Tag: Egypt
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Funding Entrepreneurship in Cairo
In January of this year, the CBE launched a program to finance 350,000 SMEs for EGP 200 billion (US $22.5 billion) over the next four years, with a declining interest rate of 5% annually, and introduced a policy that will oblige banks to commit 20% of their total loan portfolio to SMEs. But in spite of these…
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3,800-Year-Old ‘Tableau’ of Egyptian Boats Discovered
The tableau, as the series of images is called, would have looked upon a real wooden boat said Josef Wegner, a curator at the Penn Museum at the University of Pennsylvania, who led the excavation. Only a few planks remain of the wooden boat, which would have been constructed at Abydos or dragged across the…
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Central Bank of Egypt Floats the Egyptian Pound
“The CBE hereby announces its decision to move, with immediate effect, to a liberalized exchange rate regime in order to quell any distortions in the domestic foreign currency market,” the bank said in a statement. Against the US dollar, the Egyptian pound was floated to EGP 13.00 per USD 1.00. Selling a US dollar, however, yields…
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Cyprus and Egypt reaffirm their will to further enhance their relations
(famagusta-gazette.com)