Month: August 2021

Abu Dhabi Commercial Bank – Egypt reports net profit rise of 83% in H1 2021

Bank continues expansion plans, emphasizes brand, and finalizes measures to raise capital: El Sewerky

Abu Dhabi Commercial Bank – Egypt (ADCB-Egypt) has delivered robust results during the first half (H1) of 2021, with net profit increasing by a staggering 83% to reach EGP 358m compared to H1 of 2020.

This positive performance reflects the bank’s successful business management and its efficiently executed growth strategies at this critical stage despite the pandemic effects.

It also proves the Egyptian economy’s resilience, as the country was one of the few emerging markets that maintained growth at a quick pace in spite of the immense impact of the pandemic.

Furthermore, ADCB-Egypt recorded a 22% growth in total assets to reach EGP 41.9bn as of the end of June 2021, up from 34.3bn recorded as of the end of December 2020.

Total loans and credit facilities also had a notable growth of 20% defined as EGP 19.8bn in H1 of 2021, a significant development from EGP 16.6bn recorded in December 2020. Customer deposits also rose by 20% to around EGP 34.9bn as of June 2021, relative to the EGP 29.1bn at the end of December 2020.

Egypt injects EGP 2.8bn into over 87k small, micro projects in H1 2021

Minister Nevin Gamea urges citizens to benefit from MSMEDA services to finance their new projects

Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) have injected EGP 2.8bn into 87,700 small and micro-projects in the first half (H1) of 2021, creating about 146,500 job opportunities, according to Nevine Gamea, Minister of Trade and Industry, and MSMEDA Executive Director.

She said that people in the age group of 30-40 years received up to 36% of that funding, and 43% of beneficiaries were in Upper Egypt.

Gamea stressed that the agency is constantly working in coordination with the various concerned authorities in the country to implement the directives of the political leadership by providing all aspects of support to the small enterprise sector to encourage citizens to engage in self-employment. This contributes to reducing imports, supports the national economy, and provides thousands of job opportunities.

Gamea called on citizens to benefit from the various services provided by MSMEDA to finance their new projects or expand their existing enterprises. They can also benefit from new facilities and advantages provided by the Enterprise Development Law, with regard to the procedures and steps for establishing a project, and to assist in the marketing of products, by allocating a percentage of government purchases for these projects and the simplified tax treatment, in addition to a large and diverse number of non-financial services provided by the agency, including training courses that qualify them to start these projects.

Ongoing cooperation portfolio bet. Egypt, China hits $1.8B

The ongoing portfolio of cooperation with China amounts to $1.8 billion, according to the Ministry of International Cooperation.

The Ministry clarified in a statement, Thursday that the cooperation is directed to the implementation of several development projects across various sectors such as health, agriculture, education, technical education, electricity, and many more.

Over the span of four years, 1,110 training programs were carried out with China, benefiting more than 4,000 governmental officials, in addition to 25 training programs in high-priority fields, benefiting 300 governmental cadres in the fields of health, agriculture, population, and water resources, it added.

This came during The Ministry’s announcement that 35 virtual training programs have been organized with the Chinese side, with the participation of 210 governmental cadres across sectors of transportation, maritime transport, health, education, space science, environment, industry, solidarity, agriculture, and electricity. This comes within the framework of the international partnerships the Minister of International Cooperation Rania A. Al-Mashat, holds with multilateral and bilateral development partners to bolster Egypt’s regional and global economic cooperation, and to enhance the investments in human capital.

Minister Al-Mashat stated that the Ministry of International Cooperation is keen on enhancing the exchange of expertise, knowledge and technical assistance, within the framework of its international partnerships with multilateral and bilateral development partners, supporting Egypt’s vision in building human capacity. Al-Mashat noted that virtual discussions were held with the Chinese side about the status of scholarships in light of the COVID-19 pandemic.

Egypt’s central bank issues LE 11B in T-bills Sunday

CAIRO – 15 August 2021: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 11 billion in treasury bills (T-bills) on Sunday, August 15

The T-bills were offered in two installments, with the first valued at LE 6 billion with a 91-day term, and the second worth LE 5 billion with a 273-day term.

Earlier, the Ministry of Finance announced the possibility of reducing the accepted quantities of bills and bonds bids on the public treasury, issued in local currency until the end of the current fiscal year.

For the current fiscal year, the budget deficit is estimated to record 6.6 percent of gross domestic product (GDP), planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.