Day: January 21, 2024

The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that the value of trade exchange between Egypt and Somalia increased to $56.3m during the first 11 months of 2023, compared to $44.5m during the same period in 2022, marking a 26.5% increase. According to CAPMAS data, the value of…

Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, met with a delegation led by Dimitrios Ch. Copelouzo, Chairperson of the Copelouzos Group, to explore potential collaboration in natural gas trade, transportation, distribution, and infrastructure development.  The discussions focused on partnerships between Egyptian petroleum companies and Prometheus Gas, a…

A delegation from the International Monetary Fund (IMF) is currently visiting Egypt since 19 January to discuss the first and second reviews of the country’s USD 3 billion (EGP 92.4 billion) loan and reform program, according to a spokesperson statement to Reuters. The multilateral lender did not clarify whether the…

State-owned Telecom Egypt will begin testing fifth-generation (5G) network services in three months, Managing Director and Chief Executive Officer Mohamed Nasr told Asharq Business on 19 January. The company also intends to roll out the service commercially by the end of the year, Nasr added. Telecom Egypt received the country’s…

Octane, the leading fleet management and digital fuel payments startup announced significant fuel sales amounting to EGP 1bn in the 1st year of operations. The fuel sales were accomplished by processing over 800,000 transactions and fueling 75,000 vehicles from more than 500 clients in various sectors within just one year…

The Commercial International Bank (CIB) has raised the interest rate on the triple option certificate of deposits to 22 percent for the monthly interest disbursement period. Official data from the bank revealed that the minimum amount to purchase the certificate will start at five million LE and in multiples of…

The Agricultural Bank of Egypt (ABE) achieved a remarkable improvement in its business result indicators and performance in 2023. It ended the year by reaffirming its role as one of the leading banking institutions specializing in financing the agricultural sector. In 2023, the bank achieved high growth rates in the…

The National Bank of Egypt (NBE) has managed and marketed 28 financing deals worth EGP 322.5bn in 2023, the largest number of deals in Africa. The bank won first place as the best bank in the African and Egyptian banking market for its various roles, such as financing agent, main…

The Central Bank of Egypt (CBE) has restructured five main committees under its Board of Directors. These are the Monetary Policy Committee (MPC), the Management Committee, the Audit and Risk Committee, the Investment and Capital Markets Committee, and the Banking Development Committee. Monetary Policy Committee The MPC reviews the economic…

Ahmed ElSobky, the Chairperson of the Healthcare Authority and General Supervisor of the Comprehensive Health Insurance and Decent Life projects, met with representatives of the French Institut Mutualiste Montsouris (IMM), the largest center for treating oncology and heart patients in France. The meeting explored ways to form a strategic partnership…