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ARABINVESTMENTBANK-EGYPT/ (UPDATE 1):UPDATE 1-EFG Hermes eyes start-ups after AIB deal, CEO says

2 Min Read CAIRO (Reuters) -Egyptian investment bank EFG Hermes Holding is targeting minority stakes in start-ups after its acquisition of a majority stake in state-owned Arab Investment Bank (AIB), its chief executive said on Sunday. FILE PHOTO: The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. REUTERS/Asmaa Waguih The acquisition of the 51% stake, approved by the cabinet on Wednesday, will be finalised in the third quarter, CEO Karim Awad told Reuters. It is Egypt’s fir...

By Reuters Staff 2 Min Read (Corrects Sunday story to say “surplus of 1.5%” (not 5.1%) in paragraph 5; adds draft budget revenue, expenditure) FILE PHOTO: A view of the city skyline and River Nile from Cairo tower building in the capital of Cairo, Egypt December 5, 2019. REUTERS/Amr Abdallah Dalsh/File Photo CAIRO (Reuters) -Egypt expects its borrowing needs to rise by 7.1% to 1.068 trillion Egyptian pounds ($68.1 billion) in the financial year that will begin in July, according to a copy of the draft budget. The government projected raising 66 billion pounds of this by selling internatio...

Egypt's central bank left its overnight interest rates unchanged on Wednesday, saying inflation had stabilised and the economy was showing signs of recovery after more than a year of the coronavirus pandemic.

By Patrick Werr CAIRO, April 26 (Reuters) – Egypt’s central bank is likely to leave its overnight interest unchanged on…