Egyptian billionaire Naguib Sawiris to open SME-focused bank in Luxemburg
Wednesday, 09 March 2016 22:36
Egyptian billionaire Naguib Sawiris announced on March 8, he plans to open a bank which focuses on funding small and medium enterprises (SMEs). The institution will be based in Luxemburg and it will cost $55 million.
Sawiris told local and international press, at an economic forum held in Cairo that he already applied for an accreditation from Luxemburg authorities. He gave no further details regarding the project.
Naguib Sawiris who owns various flourishing businesses in Egypt including Orascom Telecom, Orascom Construction Industries and Orascom Hotels & Development has been listed in the 2016’s edition of Forbes’ World Billionaire ranking with a $3 billion wealth.
Live News
-
Libya’s Oil Output Reaches Decade High, Moves Closer to Pre-2011 Capacity
18:39
-
Rising Oil Prices Push 29 African Currencies Lower After Middle East Conflict
18:15
-
Morocco More Than Doubles Renewable Capacity in a Decade, Driven by Wind
18:07
-
In Africa, Banks Face a New Rival: Telecom Operators
17:51
-
Cameroon’s LNG Export Earnings Hit Three-Year Low at CFA350 Billion
17:44
-
Cameroonian SMEs invited to India trade forums to explore market opportunities
17:03
-
Ogou 1 adopts formal waste management and sanitation policy
16:19
-
African lawmakers meet in Lomé for APF regional conference
15:54
-
Togo and Burkina Faso Step Up Coordination on Lomé-Ouagadougou Corridor
15:39
-
Togo’s meat self-sufficiency reaches 68% in 2025, led by poultry growth
13:15
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
Libya oil output reaches 1.43 million barrels per day Production nears pre-2011 levels as operations stabilize Oil dominates economy,...
Morocco renewable capacity doubles to 4,851 MW by 2025 Wind leads growth; solar expands, hydropower remains stable High energy import...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expand into banking, intensifying competition with...
EACOP pipeline reaches 82% completion ahead of planned 2026 launch Project to transport 216,000 barrels daily from Uganda to Tanzania Legal...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...