Latest news with #NBE
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
NBE signs $50m agreement with Arab Fund to boost MSME financing
The National Bank of Egypt (NBE) has signed a $50m financing agreement with the Arab Fund for Economic and Social Development, marking the Fund's first partnership with Egypt's private sector. The agreement aims to support micro, small and medium enterprises (MSMEs) and enhance the NBE's ability to finance entrepreneurs and business owners, with a particular focus on fostering sustainable economic growth, job creation, and financial inclusion—especially in underserved areas. The agreement was signed by Mohamed El-Etreby, CEO of the National Bank of Egypt, and Bader Al-Saad, Director General and Chairperson of the Arab Fund. The financing—equivalent to approximately EGP 2.5bn—comes alongside an additional funding package of up to $400m arranged by the European Bank for Reconstruction and Development (EBRD), reflecting the international community's confidence in the National Bank of Egypt's developmental role. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, stated that from 2020 to mid-2025, the ministry has successfully secured over $15.6bn in concessional development finance for Egypt's private sector, through partnerships with regional and international financial institutions. This, she explained, reflects a clear national vision to empower the private sector as a cornerstone of sustainable development by broadening access to concessional finance and deepening cooperation with development finance institutions. She added that the new partnership with the Arab Fund signals a strategic move to channel greater development financing towards the private sector, in support of national priorities including job creation and women's economic empowerment. El-Etreby said the partnership marks a strategic milestone in the bank's efforts to support the Egyptian economy, bolstering the NBE's capacity to finance MSMEs and empower entrepreneurs in line with the Central Bank of Egypt's objectives and Egypt's Vision 2030 for sustainable development. He noted that the bank looks forward to expanding cooperation with Arab and international financial institutions to promote inclusive and sustainable development. The new funds will be channelled into projects across both urban and rural areas through the bank's nationwide network of nearly 700 branches and supported by a diverse package of programmes aimed at strengthening high value-added productive sectors that advance economic diversification. Bader Al-Saad highlighted that the agreement represents a new direction in the Arab Fund's strategy, marking an institutional pivot towards private sector financing after decades of focusing solely on the public sector. This shift, he explained, is designed to maximise development impact and deepen partnerships with local institutions capable of effectively deploying funds towards clear developmental objectives. He emphasised that the private sector is a critical engine of economic growth and job creation, particularly in large and promising economies such as Egypt's. This agreement with the National Bank of Egypt—one of the country's most trusted and widely represented banking institutions—underscores the Arab Fund's commitment to inclusive growth, women's empowerment, and expanding access to finance for small businesses.
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
NBE, Banque Misr report EGP 6bn capital gains from joint land sales, eye further EGP 1bn from upcoming auctions
Ahmed El-Saeed, Executive Head of Investments and Trust Funds at the National Bank of Egypt (NBE), announced that NBE and Banque Misr have realised capital gains of EGP 6bn from the sale of jointly owned land valued at EGP 8.6bn. The two banks are now preparing to offer nine additional plots through public auctions, aiming to generate an extra EGP 1bn in profits. El-Saeed added that the banks are close to signing several cooperation protocols with government entities to develop land plots worth EGP 2.1bn. This move aligns with the state's national plan to develop governorates and implement new urban and development projects. In a related context, El-Saeed noted that the National Bank of Egypt is also preparing to sell a portfolio of assets it holds independently, including land, tourism facilities, and residential and commercial units, with a total book value nearing EGP 156m. The bank targets capital gains of around EGP 428m from this sale. The Executive Head of Investments and Trust Funds further revealed that NBE is close to finalising new partnerships with major local institutions in three key sectors: pharmaceutical manufacturing, real estate development, and renewable energy, with negotiations now in advanced stages. He also pointed out that the bank is conducting detailed studies to participate in establishing a digital bank in cooperation with non-banking financial institutions. This initiative aims to advance digital transformation in the banking sector and deliver cutting-edge technological services that support financial inclusion, in accordance with Central Bank of Egypt regulations. El-Saeed added that the National Bank of Egypt's direct investment portfolio has now grown to EGP 51bn across 130 equity holdings. In addition, indirect investments managed through Al Ahly Capital Holding amount to EGP 8bn across 31 investments. He concluded by noting that the bank's total assets rose to EGP 7.394trn in September 2024, up from EGP 6.233trn in December 2023. The bank also achieved a net profit of EGP 118.367bn during the first nine months of the current fiscal year, compared to EGP 50.009bn in the same period last year.
The Hindu
5 days ago
- Health
- The Hindu
NEET-PG aspirants from Kerala in distress over allotment of exam centres in A.P., Telangana
Hundreds of NEET-PG aspirants in Kerala are distressed that they would end up travelling over a thousand km to write the NEET-PG entrance exam this year on August 3 as they have been allotted exam centres in far away places in Telangana and Andhra Pradesh. Every year, at least 20-24,000 students appear for the NEET-PG exam from Kerala. There are 13 exam centres in Kerala for the online exam. Usually, many students end up travelling to neighbouring Tamil Nadu to write the exam. However, this year, a good number of students from the State have got exam centres in Telengana and Andhra Pradesh, in cities they have not even heard of, raising their anxiety levels and leaving them stressed over the travel and lodging arrangements that they would have to make to appear for the exam on August 3. Students have now formed WhatsApp groups and made representation to the National Board of Examinations for Medical Sciences (NBEMS) through members of Parliament and the Indian Medical Association. Indian Medical Association Junior Doctors' Network (IMA JDN) has now escalated the issue and have written to the Union Health Minister, J.P. Nadda, that having to travel well over a thousand km to far-off States on the eve of a high-profile exam was posing logistical issues as well as causing much distress to students, especially those from economically weaker families. 'Unfair to students' The IMA JDN also pointed out that the fact that some students are able to appear for the exam in nearby cities while others are forced to spend money and time travelling to faraway places to write the same exam was unfair and liable to affect the mental well being of students. Originally scheduled for June 15, NBE had planned to conduct the NEET PG exam in two shifts, with two different question papers. This was challenged in the Supreme Court and with the apex court pointing out that the double shift could lead to unfairness and arbitrariness, NBE was made to conduct the exam in a single shift and the date was postponed to August 3 'When this happened, we had to go into the NBE's portal and give our option for the exam centre again. We get to give only one option for the exam centre, which is supposed to be allocated on a first-come-first-served basis. Three of us who gave Palakkad as our option were allotted Sathupally in Telengana. A couple of my friends were lucky to have got Ernakulam, though they had opted for Thrissur. We later found that hundreds of us have been allotted exam centres in Telengana and Andhra Pradesh. Sathupally, we now know is over 1,300 km away from Thiruvananthapuram and even by flight or by train, connectivity issues are huge,' points out Anjali Ravindran, a student of Sree Gokulam Medical College in Thiruvananthaouram and a NEET -PG aspirant. Unnecessary hassle 'If not the exam centre we opted for, any centre within our home State would have been manageable. This is an exam with such high stakes and instead of giving it all our focus, we are now stressing over our travel options, lodging arrangements and the money we will end up spending. There are also some NEET-PG aspirants, who are young mothers with babies and their plight is even more difficult,' says The IMA JDN, has in their appeal to Mr. Nadda, requested that the NBEMS be directed to reopen the exam centre portal for the affected candidates and allow them to select centres within their home State or the nearest possible location. Undue travel stress could affect the students' performance in such a high-profile exam, which is held only once a year 'The NBEMS has been conducting this exam for years and they should have a clear idea approximately how many students should be expected to write the exam from each State. They should plan ahead so that there are adequate exam centres in every State for the students,' Sreejith N Kumar, chairman, IMAJDN Standing Committee, said.
Zawya
6 days ago
- Business
- Zawya
Egypt: EGP keeps strengthening against USD on Tuesday
Arab Finance: The exchange rate between the US dollar and EGP hit EGP 49.02 for buying and EGP 49.12 for selling at the Commercial International Bank Egypt (CIB) and the National Bank of Egypt (NBE) on Tuesday. Meanwhile, the USD recorded EGP 49.01 for buying and EGP 49.11 for selling at Banque Misr. The US dollar traded at EGP 49.05 for purchasing and EGP 49.15 for selling at the United Bank. © 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 rates stable on Monday
Arab Finance: The US dollar traded at EGP 49.2 for purchasing and EGP 49.3 for selling at Banque Misr, the Commercial International Bank Egypt (CIB), and the National Bank of Egypt (NBE) on Monday. The exchange rate hit EGP 49.33 for buying and EGP 49.43 for selling at the Suez Canal Bank. Meanwhile, the dollar traded at EGP 49.20 for purchasing and EGP 49.30 for selling at the United Bank. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
