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Cabinet Approves First Amendment of Grant of Cairo Metro’s First Line

The cabinet approved during its weekly meeting on Tuesday, March 14, a draft presidential decree on the first amendment of a grant deal (technical assistance) for the first line of the Cairo Metro.

The amendment focuses on increasing the grant offered by the Shareholder Special Fund of the European Bank for Reconstruction and Development by 351,000 euros to become 3.356 M euros.

The grant aims to contribute to improving several practices, including a program for asset management, safety, and companies’ development.

It will also support infrastructure and social action plans.

The cabinet also approved a presidential draft decree on letters of exchange between the Egyptian and Japanese governments on the financing offered by the Japan International Cooperation Agency (JICA) to support the comprehensive health coverage program in Egypt.

The financing is offered within the framework of amicable ties and economic cooperation between the two countries.

The cabinet also approved a draft presidential decree on a nuclear safety agreement which is a treaty affiliated with the International Atomic Energy Agency regulating safety standards in nuclear power stations in member states of the agreement.

The cabinet also okayed a contract of the Youth and Sports Ministry with Banque Misr on the usufruct licensing of the Hassan Moustafa halls complex in the 6th of October city.

NBE, Banque Misr Collect EGP 400bn From Their 25% Certificates

According to Dily News, The National Bank of Egypt (NBE) and Banque Misr have attracted an estimated EGP 400bn from the 25% certificate since its launch earlier this month.

The National Bank of Egypt revealed that the balance of the certificates of 25% and 22.5% had reached EGP 260bn.

In a statement issued on Tuesday, the bank stated that approximately 60% of the proceeds from that certificate were obtained through alternative channels such as Al-Ahly Net, Al-Ahly Mobile, and the bank’s call center, with the remainder obtained through the bank’s branches located throughout the Republic.

It has so far attracted about 62,000 new customers to the bank, and it is scheduled to be stopped by the end of this month.

Mohamed El-Etreby, Chairperson of Banque Misr, said that the certificate’s proceeds amounted to EGP 140bn since its issuance.

The two banks issued that certificate on 4 January, for a period of one year, with an annual interest of 25% spent at the end of the period, or 22.5% spent monthly.

The two banks resorted to offering that certificate in order to combat inflation and attract foreign exchange, as part of their role as the two largest government banks in the Egyptian market.

The certificate is issued in denominations of EGP 1,000 and its multiples and is available to natural persons, adults and minors, and to Egyptians and foreigners.

The interest is calculated from the day following the direct purchase of the certificate, and it is possible to borrow against its guarantee during the period, but it is not possible to recover its value before the 6-month period begins on a working day following the day of purchase. The certificate is also retrieved at the end of its period at its full nominal value, and it can be recovered earlier if the recovery values determined by the two banks are met.

Banque Misr’s Responsible Sustainability Shines Through Women’s Empowerment

Written by: Top 50 Women Forum’s team

Gender mainstreaming is vital to achieving a sustainable prosperous community.  For that reason, Banque Misr’s role in community well-being is strongly connected to gender equality, beside its keenness on promoting sustainable and inclusive growth.

For the past century, Banque Misr has been taking steps to ensure no one falls behind. In this regard, the bank spearheaded various initiatives to spur prosperity and boost the livelihoods of several society segments.

Along with a practical strategy embracing digital transformation, Banque Misr incorporates diversity and inclusivity into its dynamic strategy. In this regard, Banque Misr constantly ensures significant female representation on its boards; which is considered a rewarding step to outperform and sustain leadership.

Through capacity-building and financial learning, the bank expands its catalytic role in women’s economic empowerment by supporting the entrepreneurial ecosystem. Subsequently, Banque Misr launched, in collaboration with the International Finance Corporation (IFC), the first integrated financing program supporting Egyptian women entrepreneurs “Zaat”.

The three-year partnership launched an innovative program to boost the development of Egypt’s entrepreneurship ecosystem, with a prime focus on women. The program offers a wide variety of financial and non-financial services for female entrepreneurs, including offering needed funding and training sessions, among other business development needs.

The bank also takes the lead in embracing responsible banking principles, contributing to the UN’s Sustainable Development Goals (SDGs).  In this regard, Banque Misr sponsored the TOP 50 Women Forum’s “Women Toward Sustainability” seminar.

The seminar was organized in cooperation with the Egyptian Institute of National Planning (INP) and Dcarbon Egypt. It introduced the first climate awareness training for women in business, in support of Egypt’s green economy transition.

As a sponsor of the forum’s seminar, the bank stepped up the sustainability reporting in line with International Sustainability Reporting Initiative (GRI).

The bank also infuses its collaborative efforts to promote Egyptian women’s entrepreneurship and leadership.

Accordingly, it signed a Memorandum of Understanding (MoU) with The American University in Cairo (AUC) to qualify and train women entrepreneurs and support them in establishing and scaling up women-led SMEs, in line with Egypt’s financial inclusion strategy.

Banque Misr pioneers in accelerating socioeconomic prosperity, ensuring equal access to formal financial services and products. Additionally, Banque Misr actively celebrates International Women’s Day and acknowledges women’s remarkable achievements in every sector.

During Cop27, the bank developed community-based climate action efforts, empowering women’s role in this regard. As part of Banque Misr’s well-rounded CSR strategy for women empowerment in every sector, it sponsored the professional squash player, Nada Abbas, who is currently ranked 22nd globally.

On the other hand, Banque Misr extends its CSR role in empowering vulnerable women, taking responsibility, in cooperation with its community foundation, to support the livelihoods of rural women and achieve social justice.

Thus, collaborative efforts are exerted to eliminate poverty, facilitate women’s access to formal banking services, and improve the living conditions of women, particularly those living in grassroots areas. That being the case, the bank offers in-kind grants, organizes handicraft workshops, and sponsors handicraft exhibitions.

Ultimately, Banque Misr has been a proactive catalyst for empowering women to drive sustainable development, fully committing to gender equality and women’s empowerment. The bank makes extensive efforts to build an economically stable, sustainable future.

Banque Misr’s 25% Interest-Saving Certificate to be Suspended Within Days

Banque Misr will suspend the 25% saving certificate after achieving the target within days, said Mohamed el Atribi, Board Chairman of Banque Misr.

The bank will suspend the one-year maturity saving certificate by the end of this month, he added in statements on Monday.

The National Bank of Egypt (NBE) and Banque Misr have issued new one-year maturity saving certificates with a 25 percent yield after one year.

The certificates are also available at a 22.5% yield for monthly disbursement.

 

Banque Misr, CIB sign EGP 6.35 bln syndicated loan with Benya Group

Egyptian digital and ICT infrastructure provider Benya Group has on Tuesday signed a 6.35 billion Egyptian pound ($258.1 million) syndicated loan agreement with Banque Misr and the Commercial International Bank (CIB Egypt).

The loan will go for financing projects assigned to Benya in the technological infrastructure sector in Egypt as part of the country’s digital transformation strategy.

Under the agreement, Banque Misr and CIB act as the mandated lead arrangers and bookrunners. Banque Misr also acted as the facility agent, while CIB was the security agent.

The agreement was signed by Akef El Maghraby, vice chairman of Banque Misr; Amr El Ganainy, CEO for Institutional Banking at the CIB; and Ahmed Mekky, chairman and CEO of Benya. The signing ceremony was in the presence of Banque Misr chairman Mohamed El-Etreby and leaderships at the bank, CIB, and Benya.

COP 27: Women and climate champions address gender equity and access to finance

November 16, 2022

Cairo, Egypt

With women representing 80% of the global population displaced by climate change, it seemed inevitable for policymakers to discuss ways to provide a network of support for women as key contributors to the world’s economy who are most impacted by climate challenges. The Gender thematic day at this year’s Conference of the Parties (COP27) hosted in Sharm El Sheikh, featured invaluable panels gathering women leaders, active entrepreneurs and policy makers to address gender gaps and find the best solutions to mitigate the unintended negative impacts of climate change.

A panel organised by Banque Misr, one of Egypt’s longest standing and largest banks, and moderated by Sue Barrett, Director, Head of Infrastructure for Turkey , Middle East and Africa at EBRD, brought together key policy leaders including Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion, Dr. Maya Morsy, President of National Council for Women, Cassilde Breniere, COO at AFD, Heike Harmgart, SEMED Managing Director at EBRD, Burcu Karpuz, Regional Director at Finance in Motion, Amy Luinstra, Acting Country Manager Vietnam, Cambodia and Laos – IFC, Mohamed Eletreby, Chairman of Banque Misr, and Rawya Mansour, green woman SME entrepreneur.

Highlighting the role of women as the primary caregivers and household leaders in many of the cases, the speakers explored ways in which finance can lead to the empowerment of these women, shielding them against climate vulnerabilities and socially driven ones.

Presenting an outstanding model that combines gender equity as a byproduct of climate action, Egyptian entrepreneur Rawya Mansour said that “Traditionally, women were not allowed to own lands and were not paid an equal wage to men working in farming. They were brought by an agent who received a percentage of their wage. Falling completely under the control of such an imbalanced system, women were left vulnerable and unable to gain property or improve their living conditions.”

“Through our work at Ramsco Egypt,” Rawya explained, “we managed over time to employ these women farmers directly, empowering women who were otherwise left in an unprivileged situation of divorce and prevalent early marriage. These women are now being paid equally to the men, and able to support their families, producing 40 to 80% of entire agricultural crops produced.”

In addition to her organic farming ventures for which she received two patents, Rawya is starting a foundation with the sole purpose of capacity building in her micro community. “We’re working on capacity building and convincing decision makers to bring in support and offer land propriety via banks and micro loans to women working in the fields. We offered to provide the seeds and organic fertilisers to women in order to enable them to secure better conditions for themselves while reclaiming plain plots of desert-land.”

Named one of Africa’s most influential leaders in 2019, Rawya is a pioneer of organic farming who has led the early efforts of producing “bio char” or green carbon for use in eco-friendly farming. Her company’s produce of soil enhancers has also obtained a patent as well as a European license for export, not to mention providing a non-chemical and cheaper alternative to exported fertilisers particularly during the Ukraine war. The leading biomaterial is known to decrease the consumption of water by 30 to 60% depending on the irrigation method employed.

Ensuring capacity building, improving land property among women, and providing micro finance opportunities, Ramsco Egypt has enabled farmers, especially women, to connect to the wider global network of producers, benefiting both themselves, their families in addition to pushing forward the greater climate cause.

Commenting on the panel’s content and intertwined connection between gender and climate action, Rawya said that “Combining food security and fighting climate change are in perfect harmony with the development of land, afforestation, and the advancement of women’s economic conditions. As with all development issues, one cannot happen without the other.”

The panels and fireside talks taking place on the sidelines of COP27 presented endless opportunities for partnerships and insightful discussions around women, water, finance and their connection to climate change. To find out more about the packed agenda of the conference, visit the UN’s dedicated page.

NBE, Banque Du Caire, Banque Misr Issue new 3-Year-Maturity Saving Certificates

The Central Bank of Egypt announced today a 2% hike in interest rates, and a phase-out of LCs by December. The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) has raised the key interest rates in an unscheduled meeting. The decision aims to anchor inflation projections.  The CBE also announced in the statement that it will begin a process of phasing out letters of credit (LCs) for import finance by December 2022. Egypt’s annual headline inflation rose to 15.3 percent in September, up from eight percent in September 2021, the highest level seen since recording 15.7 percent in November 2018.

Meanwhile, the National Bank of Egypt (NBE) issued on Thursday a three-year-maturity platinum saving certificate with an annual yield of 17.25%. Banque Misr also has raised the annual yield of the three-year saving certificates to 17.25%. Additionally, Banque Du Caire also offers 3- year Primo Certificates with high monthly yield of 16% and quarterly yield of 16.25%.