Day: September 18, 2023

The Insurance Federation of Egypt (IFE) has developed a strategy to help low-income groups access insurance services by introducing new products that meet their needs, according to its chairperson Alaa El-Zoheiry. El-Zoheiry said that providing insurance services to low-income groups will help raise insurance awareness in the Egyptian market. He…

Chairperson of the Financial Regulatory Authority (FRA), Mohamed Farid, said that the insurance instalments in the Egyptian market amounted to EGP 66bn from August 2022 to July 2023. He also said that the insurance companies paid EGP 29.6bn in compensation to their clients during the same period. Farid made these…

Edita Food Industries, a leading Egyptian snack food company, has secured two medium-term loans worth EGP 390m to finance its acquisition of Fancy Foods, a frozen food producer. The loans have a maturity of 7 years and will be used to cover 50% of the acquisition cost and to refinance…

UN Secretary-General António Guterres appealed to leaders from the Group of 77 Developing Countries (G77) and China to “fight for a world that works for all”, in his address to their summit in Havana, Cuba.  “I count on your Group, who have long been champions of multilateralism, to step up,…

A delegation of Chilean businessmen in the area of dried and dehydrated fruits will visit Egypt in early October to hold business meetings, according to the Ambassador of Chile to Egypt, Roberto Ebert. He made the announcement during his speech on the occasion of Chile’s 213th Independence Day on 18…

Mirna Arif, General Manager of Microsoft Egypt, said that their goal is to provide organizations of all sizes and industries with the most advanced AI models. These models can help them increase productivity, reduce cost, advance business growth, and create more value. She also said that they are building a…

Affirma Capital is a private equity firm that was established in 2019 after the acquisition of the direct investment platform of Standard Chartered Bank by its management team. The firm has over 50 investments across six regions: China, India, Southeast Asia, South Korea, Africa, and the Middle East. The firm…

Valu, a leading fintech company in the Middle East and North Africa, announced today that it has successfully closed its sixth securitization bond issuance worth EGP 922.3m. The issuance is part of a short-term program that is backed by a portfolio of receivables assigned to a special purpose vehicle (SPV)…

Eleven Egyptian companies in the tableware and kitchen sectors participated in the Zuchex Home and Kitchenware Fair in Istanbul, Turkey, from Sept. 14-17, as part of the Engineering Council of Egypt’s plan to expand into international markets. The EEC said in a statement that the Zuchex Fair is one of…

The NilePreneurs initiative, one of the initiatives of the Central Bank of Egypt (CBE), implemented by the Nile University in cooperation with various entities and banks, has announced the launch of a new round of the business incubators program NP Incubate. This program is aimed at supporting emerging companies and…