First Independent Mena Newspaper
Kenzz, an Egyptian e-commerce platform bringing shopping to the mass market, has grabbed $3.5 million in seed funding to be used to grow product categories and hire talent, Tech Crunch reports. The round was led by U.S.-based and MENA-focused venture capital firm Outliers Venture Capital and investors include HOF Capital, Foundation Ventures, and Samurai Incubate. […]
Cairo-based fintech startup, Telda, has landed $20 million in seeding funding from several investors including Jack Dorsey, former Twitter Chief Executive Officer, Bloomberg reports. The seed fund will serve the expansion into new markets. Telda also plans to use the money to build its product offering. “In Egypt dealing with money is still a complicated […]
Moldova is considering establishing an embassy in Egypt over the coming period as part of efforts to strengthen ties with the Arab country, the Deputy PM and Minister of Foreign Affairs of the European country has revealed. Nico Popescu made the announcement Tuesday as he met with Egypt’s Prime Minister Mustafa Madbouli. The two officials […]
On the eve of the Arab Summit to be hosted by Algiers, President Abdel Fattah El-Sisi has sent a strong message to the Algerian rulers reminding them of the need to preserve Arab Countries’ territorial integrity and stop dealing with armed militias, an allusion to the polisario that is supported, armed and financed by the […]
The International Monetary Fund (IMF) is calling on Egypt to cancel all low-interest lending initiatives including loans for small- and medium-sized enterprises (SMEs) and businesses operating in the tourism and mortgage sectors, three government sources who asked not be named told Al-Sharq business. The Washington-based institution told the central bank to cancel all low-interest initiatives, […]
Egypt’s President Abdelfattah al-Sisi has named Hassan Abdallah as acting governor of the central bank of the country after the former chief resigned Wednesday. Abdallah until the appointment Thursday was Chairman of the Board of Members of the United Media Services Group (UMS). The 62-year old man replaces Tarek Amer who resigned Wednesday but was […]
President Abdelfattah al-Sisi has named Tarek Amer as presidential adviser after the latter resigned from his job that he was supposed to hold for another year. Local media Gate Ahram has revealed that al-Sisi accepted his resignation as Governor of the central bank and appointed him as close aide. Amer submitted his resignation to the […]
Egypt’s central bank governor, Tareq Amer, resigned on Wednesday amid the country’s ongoing economic crisis and the Egyptian President accepted his resignation, according to several press reports. Amer had been at the helm of the central bank since 2015, and was due to hold the position for another year. The resignation comes amidst a severe […]
The Central Bank of Egypt, (CBE) collected around $5.2 billion (EGP 100 billion from local banks in the weekly open market operations (OMO) as the North African country turns to local, regional and international banks for loans to address growing economic pressures. The CBE data indicate that the funds were raised at a fixed rate […]
Egypt is considering taking a loan estimated at around $2.5 billion from regional and international lenders to tackle growing economic pressures, reports say. The government, Bloomberg has revealed citing sources familiar with the matter, is negotiating with regional and international banks over the details of the financing. The talks, the unnamed sources told the US […]