The state-owned Holding Company for Water and Wastewater is set to obtain a EGP 10 bn credit facility

Newsletter

24 Oct 2023

The state-owned Holding Company for Water and Wastewater (HCWW) is set to obtain a EGP 10 bn credit facility after it finalizes an agreement from either a syndicate of state-run lenders or private lenders. HCWW is set to choose between the two by the end of the month. According to the regional news source, the state-owned National Bank of Egypt, Banque Misr, and Banque du Caire formed a consortium for the loan, while private lenders QNB Alahli and the National Bank of Kuwait in Egypt also joined forces. (Asharq Business)

El Safi Group is preparing an offer to acquire "Safi."
El Safi Food Company, a subsidiary of the El Safi Group, is planning to submit an acquisition offer for the "Safi Water Filling Company" in the coming weeks. These sources indicated that the company has expressed interest several times in the past. Among the 30 companies that showed early interest in the acquisition, they have renewed their interest and are currently preparing a financial offer for the acquisition of "Safi." (Al Borsa News)
Beltone’s Financial’s leasing subsidiary has signed a sale and leaseback agreement worth 1.2 billion EGP with real estate developer Al Ahly Sabbour.
The financing will be disbursed in two tranches of equal sizes, the second of which will involve a syndicate of Beltone and other financial institutions. The fresh capital will “substantially contribute to our financing requirements and accelerate the pace of construction in our projects,” Al Ahly Sabbour chairman and managing director Ahmed Sabbour said. (Al Mal)
Egypt plans to launch a real estate stock exchange within 4 months.
Egypt plans to launch the real estate stock exchange within 4 months after completing the necessary legislation, contributing to the revitalization of the real estate market in the country. The real estate stock exchange is a dedicated market for trading and transferring ownership of real estate assets, providing a commercial platform for investors and real estate companies to buy and sell shares in real estate assets or invest in real estate projects. (Asharq Business)
Egypt is planning to increase its crude oil imports by 40% in order to reduce the fuel bill.
The Egyptian General Petroleum Corporation plans to increase the country's crude oil imports by 40% starting from the next fiscal year, 2024-2025, in order to stop importing refined petroleum products. The imported quantities will be increased at a rate of two million barrels per month starting from July 2024, reaching 7 million barrels. Egypt’s Minister of Petroleum said that Egypt is aiming for 9 billion USD in investments in the oil and gas sector during the year. Egypt aims to increase its oil production by 11% in 2023. (Asharq Business)
Egypt needs to cut food losses by 20-30% to achieve food security: Moselhi.
Achieving food security in Egypt necessitates reducing food losses from 20% to 30%. Moselhi noted that the key reason for high commodity prices is the increase in food losses and the existence of multiple transfer chains and mediators. (Asharq Business)
The General Authority for Investment is collaborating with Qatar National Bank to promote investment in Egypt.
The General Authority for Investment and Free Zones, in collaboration with Qatar National Bank (QNB), has signed a memorandum of understanding to enhance cooperation in the field of investment as part of the government's plan to maximize the role of local and foreign private sectors in promoting investment in Egypt. The memorandum of understanding stipulates that the bank will promote investment in Egypt domestically and through its branches worldwide. (Al Mal)
The Ministry of Supply in Egypt is seeking to increase the price of purchasing local wheat for the upcoming season.
Egypt's strategic wheat reserves are sufficient for up to 5 months. Additionally, the strategic sugar reserves are enough for up to 4 months, rice for 3 months, and cooking oil for 6 months. The government is committed to providing incentives to farmers to increase the volume of crops supplied to the ministry. (Al Borsa News)
Bank Misr and Etisalat Misr have launched SuperPay for electronic payment technology.
Both Banque Misr and Etisalat Misr have announced the launch of SuperPay, a company for electronic payment technology. Partnerships between the public and private sectors are significant contributors to the fintech industry, promoting innovation, economic growth, and financial inclusion, which align with the state's efforts. (Arab Finance)
Egypt, Japan’s real estate legend explores cooperation opportunities.
Egypt's Minister of Housing, Utilities, and Urban Communities, Assem El-Gazzar, met with Japanese real estate developer Yukio Kanazawa, owner of Titan Capital, and Niwa Kashiroa, Titan Capital's CEO and former head of Goldman Sachs Japan. The meeting focused on cooperation in real estate development, technology localization, and investment opportunities in Egypt. Kanazawa expressed interest in investing in Egypt and strengthening bilateral relations between the company and the country. (Daily News)
EIPICO, is borrowing 70 million dollars to build a biopharmaceutical factory.
The Egyptian International Pharmaceutical Industries Company (EIPICO) plans to borrow around 70 million USD from local banks to finance the construction of "EIPICO 3," a factory dedicated to the production of pharmaceuticals and biopharmaceuticals, according to Ahmed Kilani, the company's Chairman and CEO. Kilani also revealed that the lending banks are Qatar National Bank Al Ahli, providing $60 million, and Cairo Bank, offering around 10 million USD. The new factory's estimated investment cost is 100 million USD, with production expected to start by the end of 2024. (Asharq Business)