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EGPC negotiates with 5 banks for EGP 4bn loans

The Egyptian General Petroleum Corporation (EGPC) has started negotiations with five local and Arab banks to obtain EGP 4bn in loans to purchase and supply petroleum products. Sources from the EGPC told Daily News Egypt that the banks are Banque Misr, the National Bank of Egypt (NBE), National Bank of Kuwait (NBK), Al Ahli Bank …

Mohamed Farag

Banks’ investments in T-bills increase to EGP 680.4bn at end-2017

Banks operating in the Egyptian market raised their investments by EGP 43.64bn in government treasury bills (T-bills) during December 2017 to reach EGP 680.406bn compared to EGP 636.766bn at the end of November 2017. According to a recent report by the Central Bank of Egypt (CBE), the volume of outstanding balances from treasury bonds in …

Daily News Egypt

Moody’s AFP

Moody’s ranks Egypt’s 1st movable collateral registry as credit positive for banks

Moody’s Investors Service announced on Sunday that Egypt’s first movable collateral registry, which was launched by the Financial Regulatory Authority last Sunday, is credit positive for Egyptian banks. The newly launched collateral registry will inform banks’ credit decisions and improve their ability to secure movable collateral, such as a borrowers’ machinery, inventory, patents, and crops, …

Mohamed Samir

Banks financed foreign trade operations worth $70.8bn from pound floatation to 14 December 2017: CBE

The total volume of foreign trade operations implemented by banks working in the local market, during the period extending from 3 November 2016 until 14 December 2017, reached $70.8bn, according to the Central Bank of Egypt (CBE). Importation operations financed by the banks since floatation up until now included basic and non-basic commodities. Production materials …

Hossam Mounir

Private sector loans from banks amounted to EGP 1.058tn

The volume of loans obtained by the private sector from banks increased by EGP 7bn in September 2017 to reach EGP 1.058tn compared to EGP 1.051tn in August 2017, according to the CBE. The bank explained that the total credit balances of banks operating in the Egyptian market rose during September by EGP 13bn to …

Daily News Egypt

Overall bank balance of payments surplus estimated at EGP 4.68tn

The overall balance of payments (BoP) surplus of banks operating in the Egyptian market amounted to EGP 4.688tn at the end of September 2017, compared to EGP 4.586tn at the end of August 2017, an increase of EGP 101.9bn, according to the Central Bank of Egypt (CBE). Banks increased their capital by EGP 9.4bn in …

Daily News Egypt

NREA negotiates with 5 banks to obtain EGP 1bn revolving loan

The New and Renewable Energy Authority (NREA) is currently in talks with five local banks to obtain a revolving loan worth EGP 1bn to finance solar power projects with capacities of less than 500 kW. Sources from the NREA said that it is negotiating with Banque Misr, the National Bank of Egypt (NBE), and the …

Mohamed Farag

5 banks agree with Go Bus to finance 30 buses

The tourism transport company Go Bus agreed with five banks this month to finance 50% of a deal to purchase 30 tourist vehicles, worth EGP 100m, to be received in April 2018. The five banks are the National Bank of Egypt (NBE), Banque Misr, Emirates NBD, Qatar National Bank (QNB), and the Commercial International Bank-Egypt …

Daily News Egypt

Volume of allocations in banks amounts to EGP 109.383bn

The volume of provisions made by banks to deal with bad and doubtful debts reached EGP 109.383bn at the end of August 2017, compared to EGP 110.218bn at the end of July 2017, a decline of about EGP 900m. At the same time, the volume of banks’ reserves in August declined by about EGP 3bn …

Daily News Egypt

Banks’ investments in T-bills reached EGP 549.96bn

Banks’ investments in treasury bills (T-bills) reached EGP 549.96bn by the end of September 2017, against EGP 522.35bn in August 2017, up by EGP 27.6bn. Public sector banks’ investments in T-bills reached EGP 269.938bn, while private banks’ investments reached EGP 247.358bn. Meanwhile, specialized banks’ investments reached EGP 11.138bn, and foreign banks operating in Egypt invested …

Daily News Egypt

17 banks involved in financing limited and middle-income housing

“There are 17 banks and three companies participating in the CBE’s initiative to finance [housing for] limited and medium-income [people]. There are negotiations to enter two new banks and another company within the initiative in the coming period,” said Mai Abdel Hamid, head of the MFF. She explained that the number of beneficiaries of this …

Daily News Egypt

Small construction companies demand banks to support them

The small and medium-sized companies working in the construction sector demanded that the financing obstacles faced by these companies, especially the serious companies qualified to participate in the development plan adopted by the state, be canceled. According to Daker Abd Allah, a member of the board of directors of the Egyptian Federation For Construction & …

Hossam Mounir