The Central Bank of Egypt devalued the pound from 7.83 to 8.95 against the dollar on Monday, marking the first devaluation under current governor Tarek Amer.

Egypt’s largest public lender, the National Bank of Egypt (NBE), has received a $700 million (EGP 5.5 billion) loan from the China Development Bank to finance infrastructure projects in different sectors, state news agency MENA reported on Thursday, citing the bank’s deputy Mahmoud Montasser.

Egypt's central bank left its key rates unchanged but said "potential underlying domestic inflationary pressures remain a concern" despite the mitigation of upside risks to inflation from the broad-based decline in international commodity prices.

Fitch Ratings has affirmed Egypt's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B' with a Stable Outlook. The issue ratings on Egypt's senior unsecured foreign and local currency bonds have also been affirmed at 'B'. The Country Ceiling has been affirmed at 'B' and the Short-term foreign currency IDR at 'B'.