Arab Finance: Egypt ended 2024 with key decisions, led by the CBE’s renewal of free InstaPay transfers. The last week of 2024 witnessed significant achievements and major development plans to boost the country’s various sectors.

Here are the most trending headlines of December 2024’s last week:

1- CBE renews free InstaPay transfers for 3 months starting January 

The Central Bank of Egypt (CBE) has announced the renewal of the exemption from all expenses and commissions for transfer services through the instant payment network, Instapay.

2- Egypt’s GDP growth reaches 3.5% in Q1 FY2024/25 

The Egyptian economy recorded a growth rate of 3.5% during the first quarter of the fiscal year (FY) 2024/2025, up from 2.7% in the corresponding period of the previous year.

3- El-Khatib highlights Investment Ministry's 2024 achievements 

Minister of Investment and Foreign Trade Hassan El-Khatib presented an overview of the ministry's significant achievements during 2024, showcasing efforts to bolster local and foreign investments and enhance Egypt's exports globally.

4- Egypt's budget deficit declines to 3.28% of GDP in 5 months 

Egypt’s total budget deficit dropped to 3.28% of GDP in the first five months of the fiscal year (FY) 2024/2025, amounting to EGP 560.6 billion, compared to 4.66% during the same period FY earlier.

5- Private sector investments reach EGP 700B in FY2023/24 development plan: Al-Mashat 

The private sector investments in the Egyptian market exceeded expectations in the financial year (FY) 2023/2024, reaching EGP 700 billion, with an annual growth rate of 5.3%, Minister of Planning and Economic Development, and International Cooperation Rania Al-Mashat announced.

6- Banque Misr to establish EGP 4B real estate development firm 

Banque Misr, Egypt's second-largest state-owned bank, plans to establish a real estate development and asset management company with a capital of EGP 4 billion.

7- Flend secures Egypt's 1st FRA digital NBFI license 

Flend, a financing platform dedicated to small and medium-sized enterprises (SMEs), has received approval from the Financial Regulatory Authority (FRA) to become Egypt's first regulated digital non-bank financial institution (NBFI) for SME finance.

8- Contact closes EGP 1.21B securitization issuance for consumer finance subsidiaries  

Contact Financial Holding has closed its 45th issue of securitization bonds with a total value of EGP 1.214 billion.

9- Egypt grants 9 golden licenses for strategic investment projects 

Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade, handed over nine new golden licenses to strategic investment projects.

10- Al Ahly Pharos closes advisory on Capital Securitization’s EGP 5.05B securitization issuance 

Al Ahly Pharos Investment Banking has concluded advisory on Capital Securitization Company’s EGP 5.05 billion non-sovereign securitization issuance.

Egypt’s Cabinet outlines EGP 30B initiative to foster industrial sector Updated 1/2/2025 11:46:00 AM

Osoco’s general assembly greenlights FY 2025/26 budget Updated 12/31/2024 3:52:00 PM

Egyptian Parliament approves $131M agreement with AfDB for budget support program Updated 12/31/2024 8:56:00 AM

Egypt to establish 1st multi-purpose pharmaceutical raw materials factory Updated 12/31/2024 8:56:00 AM

Egypt plans 9% increase in natural gas supply to power plants by summer 2025 Updated 12/31/2024 7:58:00 AM