Tag: Egypt
Egypt’s MNT-Halan now valued at $1 billion after $400 million funding round
Egyptian fintech firm MNT-Halan said Wednesday it has raised $400 million in new equity and finance, valuing the microfinance lending and payments at more...
EFG Hermes’ valU, Sympl partner for short-term BNPL plans
Egyptian buy now pay later (BNPL) firm valU said Thursday that it has partnered with fintech firm Sympl to allow the its clients to...
Egypt inks $1.5 billion financing agreement with ITFC
Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund the country’s trading, including imports of...
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...