Virginia Furness

Middle East & Africa editor Euromoney

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Virginia Furness is Middle East and Africa Editor. Prior to joining Euromoney she was European markets correspondent at Reuters News, and before that covered capital markets in Hong Kong and London for GlobalCapital.

RECENT ARTICLES

BANKING

Egypt’s banks brace for change

As Gulf banks grapple with squeezed margins, low interest rates and over-banking, Egypt offers the opposite: high interest rates, low lending penetration and a largely unbanked population. It is no surprise that domestic and regional buyers are now circling.

Virginia Furness, October 05, 2020
BANKING

Egypt’s Banque Misr preps standalone digital bank

The Egyptian bank is to launch a digital bank as Covid-19 accelerates the government’s push for a cashless society.

Virginia Furness, September 28, 2020
CAPITAL MARKETS

Oasis in the desert: Israel-UAE agreement sees benefits for both sides

Bankers see huge opportunities on both sides as Israel signs historic agreement with UAE and Bahrain.

Virginia Furness, September 16, 2020
ESG

JPMorgan’s fresh idea for development finance

The bank’s new Development Finance Institution could move the needle in helping developing economies meet the UN’s sustainable development goals. Euromoney talks to managing director Faheen Allibhoy and chair of the governing board Daniel Zelikow.

Virginia Furness, September 14, 2020
CAPITAL MARKETS

Balancing act: Saudi bets big as deficit looms

Faced with an estimated $100 billion budget deficit but committed to a vast expenditure programme, Saudi finance minister Mohammed Al-Jadaan explains how he plans to balance the books.

Virginia Furness, September 08, 2020
Opinion

Nigeria is Ecobank’s Achilles heel

Africa’s most ambitious homegrown regional bank has a problem, and it is called Nigeria. If it doesn’t solve it, the Nigerian business will hamper Ecobank’s goal of banking 100 million people across the rest of the continent.

Virginia Furness, September 07, 2020
Opinion

Will the Beirut port explosion bring about true change in Lebanon?

The government’s resignation this week could pave the way for reform – and unlock essential IMF funding – but is the will to change there?

Virginia Furness, August 12, 2020
CAPITAL MARKETS

Covid-19 could be good for Gulf equities

Coronavirus could provide the ‘ultimate accelerator’ for privatizations and foreign involvement.

Virginia Furness, July 24, 2020
BANKING

Covid-19 spurs domestic bank M&A in Africa

The coronavirus pandemic is intensifying the case for domestic bank M&A in Africa, but cross-border deals will be challenging to execute.

Virginia Furness, July 23, 2020
BANKING

Equity Bank turns to vertical strategy after collapse of Atlas Mara acquisition

Unquantifiable risk as a result of Covid-19 made the complex deal unworkable.

Virginia Furness, July 22, 2020
BANKING

China's Belt and Road Initiative: Can Africa escape a debt trap?

African governments and SOEs owe China more than $150 billion and Covid-19 is limiting their ability to repay. Will this usher in debt-trap diplomacy or are Chinese lenders playing a longer game?

Virginia Furness, June 04, 2020
BANKING

Banks step in to end African medical tourism

Covid-19 has refocused attention on the urgent need to address long-term structural healthcare issues in Africa. Investors are now looking to put money to work in healthcare and banks are seeing an uptick in demand for project financing.

Virginia Furness, May 29, 2020
Foreign Exchange

Lebanese pound sees end of dollar peg

The six exchange-rate system is now untenable, with the currency losing more than 50% of its value since October, but analysts say floating the currency will cause more pain without IMF support.

Virginia Furness, May 07, 2020
CAPITAL MARKETS

IIF and Paris Club to collaborate on debt relief, but S&P warns on default

Private creditors and the Paris Club have agreed to collaborate on a debt standstill for low-income countries, but the process must be handled with care to avoid being more punitive than helpful.

Virginia Furness, May 04, 2020
BANKING

QIB’s Gamal warns of profit threat to every bank

Profit pressure is a threat to every bank, says Qatar Islamic Bank’s group CEO Bassel Gamal, discussing how Qatar’s robust and well-capitalized banking sector is navigating the twin shocks of lower oil prices and coronavirus.

Virginia Furness, April 30, 2020
BANKING

Citi steps up direct aid to buy ventilators in Kenya

Citi’s chief executive for Kenya and east Africa tells Euromoney how Kenya’s banks have come together to buy ventilators; how Covid-19 will accelerate the adoption of digital banking; and why the removal of the interest rate cap is more important than ever for Kenya’s SMEs.

Virginia Furness, April 20, 2020
BANKING

EIB directs support to women and SMEs in Africa

EIB looks to help the most vulnerable and to encourage banks to take on more risk as it unveils a €5.2 billion package for non-EU countries.

Virginia Furness, April 16, 2020
CAPITAL MARKETS

Coronavirus: Dubai issues rare Dh1 billion sukuk

Dubai raises funding amid perfect storm of Covid-19, economic slowdown and falling oil prices.

Virginia Furness, April 09, 2020
BANKING

How investment banks can help finance Africa’s Covid-19 fight

Amid calls by the UN and the G20 for the private sector to do more, Citi has proposed a $100 billion coronavirus fund.

Virginia Furness, April 07, 2020
CAPITAL MARKETS

Coronavirus: IFC fires out $8 billion fast-track financing – for starters

The IFC’s Africa and Middle East head, Sérgio Pimenta, tells Euromoney that a fast response and private-sector support are essential in the battle against Covid-19.

Virginia Furness, April 03, 2020
BANKING

Lessons from a revolution: Egypt’s CIB ready to fight Covid-19

As Egypt ramps up measures to contain the coronavirus, CIB chairman Hisham Ezz Al-Arab tells Euromoney how the 2011 revolution has left the bank well prepared to deal with the current crisis.

Virginia Furness, April 03, 2020
CAPITAL MARKETS

Debt relief for Africa as coronavirus Covid-19 crisis intensifies

Stakeholders agree that debt relief for Africa is essential, but are mulling what form this might take.

Virginia Furness, March 26, 2020
CAPITAL MARKETS

Saudi Arabia’s Vision 2030 faces its biggest test

The Gulf’s largest economy is facing unprecedented challenges from the coronavirus Covid-19 and oil at $30 a barrel. Has diversification under Vision 2030 done enough to help Saudi Arabia weather the storm or will it be forced to abandon its dreams of diversification?

Virginia Furness, March 24, 2020
BANKING

Lebanon: Depositor bail-in 'may be the only way' to save the banking sector

Lebanon’s banks are on the brink as the country looks to restructure its debt. Could rich depositors, who have for years enjoyed inflated interest rates, be called on to take a hit?

Virginia Furness, March 23, 2020
BANKING

The Gulf steps up its response to coronavirus Covid-19

Gulf central banks have unveiled big stimulus packages but commercial banks need to transmit this to the real economy – difficult to do when appetite for credit is so low.

Virginia Furness, March 17, 2020
Opinion

Oil vs coronavirus: How will Gulf economies fare?

A double shock of Covid-19 and falling oil prices brings the spectre of recession to the Gulf, while efforts to diversify economies are being derailed.

Virginia Furness, March 13, 2020
BANKING

Investment: Dubai risks a post-expo hangover

Expo 2020 showcases economic and business opportunities in Dubai. Bankers hope it will lead to a boom in areas such as SME lending and infrastructure investment, but worry that a short-term lift will not be enough to dispel broader concerns about the country’s economy.

Virginia Furness, March 04, 2020
CAPITAL MARKETS

Gulf markets still struggle to attract investors

Despite MSCI index inclusion and a landmark trade by Saudi Aramco, global funds are still $70 billion underweight Gulf equities, but the UAE and Saudi are making progress in deepening markets.

Virginia Furness, March 04, 2020
Opinion

In the Middle East, fertility is the next big investment trend

As birth rates fall and the UAE government looks at ways to spur population growth, private equity firms see opportunities in IVF.

Virginia Furness, February 06, 2020
CAPITAL MARKETS

Capital markets in UAE set for listings boost

A draft law in the United Arab Emirates will see more family-run corporates listing, while pension reforms will create a huge pool of investable assets.

Virginia Furness, February 03, 2020