Latest news with #BanqueMisr
Zawya
14 hours ago
- Business
- Zawya
USD continues to slip against EGP at Egyptian banks on Tuesday
Arab Finance: The US dollar traded at EGP 49.41 for buying and EGP 49.51 for selling at Banque Misr, the National Bank of Egypt (NBE), and the Commercial International Bank Egypt (CIB) on Tuesday. The exchange rate stood at EGP 49.45 for buying and EGP 49.55 for selling at the Suez Canal Bank. At both the United Bank and Al Baraka Bank Egypt, the USD recorded EGP 49.40 for purchasing and EGP 49.50 for selling. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Mid East Info
a day ago
- Business
- Mid East Info
Addleshaw Goddard advises on $80m financing deal for Orange Egypt
International law firm Addleshaw Goddard has successfully advised Banque Misr and the European Bank for Reconstruction and Development (EBRD) on an $80 million syndicated loan extended to Orange Egypt, a leading telecommunications operator in Egypt. The transaction marks a significant development in the country's telecommunications sector, as the financing will enable Orange Egypt to strengthen its infrastructure and acquire a 5G mobile operating license. This upgrade is expected to enhance mobile network efficiency by delivering faster data speeds and reducing network response times, benefiting consumers and businesses across Egypt. The financing consists of two tranches, with Banque Misr and EBRD each contributing 50% of the total amount. Both banks played vital roles in the transaction, demonstrating confidence in Egypt's growing digital economy and its alignment with sustainable development goals. By supporting Orange Egypt's 5G deployment, the financing highlights the broader significance of this initiative, as 5G technology is more energy-efficient than previous generations, contributing positively to efforts to reduce the carbon footprint of telecommunications infrastructure in Egypt. Sandeep Puri, Partner and Head of UAE Banking and Finance at Addleshaw Goddard, commented, 'We are honoured to have supported Banque Misr and EBRD in facilitating this financing for Orange Egypt's 5G rollout. The project not only reflects an important leap in the country's technological infrastructure but also aligns with sustainability measures for a cleaner future.' The Addleshaw Goddard team advising on the transaction was led by Sandeep Puri, supported by associate Maral Nafar. This transaction cements Addleshaw Goddard's reputation for providing comprehensive advisory services on high-impact deals across the MENA region, particularly in the telecommunications and banking sectors. About Addleshaw Goddard: Addleshaw Goddard is a global law firm with 2,800+ partners and employees across our 19 offices spanning key commercial centres around the world. Six in the UK – London, Leeds, Manchester, Edinburgh, Glasgow, Aberdeen; eight in Europe – four in Germany and one in Ireland, France, Luxembourg and Spain; a further four in the GCC – Doha, Dubai, Muscat, and Riyadh; and one in Asia – Singapore. We have over 350 Partners and nearly 2,000 lawyers and fee-earners worldwide. In the Middle East we have more than 20 partners and close to 100 other fee earners.
Al-Ahram Weekly
2 days ago
- Business
- Al-Ahram Weekly
Egypt to pay half of exporters' arrears in August, EGP 25 bln allocated - Economy
Egypt's government will begin repaying overdue debts to exporters in August, starting with a cash payout covering half of what is owed for shipments made before the end of June 2024. The Ministry of Finance announced on Monday that around EGP 25 billion will be disbursed to approximately 2,400 companies, with the first instalment scheduled for 7 August. Payments will be made through four participating banks: the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. The funds are part of a broader payment plan under the FY2025/26 budget, which allocates EGP 44.5 billion out of a total of EGP 78.1 billion set aside for supporting exports and industry—to clear arrears. Finance Minister Ahmed Kouchouk said the move aims to provide exporters with urgently needed liquidity. 'We are committed to providing the liquidity exporters need to sustain and expand their production and export activities,' he said, framing the initiative as part of the government's push for private-sector-led growth. The remaining 50 percent of the arrears will be settled through a clearing mechanism, allowing companies to offset what the state owes them against debts they owe to government bodies, including the tax and customs authorities, the Social Insurance Authority, and utility providers such as electricity and gas companies. Nevin Mansour, advisor to the finance minister, stated that the dual-track system of partial cash payments and clearing will alleviate pressure on exporters while also enhancing fiscal coordination across public agencies. She noted that the government has already paid more than EGP 70 billion to 2,800 exporters since 2019 through earlier support programmes. The decision comes as Egypt faces ongoing economic headwinds and negotiations with the International Monetary Fund (IMF), with the government under pressure to contain spending while encouraging foreign currency inflows. Officials say the arrears settlement should help boost exports and ease balance of payments constraints, though delays in previous programmes have left some exporters cautious about the timeline. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
3 days ago
- Business
- Zawya
USD exchange rates below EGP 50-mark at Egyptian banks on Sunday
Arab Finance: The exchange rate of the US dollar to the Egyptian pound retreated on Sunday. At the Suez Canal Bank, the dollar recorded EGP 49.65 for buying and EGP 50.75 for selling by 3:53 pm. The US dollar traded at EGP 49.64 for buying and EGP 49.74 for selling at the Commercial International Bank Egypt (CIB), Banque Misr, and the National Bank of Egypt (NBE). The exchange rate hit EGP 49.63 for buying and EGP 49.73 for selling at Al Baraka Bank Egypt. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
7 days ago
- Business
- Zawya
Egypt: USD/EGP exchange slightly down on Wednesday
Arab Finance: The exchange rate of the US dollar to Egyptian pound edged down on Wednesday, with the US dollar trading at EGP 49.87 for buying and EGP 49.97 for selling at the Commercial International Bank Egypt (CIB). The exchange rate hit EGP 49.87 for purchasing and EGP 49.97 for selling at Banque Misr, and it recorded EGP 49.85 for buying and EGP 49.95 for selling at the National Bank of Egypt (NBE). The USD recorded EGP 49.95 for buying and EGP 50.50 for selling at the Suez Canal Bank. At both the United Bank and Faisal Islamic Bank of Egypt, the exchange rate stood at EGP 49.85 for purchasing and EGP 49.95 for selling. The US dollar recorded EGP 49.85 for buying and EGP 49.95 for selling at Al Baraka Bank Egypt. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
