fbpx
Read Watch
Markets

Egypt joins BRICS as new member 

by WAYA Staff - Apr 2, 2023
Egypt joins BRICS as new member 

Egypt approved on an agreement of establishing the New Development Bank (NDB) of the BRICS bloc and as being a new member.

The decree was passed by the house of representatives in January.

The BRICS bloc members are Brazil, Russia, India, China, and South Africa.

The NDB was established in 2015 by BRICS countries. It is a multilateral development bank that aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries.

The decree was highly welcomed by Egyptian MPs. 

Egypt’s joining of BRICS new bank will help ease preasure of high demand on US dollar, needed to meet the country’s imports.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.

Recommended stories

IsDB approves US$345 e-train project in Egypt

by WAYA Staff - Apr 2, 2023
IsDB approves US$345 e-train project in Egypt

Islamic Development Bank (IsDB) has approved US$345 million to finance the first phase of of the electric express train project in Egypt. The approval came during the IsDB’s board meeting held on April 1 in the city of Jeddah. The project was being implemented to provide access to safe, affordable, accessible and sustainable transport...

Read More

CBE raises interest rates by 2% amid high inflation

by WAYA Staff - Apr 2, 2023
CBE raises interest rates by 2% amid high inflation

The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) amid the country’s high inflation rates. The CBE set the lending rate at 19.25%, while the deposit rate at 18.25%. The last meeting for the bank was on February...

Read More

Egypt, EU sign US$40m grant deal to boost food security

by WAYA Staff - Apr 2, 2023
<strong>Egypt, EU </strong><strong>sign</strong><strong> </strong><strong>US$</strong><strong>40m</strong><strong> </strong><strong>grant deal to boost food security</strong>

Egypt and the European Union have signed a grant agreement of $40-million to support food security efforts in Egypt. Under the the Italian Agency for Development Cooperation (AICS)-implemented deal, the AICS will co-work with the ministry of agriculture  to support the production of wheat and grains with...

Read More

Careem in early negotiations with UAE’s e& for Super App funding

by WAYA Staff - Mar 30, 2023
Careem in early negotiations with UAE’s e& for Super App funding

Careem, an Uber Technolgies subsidiary, is in early talks with Emirates Telecommunications Group company, to invest in its new beyond ride-hailing services. The company is currently expanding to other services beyond ride-hailing including food delivery, bike rentals, digital payments and courier services, Reuters reported. Careem...

Read More

SRMG announced SRMG Ventures launch to invest in media industry

by WAYA Staff - Mar 30, 2023
SRMG announced SRMG Ventures launch to invest in media industry

Saudi-based media group SRMG has launched a new venture capital, SRMG Ventures, that will fund entrepeneurs and companies working in the media industry, according to news reports. SRMG Ventures will initially target investments from the Seed to the Series B stage....

Read More

Egypt’s Acasia Ventures joins 1US$m investment round in Fez Delivery

by WAYA Staff - Mar 30, 2023
Egypt’s Acasia Ventures joins 1US$m investment round in Fez Delivery

Egyptian venture capital firm Acasia Ventures has joined the US$1 million seed investment round in Lagos-based last-mile delivery platform Fez Delivery. The round was led by Nigeria’s discovery fund Ventures Platform. Acasia Ventures General Partner Biola Alabi told WAYA website that the VC is implementing sector-agnostic approach in...

Read More

A Developments invests 800m EGP to develop innovation district project

by WAYA Staff - Mar 29, 2023
A Developments invests 800m EGP to develop innovation district project

The Sovereign Fund of Egypt (TSFE) and A Developments have signed an agreement to revamp the Ministry of Interior’s Lazoghli headquarters in Downtown Cairo to an innovation district, according to a statement by TSFE. A Developments was awarded the project following a bidding offer that was...

Read More

Japan invests $336m in Egypt’s health insurance system

by WAYA Staff - Mar 29, 2023
Japan invests $336m in Egypt’s health insurance system

Egypt, JICA signed a US$335.5 agreement to develop the Universal Health Insurance System, according to a statement by Finance Ministry. “The agreement aims to enhance the efforts of comprehensive health coverage in Egypt and help complete the UHIS’ objectives in...

Read More

Abu Dhabi’s Noor Capital fully acquires House of Borse

by WAYA Staff - Mar 29, 2023
Abu Dhabi’s Noor Capital fully acquires House of Borse

Abu Dhabi-based investment company Noor Capital has fully acquired UK’s House of Borse (HOB) to be the largest acquisition of a UK entity by a UAE company. The acquisition is aligning within the company’s plans to expand to the UK and European market, being able to build new and...

Read More

ADNOC, BP bid to take 50% of NewMed Energy

by WAYA Staff - Mar 28, 2023
ADNOC, BP bid to take 50% of NewMed Energy

British oil company BP and Abdu Dhabi’s ADNOC announced their offer to take 50% in Israeli offshore natural gas producer NewMed Energy for around $2 billion. The two giants said that they are to create new joint venture to focus on...

Read More