Latest news with #NationalBankofEgypt
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
National Veal Project secures EGP 9.7bn in funding for nearly 45k beneficiaries: Agriculture Minister
Alaa Farouk, Minister of Agriculture and Land Reclamation, announced that the Board of Directors of the National Veal Project has approved new funding worth EGP 149.8m to support 107 smallscale farmers and young graduates, covering a total of 2,140 heads of livestock. The Minister noted that this brings the total financing provided to the project so far to more than EGP 9.715bn, benefiting around 44,900 individuals. The funds have supported the rearing and fattening of over 520,000 heads of cattle, including calves for meat production and highyield dairy heifers, with the aim of increasing the availability of meat and dairy products in the local market. Farouk emphasised that the initiative aligns with the 'Decent Life' programme launched by President Abdel Fattah ElSisi, which seeks to develop rural communities and improve the living standards of smallscale farmers and breeders. He stressed the project's role in providing red meat at fair prices to consumers and producers alike, as well as in maintaining market price stability for livestock, red meat, and dairy products. To ensure proper implementation, specialised field committees have been formed from the Livestock and Poultry Development Sector and the General Authority for Veterinary Services, in coordination with agricultural and veterinary directorates across all governorates. These committees provide beneficiaries with technical, veterinary, and healthcare support and work to resolve any challenges encountered on the ground. Deputy Minister of Agriculture Mostafa ElSayyad highlighted that the Ministry, along with the Agricultural Bank of Egypt and the National Bank of Egypt, conducts onsite inspections to verify the suitability of breeding and shelter facilities before funding is approved. Once the livestock are distributed, they are insured through the Livestock Insurance Fund at discounted rates, enabling beneficiaries to access additional support services. Tarek Suleiman, Head of the Livestock and Poultry Development Sector, added that those wishing to join the Baladi Veal National Project can apply through their nearest agricultural department or any branch of the Agricultural Bank of Egypt or the National Bank of Egypt nationwide. Alternatively, they can directly contact the Livestock and Poultry Development Sector for guidance and support.
Zawya
7 days ago
- Business
- Zawya
Egypt: USD/EGP exchange slightly down on Tuesday
Arab Finance: The exchange rate between the US dollar and the Egyptian pound recorded EGP 49.36 for buying and EGP 49.46 for selling at the National Bank of Egypt (NBE) and Banque Misr on Tuesday. The US dollar traded at EGP 49.37 for purchasing and EGP 49.47 for selling at the Commercial International Bank Egypt (CIB). At the Suez Canal Bank, the USD registered EGP 49.40 for buying and EGP 49.50 for selling. Meanwhile, it declined EGP 49.35 for purchasing and EGP 49.45 for selling at the United Bank. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
02-07-2025
- 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. (
Al-Ahram Weekly
30-06-2025
- 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:
See - Sada Elbalad
29-06-2025
- Business
- See - Sada Elbalad
Dollar Slips Against Egyptian Pound Amid Diverging Bank Rates
Taarek Refaat In a notable move on Sunday, the exchange rate of the US dollar against the Egyptian pound witnessed a clear decline across several Egyptian banks, reflecting renewed shifts in foreign exchange market activity. Dollar Falls Across Major Banks The day saw a drop in dollar purchase prices at multiple prominent institutions, with key players such as the National Bank of Egypt (NBE), Crédit Agricole Egypt, First Abu Dhabi Bank, and the Arab International Bank reporting buying prices ranging between EGP 49.60 and EGP 49.64. These figures represent the lowest levels for the dollar today, indicating potential easing of demand or improved foreign currency availability. Notable Variations Highlight Market Spread Despite the downward trend, several banks maintained higher rates, pointing to ongoing variation in dollar liquidity and demand between institutions. The Export Development Bank of Egypt listed the dollar at EGP 49.83, while Industrial Development Bank posted EGP 49.87. The highest rate recorded was at Abu Dhabi Islamic Bank (ADIB), where the buying price reached EGP 49.88. Market Dynamics in Play These shifts in pricing are being closely watched by financial analysts, who suggest a range of possible drivers—from central bank policy influence to short-term fluctuations in foreign inflows. The spread in rates also suggests that some banks may be more aggressively competing for dollar reserves than others, depending on their exposure and client demand. Looking Ahead As currency traders and economic observers assess this movement, attention will likely focus on any statements or interventions by the Central Bank of Egypt, especially amid ongoing regional financial developments and global monetary tightening. The coming days will be critical in determining whether this dollar retreat marks the beginning of a broader trend or a temporary correction in Egypt's foreign exchange market. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
