The current cooperation development portfolio between Egypt and the World Bank Group covers 15 projects at a total value of 5.5 billion USD

Newsletter

10 Feb 2022

For our top talks today, we need to highlight that the current cooperation development portfolio between Egypt and the World Bank Group covers 15 projects at a total value of 5.5 billion USD, Egyptian Minister of International Cooperation Rania Al-Mashat said in an official statement. These projects are being developed in the sectors of education, healthcare, transport, social solidarity, oil, housing, drainage, local development, and environment, Al-Mashat highlighted. It is worth mentioning that the international cooperation ministry’s current development cooperation portfolio includes 372 projects across different sectors at a total value of 26.5 billion USD. (Mubasher)

Exports of the Egyptian petrochemical and fertilizers industries grew by 45% year-on-year (YoY) in 2021, Minister of Petroleum Tarek El-Molla said in an official statement.
The value of petrochemical and fertilizers exports recorded $6.7 billion in 2021, El-Molla added. The petroleum ministry is fully supporting the petrochemical industries in light of the upgrade of the sector’s strategy until 2030, he pointed out. Egypt is planning to implement a number of projects, including the Red Sea Complex for Petrochemicals at the Suez Canal Economic Zone (SCZone) and Al-Alamein Complex, to add value to the petrochemical sector. (Arab Finance)
Likewise, Banque Misr has signed three cooperation protocols with the Egyptian Ministry of Justice to reinforce the digital transformation.
The first protocol has been signed for the activation of the e-system offering the service of the Real Estate Registration and Notarization Authority (RERN) will be activated. Under the second protocol, units to issue courts certificates remotely will be available at a number of Banque Misr’s branches, in order to facilitate the process of getting these certificates. Meanwhile, the third protocol provides members of judicial entities and authorities with mortgage finance services within the framework of the Central Bank of Egypt (CBE), in collaboration with other banks. (Arab Finance)
Moving to our EGX and companies talks, Thndr, an Egypt-based digital investment platform, has raised 20 million USD in a Series A round, led by Tiger Global, BECO Capital, and Prosus Ventures.
Base Capital and other existing investors comprising Endure Capital, 4DX Ventures, Raba Partnerships, and JIMCO have also participated in the funding round, according to a press release on Wednesday. Launched in late 2020 by Ahmad Hammouda and Seif Amr, the platform will use the new funding in developing products and expanding its presence across MENA.
The Co-Founder and CEO of Thndr, Ahmad Hammouda, said: "We are building an investment supermarket for MENA consumers to access relevant investment products.
With a focus on financial literacy, we equip investors with the knowledge to make self-directed investment decisions." Meanwhile, the Partner at Tiger Global, Alex Cook, remarked: "The market is lacking a low cost, easy to use platform for investing and saving, and we believe Thndr will deliver best-in-class customer experience as the platform scales."
UAE’s Biggest Bank First Abu Dhabi offers to buy a majority stake in EFG Hermes, valuing the firm at 1.2 billion USD, in what’s likely to be the biggest acquisition yet in Egypt by the UAE’s largest lender.
EFG Hermes, Egypt’s biggest investment bank whose shareholders include Natixis SA and U.S.-based Ripplewood, said it received a non-binding offer from First Abu Dhabi Bank for a stake of no less than 51%. FAB is being advised by Rothschild & Co., according to people familiar with the matter, who asked not to be identified because the information is private. FAB offered 19 Egyptian EGP (1.21 USD) per share, a premium of about 21% to where EFG’s stock was trading before it was briefly suspended on Wednesday. The offer values EFG at 18.5 billion EGP. (Bloomberg Asharq)
Egypt-based SOKNA has raised 1 million USD in a seed funding round, with leading regional and international investors participating. The investors include the Silicon Valley-based Mentors Fund, SBX Capital, ACE & Company, and Kabnoury Ventures.
The round also witnessed the participation of highly strategic angel investors including Co-founder and Managing Partner of New York-based HOF Capital Onsi Sawiris, Khaled AlMutabagani from Saudi Arabia, Partner at London-based Mansour Capital Mo El-Bibany, and Ahmed Sadek El Sewedy and Farouk Kadous of ElSewedy Family Capital. The startup has signed operational partnerships with 20 hospitals and corporates in Greater Cairo since its launch to date. (Arab Finance)
The National Bank of Egypt (NBE) has approved to provide Capital Med Company with a loan worth EGP 800 million, according to the Chairman of Egyptians for Healthcare Hassan Elkalla.
The bank agreed upon lending a long-term loan facility to Capital Med in light of the banks sector’s interest in contributing to healthcare projects, Elkalla said. The loan is set to be used to partially cover the required financings for the establishment of an integrated medical city affiliated to Capital Med in Badr City. Capital Med plans to direct the facility to finance the first phase of the medical city, which will feature medical clinics buildings and a hospital. The company aims at completing the construction works of the first phase to commence operations before the end of 2022. (Al-Mal)
Etisalat Misr has signed a memorandum of understanding (MoU) with the US-based Honeywell, according to the Chief Business Officer (CBO) at Etisalat Misr Khaled Hegazy.
Under the MoU, new services and high-quality products will be offered to the customers of Etisalat Misr in the field of internet of things (IoT) and smart cities. This signing comes in line with the existing cooperation strategy between the two companies, aiming at developing smart cities and urban communities in Egypt through establishing an integrated IoT platform. As per the MoU, Etisalat Misr will provide eminent commercial offers, optimum operational and technical practices, and customer service in the field of IoT. (Al-Mal)
Elsewedy Electric Co reported consolidated net profits of 3.81 billion EGP in 2021, up 15.2% from 3.31 billion EGP in 2020, including minority shareholders' rights.
The company's revenues jumped by 30.5% to 60.54 billion EGP in 2021, compared to 46.4 billion EGP in the earlier year. As for standalone businesses, the company's net profits declined to 1.12 billion EGP in 2021 from 2.299 billion EGP in the previous year. It is noteworthy to mention that in the nine-month period ended 30 September 2021, the company logged consolidated net profits of 2.51 billion EGP, up by 30% year-on-year (YoY) from 1.93 billion EGP, including minority shareholders' rights. (EGX)
Moreover, Elsewedy Electric (SWDY) announced that its board of directors has approved the establishment of a new branch for the company is Burkina Faso.
The new branch will be opened to hold all activities as approved by the relevant authorities in accordance with the accepted social denominations as per rules and regulations. In a separate statement, the company revealed that the board has decided not to propose for cash dividend distribution. (EGX)
The new resolutions target supporting more than 3.5 million owners of MSMEs, with credit facilities worth around EGP 27 billion, the FRA highlighted. This came after the FRA’s board of directors approved the principles of responsible financing for MSMEs. The FRA also granted authorized lenders that operate in the MSMEs financing activities a six-month period to comply with the provisions of the new resolution. (Arab Finance)