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Banking

CBE to launch multi-currency check clearing system next week

The new regulation will be in effect starting next Monday, June 14th

Egypt’s external debt rose to $129B in Q2 of FY2020/2021, $125.3B in Q1: CBE

Egypt’s total external debt increased in the Q2 of FY 2019/20 to reach $77.2 billion, up from $73.1 billion in the Q1 of FY2020/2021 and $69.3 billion by the end of FY2019/20

AIB acquisition to finalize in Q3, Hermes in the market for stakes in startups

EFG Hermes and Sovereign Fund of Egypt’s (TSFE) acquisition of 51 percent of the capital of Arab Investment Bank (AIB) was approved by the cabinet last week

Cabinet approves of Sovereign Fund/EFG Hermes acquisition of AIB

The acquisition of 76 percent of AIB will increase the paid-in capital of the bank to LE 5 billion

Majority of senate approves of new Sukuk law in principle

The law is set to regulate the issuance of sovereign bonds in compliance with the Islamic Sharia principles