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Banking Sector

IFC and CIB team up to develop climate risk management framework

The International Finance Corporation (IFC) has partnered with the Commercial International Bank (CIB), Egypt’s largest private sector bank, in developing and implementing a robust climate risk management framework

Banks record around 40% increase in net profits in December | CBE

Net activity revenues reached around EGP 407.592 billion, compared to EGP 272.230 billion, with total expenses recording around EGP 276.758 billion compared to EGP 178.8 billion

Egypt’s IPO program details 32 companies up for sale in the coming 13 months

The Egyptian cabinet has resumed its IPO program to sell its stakes in state-owned companies, announcing 32 planned companies

State-owned banks secured EGP460B through 25-22.5% CDs, to be pulled off market later today

The two state banks announced that they would stop issuing the high-yield CDs later today

Egyptian banking sector able to withstand additional EGP devaluation | Fitch Ratings

The Egyptian pounds “may remain under pressure in 2023,” the agency added, pointing to Egypt’s import backlog