Month: March 2024

Egyptian swimmer Marwan Al-Kamash won the title of Best African Athlete following an outstanding performance that secured a total of five gold medals and two silver medals in Acra. Upon his return to Egypt Al-Qamash received multiple honors. He is now training in the United States with renowned coach Mark…

Hisham Talaat Mostafa, CEO and Managing Director of Talaat Mostafa Holding Group, has been recognized as one of the most influential Egyptian real estate developers in the Middle East by Forbes magazine. Forbes attributes this distinction to Talaat Mostafa’s remarkable success over four decades in leading the Talaat Mostafa Holding…

The International Monetary Fund (IMF) has announced on Saturday its approval of a significant increase in the loan program provided to Egypt, amounting to approximately USD 5 billion (EGP 236 billion) The loan program, initially set at USD 3 billion (EGP 142 billion) for 46 months, aims to bolster Egypt’s…

In a landscape saturated with well-meaning charity campaigns, MENA’s leading financial technology company, Valu, is taking philanthropy one step further. Valu’s latest corporate social responsibility (CSR) initiative, in partnership with the Forset Hayah Foundation, transforms giving into an engaging and rewarding act of generosity. As part of this campaign, users…

Three exchange companies affiliated with Egypt’s largest government banks – the National Bank of Egypt (Al-Ahly Exchange), Banque Misr (Misr Exchange), and the Banque du Caire (Cairo Exchange) – revealed that their foreign exchange collections had risen to about eight billion LE, since the liberalization of the exchange rate. The…

The National Bank of Egypt (NBE) has purchased the Egyptian Arab Land Bank’s 24% share in the capital of Hyde Park Developments. According to Hisham Okasha, NBE Chairperson, this deal represents a promising investment opportunity that aligns with the bank’s strategy to diversify its investment activities and strengthen its presence.…

The Central Bank of Egypt (CBE) has implemented new controls for banks regarding the ongoing updating of client data, information, and documents during due diligence procedures. These measures are aimed at enhancing the security of client data and safeguarding their rights. Key points of the new procedures and controls include:…

The Extraordinary General Assembly of the Commercial International Bank (CIB) has authorized the issuance of financial instruments totaling $1bn or its equivalent in local or foreign currencies. These instruments may include bonds, backstop loans, backstop deposits, or mixed financial instruments. In a statement to the Egyptian Exchange, CIB clarified that…

The Central Bank of Egypt (CBE) has granted approval for Banque du Caire to increase its issued and paid-up capital by EGP 9bn, bringing it to EGP 19bn. Additionally, the bank’s Board of Directors has given the green light to Banque Misr’s request to enhance its shareholding in Banque du…

Suez Canal Bank announced that it has completed measuring the carbon emissions of about 70% of its financing portfolio for direct facilities, in cooperation with DCARBON and ESG. This step is considered a leading achievement in the Egyptian banking sector in the field of sustainability and sustainable financing, as it…