Egypt Cuts Benchmark Rate for First Time in Nearly Year

Cairo: Egypt’s central bank unexpectedly cut the benchmark deposit rate by 100 basis points Thursday, its first such move in almost a year, as inflationary pressures ease and investor inflows recover from last year’s rout in emerging markets.

The"...

Egyptian banks increase their SME credit by EGP 136bn in 3 years

Egyptian banks increased their SMEs credit by EGP 136bn from end-2015 till end-2018, benefiting about 522,000 foundations, Gamal Negm, deputy governor of the Central Bank of Egypt (CBE), said on Tuesday.

The banking"...

Brilliance models’ assembling to start in Bavarian factories in early 2020

The negotiations and studies to assemble Chinese Brilliance in Egypt have started in 2014. Since then, everyone has been awaiting these models to be distributed locally. They are Chinese cars of a high quality and attainable prices for Egyptians, however, there have been several obstacles"...

Free Zones exports hit dlrs 2.170 bn in three months

Cairo: The Central Bank of Egypt (CBE) announced Monday that exports of the Free Zones reached dlrs 2.170 billion during the first quarter of fiscal year 2018/2019, compared with dlrs 1.572 billion during the same period last year, recording an increase of 38 percent.

Exports"...

EEHC agrees with EximBank to finance PSH project with $2.6bn

The Egyptian Electricity Holding Company has agreed with the Export-Import Bank of China (EximBank) Ito finance a 2,400MW pumped-storage hydroelectricity (PSH) project with $2.6bn loan.

A high-profile source in"...

Al-Ahli Bank of Kuwait – Egypt posts 62% increase in net profit for 2018

KUWAIT: Building on its strong performance since entering the Egyptian market, Al-Ahli Bank of Kuwait – Egypt (ABK-Egypt) yesterday reported a significant increase of 62 per cent in net profit for 2018. The result is a testament to ABK-Egypt’s effective growth strategy, as net"...

ABK-Egypt reports 62% increase in net profit for 2018

Cairo: Building on its strong performance since entering the Egyptian market, Al-Ahli Bank of Kuwait-Egypt (ABK-Egypt) reported earlier this week a significant increase of 62 percent in net profit for 2018, reaching EGP 537 million for the financial year 2018.
ABK-Egypt’s operating"...

Emirates NBD Egypt PMI falls in January to 48.5

The Emirates NBD Purchasing Managers’ Index (PMI) for Egypt’s non-oil private sector fell from 49.6 in December to 48.5 in January, the lowest level since December 2017.

There were nevertheless some"...

Kony Helps CFG Bank Deliver Digital-First Banking

(AETOS Wire)-- Kony, Inc., a leading provider of digital banking solutions, and CFG Bank, an innovator in retail commercial banking in Morocco, today announced their collaboration on CFG Bank’s digital banking application. With customers expecting a simple yet robust digital banking experience, CFG Bank has selected Kony to partner on its long-term digital transformation strategy built on the pillars of simplicity, transparency and sustainable customer relationships. Central to that strategy is CFG Bank’s dynamic app built on Kony’s digital banking platform, Kony DBX, which provides a more modern digital banking experience.......

Deutsche Bank sees potential rate cut in March

Cairo: The Central Bank of Egypt is likely to keep interest rates on hold throughout 1Q2019, but a “100 bps rate cut cannot be ruled out” in March, Deutsche Bank said in a research note out on Friday.

“Given"...