Egypt wants World Bank, IMF to include informal sector in GDP

Cairo: Egypt's central bank wants the World Bank and International Monetary Fund to include the country's informal sector in their gross domestic product figures and other macro-indicators for Egypt, the bank's deputy governor Gamal Negm said on Wednesday.

'We"...

Sharjah Finance Department Cooperate With Sharjah Islamic Bank to Facilitate Payment Services

Sharjah Finance Department signed yesterday on Monday, an agreement with Sharjah Islamic Bank to cooperate in banking services to be provided to clients of both sides, in the context of Making the payment service easer to the clients and enabling them to pay service charges and Government"...

Egypt, World Bank sign $1B financing program

CAIRO – 9 December 2018: Egypt and the World Bank signed on Dec. 9 a $ 1 billion financing program to support the next phase of the Egyptian reform program.
The next phase of the Egyptian reform program will focus on creating opportunities for Egyptians and raising their living"...

Banks’ profits score EGP 48.499bn until September 2018

Banks operating in the Egyptian market achieved a net profit of EGP 48.499bn at the end of September 2018, according to the Central Bank of Egypt (CBE).

In a recent report, the CBE stated that the top five banks"...

Egypt central bank affirms inflation outlook at 13% in Q4

Cairo: Egypt’s central bank on Tuesday affirmed its inflation forecast of 13 percent in the fourth quarter of the year after the temporary effect of fiscal supply shocks dissipates.

“As the recently"...

EBRD provides $50M trade facility to Arab International African Bank

CAIRO – 4 December 2018: The European Bank for Reconstruction and Development (EBRD) announced enhancing its support for Egyptian exporters and importers with a $ 50 million trade facility to the Arab African International Bank (AAIB) Egypt.

“AAIB is the fifth-largest"...

Egypt, World Bank seek cooperation in solid waste recycling

Cairo: Egypt's Ministry of Environment organised Wednesday a roundtable meeting on cooperation between the Egyptian government and the World Bank (WB) in the sector of recycling solid waste.

The meeting was"...

United Bank ends tax disputes of EGP 100m

The United Bank has managed to end all its tax disputes of EGP 100m with the Egyptian Tax Authority (ETA), closing about 43 files and 56 cases in courts.

Recently, the bank joined the protocol held between the"...

Credit facilities granted by banks to clients increase by EGP 28.2bn in Q3 2018

The volume of credit facilities provided by banks operating in the local market to their clients during the period from July to September this year increased by EGP 28.2bn, reaching EGP 1.65tn, according to the Central Bank of Egypt (CBE).

Credit"...

CBE issues LE 1.2B in T-bonds

CAIRO – 26 November 2018: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued LE 1.2 billion ($67.16 million) in treasury bonds on Monday, Nov. 26.

The T-bonds were offered in two installments, with the first valued at LE 750 million with a three-year"...