Top 10 News Stories in Feburary's 1st Week

Updated 2/7/2025 9:00:00 AM

Arab Finance: The first week of February ended with a variety of key economic stories, led by the World Bank's announcement regarding the second phase of Egypt’s budget support program and the CBE's approval of amendments to mortgage interest rates for income brackets.

So, here are the 10 most viral news stories of the first week of February 2025:

1- World Bank gears up for 2nd phase of Egypt’s budget support program in 2025

The World Bank (WB) is preparing for the second phase of Egypt’s budget support program, following the successful completion of the $500 million first phase in mid-2024.

2- CBE approves amendments to mortgage interest rates for income brackets

The Central Bank of Egypt (CBE) has approved new amendments to the income brackets and interest rates for mortgage financing, following discussions in Cabinet sessions No. 263 on November 8th, 2023, and No. 15 on October 16th, 2024.

3- Egypt's net foreign assets hit surplus of EGP 265.9B in December

Egypt’s net foreign assets (NFAs) hit a surplus of EGP 265.898 billion in December 2024, versus a deficit of EGP 841.391 billion in the same month in 2023, as per data from the Central Bank of Egypt (CBE).

4- Egypt plans for unified initiative to support over 5,000 startups

Egypt is considering launching a unified financing initiative aiming to support over 5,000 startups, with 500 of these targeted companies attracting over $1 million each in investments.

5- Demand for gold bars, coins in Egypt fall 21% YoY in 2024

Demand for gold bars and coins in Egypt dropped by 21% year on year (YoY) in 2024 to 24 tons, compared to 30.3 tons in 2023, as per a report by the World Gold Council.

6- Egypt’s processed food exports jump 21% YoY in 2024

Exports of Egypt’s processed food hit an unprecedented record of $6.1 billion in 2024, marking a 21% year-on-year (YoY) increase, the Food Export Council announced.

7- Contact Creditech launches Maestro program for 1st time in Egypt, Middle East

Contact Creditech, a subsidiary of Contact Financial Holding, has launched its "Maestro" program for the first time in Egypt and the Middle East region.

8- Egypt’s PMI hits 50-month high in January as private sector expands

Egypt’s non-oil private sector saw its first expansion in months, with the Purchasing Managers’ Index (PMI) rising to 50.7 in January from 48.1 in December.

9- Cairo House, Marriott to transform Mogamma Al Tahrir into Autograph Collection Hotel

Cairo House Egypt for Real Estate has signed an agreement with both Tourism Investment and Marriott International to turn the historic Mogamma Al Tahrir into an Autograph Collection Hotel.

10-EBRD fully exits Ibnsina Pharma

The European Bank for Reconstruction and Development (EBRD) has fully exited its remaining 8.8% equity in Ibnsina Pharma via the Egyptian Exchange (EGX)