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Banking / Investment in Egypt

  • Africa's last international banks make their stand

    BOTSWANA, 2017/10/31 On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The transaction reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. Additional symbolically, it brought to an end Barclays’ operations on the continent next additional than 100 years. The rise of Africa’s home-grown financial players has led most international lenders to withdraw from the continent. However, Société Générale and Standard Chartered are not only staying put but marking territory for digital expansion. James King reports.
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • Saudi billionaire to invest $800 million in Egypt tourism

    EGYPT, 2017/09/02 Saudi Arabian billionaire Prince Alwaleed bin Talal is to invest additional than $800 million in hotels in Egypt, the investment ministry in Cairo said on Monday. The announcement came next parliament in May adopted a new law aimed at attracting foreign investment as the authorities seek to reinvigorate the North African country's struggling economy.
  • Egypt's EFG HERMES to invest $21.5 mln in asset manager FIM

    EGYPT, 2017/07/18 EFG Hermes UAE Limited, owned by Egyptian investment bank EFG Hermes, is to invest $21.5 million in Frontier Investment Management Partners LTD (FIM) as part of plans to expand its investment management business, the bank said on Tuesday. FIM is one of the region's leading investment managers with $1.6 billion of assets under management. Once the transaction is completed EFG Hermes will have $4.5 billion of assets under management, the bank said.
  • Citi shows appetite for Egypt remains healthy

    EGYPT, 2017/05/07 Political unrest, high public deficit and a drop in tourism have hit Egypt’s fortunes in recent years. But as a successful $4bn deficit-raising transaction has shown, investor appetite is recovering. Edward Russell-Walling spoke to the team from joint lead manager Citi. Emerging market exposure may have been sold off next last year’s US presidential election, but it was not long before those markets were back in favour. That was vividly illustrated by the success this year of a $4bn triple-tranche international bond offering from the Arab Republic of Egypt. Citi was a joint lead manager on the transaction.
  • CBE provides 10-year interest-free loan worth EGP 31bn to 3 major banks

    EGYPT, 2016/08/25 The Central Bank of Egypt (CBE) on Wednesday provided an interest-free loan to three major banks, inclunding the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire. The loan is worth EGP 31bn and will last for a 10-year period, according to a source that preferred to remain anonymous. The source said that the loan aims to support the capital base of the banks, and to adjust their capital adequacy rates in accordance with international rates, led by the Basel II Framework.
  • SME financing ramps up in Egypt

    EGYPT, 2016/07/08 In a bid to help improve inclusive growth and employment, Egypt’s central bank has taken aggressive steps to help expand commercial lending to the country’s SMEs. Small and medium-sized enterprises (SMEs) are already a mainstay of the Egyptian economy, accounting for 80% of GDP and employing a majority of the country’s workforce. New targets In January the Central Bank of Egypt (CBE) announced that credit to SMEs must account for at least 20% of any commercial bank’s loan book by 2020. This stimulus package could amount to an injection of $25bn, according to figures from Wamda Research Lab (WRL), an organisation focusing on entrepreneurship in MENA.
  • Egypt's micro-credit NGO lifting women out of poverty

    EGYPT, 2016/07/04 Low gain earning women are generally considered risky in the banking industry. That means they cannot borrow and as a result have no credit history. That’s as well the story of Egyptian women who though have small businesses supporting their families, cannot raise credit to expand. Sabah, owns a small business and has experienced the difficulty in doing business with traditional banks.
  • Sweeping reforms put Egypt back on the investment map

    EGYPT, 2016/01/16 Reforms undertaken by President El Sisi’s government have restored Egypt’s position as a world-class investment destination Over the completed 18 months, President Abdel Fattah El Sisi has embarked on a bold reforms programme designed to revitalise the country’s economy. Presently, with over £130billion of new deals secured at the initial Egypt Economic Development Conference(EEDC), it seems that Mr El Sisi’s reforms are starting to take result. Inclunding reforming a notoriously bureaucratic and cumbersome economic system, the government has been doing all it can to attract foreign investors – acutely aware that it needs foreign capital to tackle its deficit and deficit. The new investment law presented a few months ago – just prior to the EEDC – goes a long way towards achieving this.
  • Cairo, Riyadh to sign 12 investment deals on Jan. 5

    EGYPT, 2016/01/02 Egypt and Saudi Arabia will sign 12 memorandums for Saudi investments in Cairo as a joint committee by both nations convenes in Riyadh on January 5, according to an Egyptian government official. The committee’s conference will be chaired by Egypt’s Prime Minister Sherif Ismail and Saudi Deputy Crown Prince Mohamed bin Salman along with a number of ministers from both governments.