• Tuesday, 19 October 2021

    Aspire Capital establishes Kheir Microfinance

    Aspire Capital Holding (formerly Pioneers Holding) has set up a microfinance arm, Kheir Microfinance, the company said in a regulatory filing (pdf). The company is now awaiting the necessary licenses from the Financial Regulatory Authority to begin operations.Background: The rebrand...
  • Monday, 18 October 2021

    House committee gives final nod to proposed fintech law

    The House of Representatives’ CIT Committee yesterday gave final approval to a draft law to regulate Egypt’s fintech sector, Al Mal reports. The proposed law would govern fintech use by non-banking financial services (NBFS) providers, as well as put the...
  • Tuesday, 12 October 2021

    ESG reporting is coming to Egypt in 2023 (Part II)

    POLL- ESG reporting is becoming mandatory in Egypt in 2023. Are EGX-listed companies ready for it? EGX-listed firms and NBFS companies will be required to file mandatory annual ESG reports starting from 2022. In Part 1, we talked about what...
  • Tuesday, 5 October 2021

    ESG reporting is coming to Egypt in 2022

    Get ready for ESG reporting: Starting in 2023, EGX-listed firms and NBFS companies will be required to file mandatory annual ESG reports. According to a recent decree (pdf) issued by the Financial Regulatory Authority (FRA), corporates will have to publicly...
  • Wednesday, 22 September 2021

    Real estate firms could soon face closer regulatory scrutiny

    Real estate companies could face closer regulatory scrutiny under proposals designed to mitigate risk in the sector, a senior Housing Ministry official suggested in remarks to reporters on the sidelines of the Cityscape industry conference in Cairo.What’s the proposal? Vice...
  • Tuesday, 21 September 2021

    Charges have been dropped against another four NGOs

    Charges have been dropped against another four NGOs accused in the foreign funding of civil society case on the grounds of insufficient evidence, Al Masry Al Youm reports, citing a statement issued by the Cairo Court of Appeals. Human rights...
  • Tuesday, 21 September 2021

    El Sisi joins UN climate roundtable

    Last night’s talk shows focused on President Abdel Fattah El Sisi’s participation in UN climate talks yesterday. Hosted by UN Secretary-General António Guterres and UK Prime Minister Boris Johnson ahead of the general debate, the Informal Roundtable on Climate Action...
  • Monday, 20 September 2021

    Banque Misr wants to launch its digital bank in 1Q2022

    Banque Misr plans to launch Egypt’s first digital bank during 1Q2022, the bank’s Vice Chairman Akef El Maghraby told Masrawy.The launch date will depend on when there’s a framework in place: The Central Bank of Egypt is still working on...
  • Monday, 20 September 2021

    Banque Misr borrows USD 1 bn from int’l syndicate

    Banque Misr has obtained a syndicated loan worth about USD 1 bn,the bank announced in a statement (pdf). The three-year loan will be used to refinance existing debts and expand its loan portfolio, it said. Sources told CNBC Arabia last...

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