Tag: Egypt
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...
IMF reportedly expects Egypt to switch to flexible exchange end of December
The International Monetary Fund (IMF) is expecting Egyptian authorities to switch to a flexible exchange rate after a requirement to finance imports through letters...
IMF executive board approves $3 billion Egypt extended arrangement
The International Monetary Fund (IMF) said Saturday that its executive board has approved a 46-month $3 billion financial support package for Egypt which is...
Egypt’s headline inflation jumps to five-year high in November
Egypt’s annual urban consumer inflation soared to a five-year high of 18.7% in November, data from state-run statistics agency CAPMAS showed Thursday, as the...
NBK—Egypt’s 9M2022 net profits surges by 22.55% to EGP 1.29 billion on corporate credit...
National Bank of Kuwait—Egypt (NBK) has reported a net profit of EGP 1.29 billion for the first nine months of 2020, a 22.55% year-on-year...
Egyptian startup Grinta raises $8 million in seed funding to strengthen technology platform
Egyptian startup Grinta said Monday that it raised $8 million in seed funding led by Raed Ventures and Nclude as the company seeks to...
Egypt’s inflation accelerates to 16.2% in October on soaring food costs
The latest data from Egypt’s CAPMAS showed that annual urban inflation accelerated to a four-year high of 16.2% in October and economists expect it...
Intesa Sanpaolo, ALEXBANK to host agribusiness and climate change panel at COP27
Intesa Sanpaolo Group and its Egyptian subsidiary, the Bank of Alexandria (ALEXBANK) will host a panel on tackling the competitive dynamics for agribusiness and...