First Independent Mena Newspaper
Negotiations have begun between E-Finance, an electronic payment company, and several other Egyptian banks for the availability of Automated Clearing House (ACH) services in their institutions. The ACH are believed to boost bank transactions. The banks involved are Blom Bank Egypt, Crédit Agricole Egypt, Arab Bank, National Société Générale Bank, Arab Banking Corporation and Commercial […]
Tunisia is mingled in chaos and that are fears that it might continue for a long period. Its economy and finance are hardly affected by the current situation. The European Investment Bank (EIB) has shown its intention to help the small and medium sized enterprises in the country. In a statement by Jamel, the chief […]
Moody, a Credit-ratings agency has downgraded Egypt’s government bond ratings by one notch from B2 to B3, citing the intensification of civil unrest and sliding foreign exchange reserves. It also added that it is maintaining the rating on review for further possible downgrade. According to the agency, the reason behind the decision “is the country’s […]
International Finance Corporation (IFC), a member of the World Bank Group, has announced $6 million investment in Fawry, Egypt’s leading electronic payment provider, in an effort to promote financial services and encourage economic development across the country. IFC’s investment will help Fawry embark on expanding its network of payment terminals across the country to make […]
The International Monetary Fund Executive Board has reaffirmed Morocco’s continued qualification to access the Precautionary Liquidity Line (PLL) resources as approved in August 2012. The IMF made the decision after it completed the first review of Morocco’s performance under the economic program supported by the two-year PLL arrangement and after concluding the 2012 Article IV […]
In what seems to be a desperate call due to the continuous deteriorating economic situation in his country, Egypt’s president Mohamed Morsi has launched a “Save in Egypt” campaign while paying a short visit to Germany. The campaign is mainly targeting Egyptian expatriates who are called to support their native country’s economy by depositing part […]
Criticism has started coming from Egyptian big companies which complain that they are being neglected by the government. They blame the government for undermining their role and for harming the economy at large. A new cast of Islamists has emerged at the lead of business despite promises of a “Renaissance Project” by the government. Nassef […]
Egypt was pinning great hopes on the International Monetary Fund (IMF) promised loan to boost its economy, stabilize the country and attract investors and tourists anew. The country is in dire need of this loan also to inject cash in the state’s reserves as foreign currency reserve can barely cover 3 months of imports and […]
Kanosak Capital Venture Corporation has announced that it has acquired 90 percent interest in ‘’la Société Mauritanienne d’Exploration’’ (“SEM”) from Wafa Mining and Petroleum S.A., a Mauritanian company. In exchange for the acquisition, Kanosak, a Canada-based capital pool company, issued 100,000 common shares and paid US$100,000 in cash. Additional contingent consideration of common shares and […]
Egypt might be taking a new approach towards small and medium-sized enterprises (SMEs) in the economic sector after a report was submitted to the National Bank of Egypt (NBE). The report which was overseen by the deputy head of the small and medium-sized enterprises division, Saad Mohyeldeen, has proposed 10 suggestions. The most significant among […]