EGX Launches secondary market for treasury bills to boost transparency and attract investors
EGX Launches secondary market for treasury bills to boost transparency and attract investors. Egypt’s EGX has opened a secondary market for trading treasury bills, expanding from the primary market where bills were bought directly from the Central Bank. This move aims to boost trading and attract investors, allowing for increased demand and transparency. While foreign inflows may not immediately rise due to FX concerns, it enhances the market’s functionality for future international participation. (Enterprise)
- EBRD commits EUR 30 million to Mediterrania Capital's Mid-Cap Fund.
The European Bank for Reconstruction and Development (EBRD) has committed EUR 30 million to Mediterrania Capital Partners' fourth fund (MC IV), focusing on mid-cap investments in Egypt, Morocco, Tunisia, and sub-Saharan Africa, across various sectors such as education, finance, healthcare, construction, and consumer staples. Other development finance institutions, including IFC, EIB, FMO, Proparco, and DEG, have committed EUR 95 million to the fund. EBRD has previously invested in Mediterrania's funds, which have supported African SMEs and mid-cap companies, including Cairo Scan. (Enterprise)
- Egypt offers 23 new exploration areas in International Tender.
Egypt's Ministry of Petroleum and Mineral Resources has initiated an international tender through the Digital Egypt Exploration and Production Portal, featuring 23 new exploration areas in regions like the Western Desert, Eastern Desert, Gulf of Suez, and the Red Sea. The aim is to diversify sectors and attract both current and new partners to invest in Egypt's petroleum wealth, utilizing advanced digital methods and geological data. (Economy Plus)
- Egyptian Fintech Neqabty secures USD 550,000 in seed funding led by Saudi Wealth Fund.
Egyptian fintech platform Neqabty has successfully concluded a USD 550,000 seed funding round, with Sanabil Investments, a subsidiary of Saudi Arabia's Public Investment Fund, taking the lead in the investment. Neqabty connects professional syndicates and members, enabling digital payments for annual syndicate subscriptions and related services. The company has expansion plans both domestically, targeting Egyptian syndicates, and abroad, including Ghana, Saudi Arabia, and Portugal. (Enterprise)
- GERD talks stall again, third round scheduled for Cairo in October.
Despite the latest round of negotiations between Egypt, Ethiopia, and Sudan over the Grand Ethiopian Renaissance Dam (GERD), no substantial progress has been made, according to Egypt's Irrigation Ministry. The failure to reach an agreement has prompted discussions of a "plan B" in case Ethiopia continues to fill and operate the dam unilaterally. (Enterprise)
- Egypt Explores Gulf partnerships to boost Aluminum industry.
Egypt's Ministry of Public Business Sector is in talks with Gulf partners, including the Emirates Aluminum Company and Bahraini firm Alba, to develop the country's aluminum industry. Plans include a new aluminum production plant in Safaga with a capacity of 300,700 tons per year and a bauxite raw material production plant. The projects aim to meet local demand and enhance exports, with Misr Aluminum considering ventures into aluminum rims and foil. In the last fiscal year, the company saw a significant increase in net profit and revenues. (Arab Finance)
- Halan Consumer Finance issues EGP 1.04 billion in securitization bonds.
Halan Consumer Finance, a subsidiary of MNT Halan Company, has issued EGP 1.04 billion worth of securitization bonds, including four B1 and A tranches with a coverage rate of 1.5 times the IPO. This marks the second issuance under a EGP 3 billion program, with the first issuance closing at EGP 978 million in December. MNT's microfinance subsidiary, Tasaheel, has also been active, securing billions of pounds from its portfolio as part of a EGP 13 billion program and issuing over EGP 8.8 billion in securitization bonds since June 2022, with more expected by the end of 2023. (Arab Finance)
- Central Bank of Egypt wins international awards for financial inclusion efforts.
The Central Bank of Egypt (CBE) has received two international awards from the International Alliance for Financial Inclusion, recognizing its contributions to promoting financial inclusion and supporting economic empowerment. CBE earned the Youth Financial Inclusion Award for its initiatives targeting the youth segment and the Technical Leadership Award for its expertise in financial inclusion. Additionally, CBE was honored for fulfilling financial inclusion commitments, known as "Maya Pledges." These awards highlight Egypt's commitment to expanding access to financial and banking services, aligning with Egypt's Vision 2030 goals. (Hapi)
- Egypt's Al Ezz Ceramics doubles exports to Saudi Arabia, expanding market presence.
Al Ezz Ceramics, one of Egypt's largest ceramic companies, has doubled its exports to Saudi Arabia over two years, reaching nearly one million square meters. The expansion was driven by the company's entry into the Saudi market in early 2024, responding to high demand in the Kingdom's projects sector and various industries. Al Ezz Ceramics is part of the Ezz Holding Group, owned by Egyptian billionaire Ahmed Ezz, with an annual production capacity of 20 million square meters. (Asharq)
- Egypt's commitment to global development and economic cooperation highlighted at AIIB meetings.
Mohamed Maait, Egypt's Finance Minister and Governor at the Asian Infrastructure Investment Bank (AIIB), reaffirmed Egypt's commitment to global development and cooperation. He stressed the importance of regional and international collaboration, especially through the private sector, to overcome global challenges. Egypt aims to enhance cooperation with AIIB across various sectors to drive economic sustainability and growth, leveraging financial resources for development. Egypt continues to play a significant role in supporting AIIB's developmental agenda. (Hapi)
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