Latest news with #AhramGate
Zawya
2 days ago
- Business
- Zawya
Egypt: CBE directs banks to back exporters in meeting international sustainability standards
Arab Finance: The Central Bank of Egypt (CBE) has directed banks to provide the necessary support to their exporting clients to help them comply with international sustainability standards throughout the production stages of their export goods, Ahram Gate reported. These standards include the carbon adjustment mechanisms, under which carbon emissions caused by production processes align with the measures set by the European Union and the UK. They are intended to facilitate access for Egyptian goods to international markets. This move is a part of the CBE's ongoing efforts to promote sustainable finance and align with global developments in combating climate change. Under the new directives, banks are required to submit to the CBE a list of their exporting clients. This step aims to proactively strengthen banking sector stability and minimize potential risks that may arise from the implementation of carbon border adjustment mechanisms in European and UK markets. It also supports exporters to turn to environmentally-compliant exports with international standards. This boosts export rates to various markets in line with the state's plans to achieve sustainable economic development. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
01-07-2025
- Business
- Zawya
Egypt's parliament greenlights additional $1.7bln FY2024/25 budget allocation
Arab Finance: The Egyptian House of Representatives has given its final approval to an additional appropriation of EGP 85 billion for the fiscal year (FY) 2024/2025 budget, as reported by Ahram Gate. The additional allocation comes in light of the urgent economic and financial changes during the current fiscal year. The move aims to address the impact of a weaker Egyptian pound, which has depreciated to EGP 49.65 against the US dollar. This exchange rate is compared to the originally assumed rate of EGP 45 under the approved budget. The extra funding also takes into account higher-than-expected interest rates, which have pushed the average cost of borrowing on government debt instruments above the planned 25%. As a result, additional interest expenses of EGP 57.1 billion have risen. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
