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Egypt banks may get $3 billion investment
Egypt-United Arab Emirates, Economics, 4/27/2006
The Central Bank of Egypt (CBE) said that the government has no intention of liquidating small banking entities which couldn't settle their positions through increasing their capital to EP500 million.
The CBE officials said Al-Watany Bank of Egypt, the Islamic International Investment Bank, Alexandria Commercial Bank, and Arab Investment Bank will be merged or taken over by financial investors.
The Egyptian Workers Bank will be merged into the Industrial Development Bank.
Sources pointed out that an international company working in real estate investment in Dubai has requested to invest $ 3 billion in Egypt. The company officials will pay a visit to Egypt within two week's time.
Previous Stories:
Egypt financial sector reforms discussed
(2/14/2006)
Central Bank of Egypt up by two billion dollars
(11/30/2005)
UAE investments hit L.E. 1.7 billion
(1/6/2004)
Fahmi attends UAE-Egypt first General Assembly
(7/1/2003)
Fahmi attends UAE-Egypt first General Assembly
(7/1/2003)
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