (CFYE), a programme that aims to empower youth employment through private sector support, to launch the “Underprivileged Entrepreneurs Reach…

Elsewedy Industrial Development, a subsidiary of Elsewedy Electric, has signed an agreement with MAFI for Agricultural Produce Industries to allocate 154,000 sqm of industrial land in Industria Sadat City. The agreement was signed by Ahmed Elsewedy, President and CEO of Elsewedy Electric and Chairman of Elsewedy Industrial Development, and Ahmed…

The National Bank of Egypt’s (NBE) financial statements show a total increase in its customer deposit portfolio, exceeding EGP 3.6trn by November 2023, with approximately 19.8 million clients.  Hesham Okasha, the Bank’s Chairperson, emphasized its strategies to enhance financial inclusion, introduce new products for all segments of society, participate in…

The General Authority for Investment and Free Zones (GAFI), represented by CEO Hossam Heiba, and the Egyptian Exporters Association (Expolink), represented by Chairperson and CEO Mohamed Kassem, signed a memorandum of understanding (MoU) on Wednesday to support cooperation in the field of investment for export. The Expolink said in a…

Abu Dhabi Ports Group (AD Ports) has secured a 30-year concession agreement with the Red Sea Ports Authority (RSPA) to develop and operate the Safaga 2 multi-purpose terminal at Egypt’s Safaga Sea Port. This strategic project, with a $200m investment over three years, marks the first internationally operated port in…

AUR Financial Consulting, a subsidiary of AUR Capital for Financial Consultancy, has acted as the lead manager and financial advisor in a bond issuance deal worth EGP 1.79bn for AUR Leasing. This is the second issuance under AUR’s first securitization programme. The deal was executed in collaboration with Al Ahly…