Month: August 2024

Amr Abdel Wahab, chairperson and managing director of the Egyptian Countryside Development Company, signed an investment contract with Al Magd Group for a 29,000-feddan area. This project, located in South Safola, west Minya, will include an integrated agricultural-industrial complex focusing on large-scale cultivation of oil crops like sunflower and soybeans…

Egyptian Prime Minister Mostafa Madbouly met with Minister of Culture Ahmed Hanno on Saturday to discuss a proposed vision for enhancing cultural investment in the country. The vision aims to leverage Egypt’s rich cultural heritage and creative industries to generate economic and social returns, contributing to sustainable development and human…

Egypt and South Africa have committed to deepening their partnership to promote regional development, particularly in Africa, according to a statement released following a meeting between Egypt’s Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and South Africa’s Minister of Finance and NDB Governor Enoch Godongwana. “Egypt is…

Minister of Electricity and Renewable Energy Mahmoud Esmat met with Mostafa El-Bagoury, CEO of Siemens Egypt, Stephan Mayr, CEO of Electrical Solutions and Automation at Siemens AG, Andreas Matthe, CEO of the Business Unit Electrical Products at Siemens AG, and their delegation. Deputy Minister Sabah Mashaly also attended the meeting.…

The Central Bank of Egypt (CBE) announced that the net foreign assets (NFA) of the Egyptian banking sector achieved a surplus of $13.25bn (EGP 644.764bn) in July 2024. This marks an increase from the previous month’s surplus of $13.02bn (EGP 626.6bn) in June. The NFA indicator reflects the difference between…

Egypt, a new member of the BRICS group, highlighted the importance of inclusive growth, South-South cooperation, and multilateral partnerships in achieving sustainable development at the 9th annual meeting of the New Development Bank (NDB) Board of Governors in Cape Town, South Africa. Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development,…

ADCB Egypt announced its financial results for the first half of 2024, reporting a remarkable 162% increase in net profits at EGP 2.138bn compared to the same period last year. This growth was accompanied by a 17% rise in total assets, reaching EGP 115bn. The bank’s loan portfolios and financing…

The Central Bank of Egypt (CBE) has announced a net profit of EGP 22.834bn in June 2024, marking a significant turnaround from the EGP 86.283bn loss recorded in June 2023. This achievement represents the first time the CBE has reported profitability in seven years. The CBE has ceased supporting interest…

Banque du Caire has reported a remarkable 120% increase in net profits, reaching EGP 5.7 billion in the first half of the 2024 fiscal year, compared to EGP 2.6bn during the same period in 2023. Pre-tax profits also surged to EGP 8.3 billion, up from EGP 4.4bn, marking an 88%…

The United Nations Capital Development Fund (UNCDF)-based “Better Than Cash Alliance” programme, comprising over 80 members from various organizations and governments, has highlighted Egypt’s efforts, represented by the Central Bank of Egypt (CBE), to promote the financial inclusion of Persons with Disabilities (PWDs). The Alliance published a blog titled “Egypt’s…