Banks, mortgage companies inject EGP 78.66bn into low-income initiative in November
Financial institutions participating in Egypt’s low-income mortgage finance initiative provided a total of EGP 78.66bn in funding to over 606,839 beneficiaries in November 2024. A report from the Social Housing Fund and Mortgage Finance Fund revealed that 22 banks contributed
MSMEDA partners with banks to offer Islamic financing for small enterprises: CEO
Basel Rahmy, CEO of Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), announced Monday that the agency partnered with several banks to provide Islamic financing solutions for small enterprises. These banks include Faisal Islamic Bank of Egypt, United Bank,
Multilateral banks laud Egypt’s Climate Finance Platform at COP29
Twelve multilateral development banks issued a joint statement at COP29 in Azerbaijan praising Egypt’s Nexus of Water, Food, and Energy (NWFE) program as a model for mobilising climate finance. The statement, titled “Country Platforms for Climate Action: MDB Statement of
Kredit secures EGP 875m in facilities from 9 banks, financial institutions
Kredit, a subsidiary of GB Capital for project financing, announced it has secured EGP 875m in bank facilities from nine local and international banks and financial institutions, including the National Bank of Egypt, Banque du Caire, Al Baraka Bank, Egyptian
Egyptian government plans to borrow EGP 1.293trn from domestic market
The Egyptian government plans to borrow EGP 1.293trn from the domestic market during November and December 2024, according to figures obtained by Daily News Egypt. The government intends to use the borrowed funds to repay previous debt instruments and finance
CBE withdraws EGP 1.24trn from 24 banks in open market operation at 27.75%
The Central Bank of Egypt (CBE) withdrew EGP 1.24tn from 24 banks in open market operations last week, at an interest rate of 27.75%. This action follows the CBE’s recent decision to amend its bid acceptance policies. CBE issued new
Banks, companies offer EGP 73.09bn under ‘Affordable Housing Initiative’ until August – Dailynewsegypt
Banks and mortgage companies participating in the Affordable Housing Initiative have provided financing worth EGP 73.09bn to more than 583,700 clients until August 2024. According to a report from the Social Housing and Mortgage Finance Support Fund, 22 participating banks
Egypt’s economy shows signs of recovery despite challenges: IMF – Dailynewsegypt
Egypt’s economy is showing signs of recovery following a difficult period marked by weak economic activity and foreign exchange shortages, according to a recent report by the International Monetary Fund (IMF). While growth slowed to an average of 2.5 percent
Financial position of banks operating in Egypt surges to EGP 17.8trn in Q1 2024: CBE
The Central Bank of Egypt (CBE) recently disclosed a substantial increase in the aggregate financial position of banks operating within the local market (excluding the CBE itself). As of March 2024, this position reached EGP 17.896trn, compared to EGP 14.2trn