Egyptian financial services provider MNT-Halan valued at $1B in $400M funding
Egyptian financial services provider MNT-Halan valued at $1B in $400M funding. Egyptian fintech and e-commerce ecosystem MNT-Halan has raised up to $400 million in equity and debt financing from local and global investors as it continues to serve underbanked and unbanked customers in the North African country. The round includes $260 million in equity financing and $140 million through two securitized bond issuances secured within the past year, investments that will now see MNT-Halan command a post-money valuation of about $1 billion. A large chunk of the equity, about $200 million, was provided by Abu Dhabi–based Chimera Investments. The investment firm invested that amount in exchange for 20% of the Egyptian digital lender and e-commerce platform, which is also in advanced stages of raising $60 million in additional capital in the coming weeks. Last week, the IFC disclosed that it was investing $40 million in the company, but MNT-Halan declined to comment; it’s expected that the remaining financing will come from existing shareholders. (Reuters)
The second round of the Green Economy Financing Facility (GEFF) Program for Egypt has been launched at a value of $175 million, according to a statement by the Ministry of International Cooperation
The estimated amount under the second round of the GEFF, a program developed by the European Bank for Reconstruction and Development (EBRD), will be directed to micro-, small-, and medium-sized enterprises (MSMEs) and to empower the private sector. Under the first round of the program, facilities worth $157 million were provided for a number of financial institutions to fund 101 projects to ramp up green transition and reduce carbon emissions. EBRD dedicated €1.3 billion in development financing for Egypt in 2022, international cooperation minister Rania Al-Mashat said, noting that these funds were injected into around 25 projects aiming at supporting green economy, promoting sustainable development, and reinforcing social inclusion. (Arab Finance)
IMF downgrades forecast for Egypt’s real GDP to 4% in FY 2022/23
The International Monetary Fund (IMF) has downgraded its forecast for Egypt’s real gross domestic product (GDP) for fiscal year (FY) 2022/2023 to 4% from its previous projection of 4.4%, according to the IMF’s World Economic Update report for January. The report showed that the country’s real GDP growth for FY 2023/2024 is projected to reach 5.3%. As per the global economic growth, the IMF expects it to decline to 2.9% in 2023. Moreover, the major financial agency projects global growth to likely rise to 3.1% in 2024. (International Monetary Fund)
Egyptian purchases of gold coins and bars jumped 83% in 2022
Through this project, power of 700 kilowatts-hour (kWh) will be generated to help reduce 250 tons of Co2 emissions annually. This move comes in line with Egypt’s strategy to reduce emissions and promote dependence on renewable energy as part of the National Climate Strategy 2050 and Decent Life initiative. EFG Hermes established the EFG Hermes Foundation in 2006 a non-profit, non-governmental organization. It is worth noting that EFG Hermes Holding (HRHO) established the EFG Hermes Foundation as a non-profit, non-governmental organization in 2006. (Arab Finance)
Egypt’s net foreign assets (NFAs) climbed by EGP 42.28 billion in December, marking a growth for the second consecutive month
NFAs saw an improvement last month to a negative EGP 494.3 billion, versus a negative EGP 541.5 billion in November, data showed. As per Reuters calculation, this indicates an improvement of about $2.06 billion using the CBE’s end-of-month exchange rates. (Reuters)
The Egyptian General Authority for Supply Commodities (GASC) has launched an international tender to book about 30,000 to 60,000 tons of wheat, according to a disclosure by the authority
The shipments are set to be charged during the period from February 26th to March 20th or from March 11th to 20th. The authority will receive the technical and financial bids directly until Thursday, February 2nd. Bidders shall submit their offers based on cost and freight (C&F) at sight. The tender comes within the framework of the Food Security and Resilience Support Program, funded by the World Bank.. (Arab Finance)
Egypt's government aims to announce a detailed plan next week to offer stakes in at least 20 state companies over the coming year on the Egyptian Stock Exchange (EGX)
An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new urgency since the Russian invasion of Ukraine triggered heavy foreign investment outflows from Egyptian financial markets and threw the economy into crisis. (Reuters)
Sixty percent of Egypt’s gas exports went to Europe for the first time in its history
The Ministry of Petroleum said that the liquefaction plant in Damietta, since its restart in 2021, has exported 7.2 million tons of natural gas. The ministry announced that about four million tons of liquefied natural gas were exported in 2022, which is the largest amount exported in the plant’s nearly 20-year history. This makes it the top plant in Egypt in liquefied natural gas exports, the ministry said, adding it contributes to strengthening Egypt’s role as a regional energy hub in the Mediterranean region. (Egypt Independent)
Egypt is planning to issue tenders for a project to boost power generation at the ‘High Dam’ in Aswan as part of an ongoing renewable energy expansion programme
Egypt is planning to issue tenders for a project to boost power generation at the ‘High Dam’ in Aswan as part of an ongoing renewable energy expansion programme, an official was quoted on Wednesday as saying. Bidding for the project in Aswan, a city on the Nile located in South Egypt, could continue until the end of March to allow more firms to bid, said Hisham Kamal, Chairman of the state-owned Hydro Plants Generation Company. Kamal told the Arabic language daily Addustoor that the Company produced nearly 7.8 million KWh of electricity in the first half of the current fiscal year and that there are plans to expand production to boost the share of hydroelectric energy in the country’s power generation, currently standing at 5 percent. “We plan to issue tenders to increase the High Dam power generation…the plan is to boost capacity by nearly 300 MW and increase the life span of the dam,” he said. Kamal also revealed plans by the Company to pump at least 500 million Egyptian pounds ($17 million) in the 2022-2023 fiscal year into new energy project (Al Ahram)
Egyptian Parliament Endorses Pact to Join BRICS Bank
Days after Egypt’s President Abdel Fattah El-Sisi visited India as chief guest for the Republic Day celebrations, the Egyptian Parliament has endorsed the agreement that allows Egypt to officially join the New Development Bank set up by Brics. Egyptian MPs welcomed the agreement, seeing in it a way to help reduce demand for for US dollars. The next Brics summit to be hosted by South Africa in August is expected to give a bi push to intra-Brics trade in national currencies, enabling member states to safeguard their foreign exchange reserves. Egypt has also expressed interest in joining Brics, others being Iran and Argentina. (The Economic Times)
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