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Moody’s upgrades five Egyptian banks, outlook changed to stable

Moody’s Investors Service (Moody’s) upgraded on Tuesday, the long-term local-currency deposit ratings of the National Bank of Egypt SAE (NBE), Banque Misr SAE (BM), and Banque Du Caire SAE (BdC) and the Commercial International Bank (Egypt) SAE (CIB) to B2 from B3, and their long-term foreign currency deposit ratings to B3 from Caa1. Furthermore, the …

Daily News Egypt

Egypt, Somalia seek bilateral cooperation

Egypt’s Prime Minister, Moustafa Madbouly, met on Sunday Somalia’s Minister of Foreign Affairs and International Cooperation, Ahmed Isse Awad, in order to discuss bilateral cooperation in the fields of development and security. According to a statement from the cabinet, Madbouly stated during the meeting that has Egypt has for a long time supported the Somalian …

Daily News Egypt

Moody’s upgrades Egypt’s ratings to B2

Moody’s, credit rating agency, upgraded Egypt’s rating to B2 from B3 and changed the country’s outlook to stable from positive. Finance Minister Mohamed Moeit said that Moody’s decision to raise the credit rating of Egypt to B2 while maintaining a “stable outlook” is a new certificate from the world’s leading rating agency for the success of …

Shaimaa Al-Aees

Trade exchange between Egypt, Greece records €1.8bn in 2018

The trade exchange between Egypt and Greece increased in 2018 by 37.5%, reaching €1.8bn, compared to €1.3bn in 2017, the Minister of Trade and Industry of Egypt, Amr Nassar, stated on Wednesday. He continued that Egypt’s exports to Greece increased by 15.3% over the past year, reaching €640m, up from €555m in 2017. His remarks …

Daily News Egypt

Bank Audi plans to open nine new branches in Egypt

Bank Audi plans to expand its footprint in Egypt in 2019. As part of Audi’s nationwide branch expansion plan, nine new branches will be inaugurated in strategic locations mostly outside Greater Cairo to cover more governorates and to reach more diversified segments of customers. Driven by uncompromising mission to offer the best banking services and …

Daily News Egypt

Russia, Egypt sign agreement on uranium supply to 2nd research reactor in Inshas

Russian state nuclear corporation Rosatom’s subsidiary TVEL has signed with the Egyptian Atomic Energy Authority (EAEA) a contract to supply the ETRR-2 research reactor in Egypt with uranium components for low-enriched nuclear fuel produced by the Novosibirsk Chemical Concentrates Plant. The ETRR-2 is used at the National Center for Atomic Research in Inshas city in …

Mohamed Farag

Egypt supports will of Sudanese people after overthrow of Al-Bashir

Egypt supports the Sudanese people’s choices in building the future of their country, the foreign ministry said in a statement on Thursday. This came after President Omar Al-Bashir, who has been in power for 30 years, was overthrown by the armed forces following months of protests. “Egypt is following closely and with great concern the …

Daily News Egypt

Egypt’s economic growth to record 5.5% in 2019: IMF

Washington, DC – Egyptian economy will grow by 5.5% this year, the International Monetary Fund (IMF) said in its World Economic Outlook (WEO) April 2019, unchanged from its expectations in October 2018. Further, the IMF expected that the country’s economic growth will reach 5.9% in 2020. However, Egypt’s economic growth forecast was estimated at 6% in …

Shaimaa Al-Aees

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Egypt’s last days of mandarin season

As winter bids farewell to Egypt, leaving the space to spring, the Egyptians let go of one of their most favourite winter fruits, which is mandarin. The orange-lookalike fruit is considered one of the closest fruits to Egyptians’ hearts which almost all people anticipate its arrival. Cultivated locally, mandarin is considered one of the top …

Daily News Egypt

Egypt-US trade exchange, economic cooperation prospects versus challenges

Possibility of free trade agreement between Egypt, US was one of the most prominent files receiving support from Egyptian business community, says Mohanna Egypt’s trade exchange with the United States rose to $7.54bn in 2018, according to latest US Census Bureau data, marking 34.16% increase compared to 2017. In 2018, Egypt’s exports increased by 26.93%, …

Daily News Egypt