Tag: Egypt
Egyptian wealth fund partners with Etisalat Egypt to launch Erada Microfinance
The Sovereign Fund of Egypt (TSFE) has joined forces with Etisalat Egypt by e& to launch Erada Microfinance to provide access to a wide...
Egypt gets $925 million from foreign investors after currency devaluation
Egypt received over $925 million in foreign-exchange inflows since 11 January 2023 when the pound plunged by 16% to an all-time low of 32.1...
Eni, Chevron discover ‘significant’ offshore natural gas fields in Egypt
Italian energy giant Eni said Sunday that it had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean Sea.
Eni...
Egyptian pound plunges to record low against the US dollar
Egypt’s pound plunged further on Wednesday reaching a record low of 31.4 to the dollar as the North African country moved to a more...
Egypt’s inflation accelerates to 21.3% as currency rout deepens
Egypt’s annual urban consumer inflation accelerated to 21.3% year-on-year in December, the fastest in almost five years, as the North African country struggle with...
Egyptian authorities cancel letters of credit for importers. Here’s why
Egypt said Thursday that it had scrapped a requirement for importers to secure letters of credit as part of the government’s broader strategy to...
Egypt’s President Sisi banks to help clear import backlog within days
Egypt’s President Abdel-Fattah El-Sisi said Monday that banks will help secure the necessary dollars to clear a backlog of imports, which is estimated to...
Egypt secures $500 million from the World Bank to expand social security
The World Bank has approved $500 million in new development financing to expand and strengthen Egypt’s social safety net and protection programme as the...
Egypt’s central bank hikes key interest rates by 300 bps
Egypt hiked overnight interest rates by a more-than-expected 300 basis points (bps) on Thursday, the most since 2016, as part of the authorities’ broader...
UAE-based Fintech Galaxy expands into Egypt with the acquisition of Underlie
UAE-based Fintech Galaxy said Thursday that it has acquired Underlie, an Egyptian open banking platform that offers application programming interfaces (APIs) to banks and...