Senate committee gives initial approval to FX-for-tax cuts industrial plan
Senate committee gives initial approval to FX-for-tax cuts industrial plan. The Senate Financial and Economic Affairs Committee yesterday gave preliminary approval to draft amendments that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. Under the proposed amendments to the 2017 Investment Act, companies would receive a tax cut of up to 55% on income generated by projects funded by FX. The approval comes a few weeks after cabinet approved the plan, which aims to attract more hard currency into the country and shore up its external position. (Asharq Business)
- EGX teams up with Agricultural Bank, Enara Group to form carbon credit company.
An Egyptian Exchange (EGX) subsidiary has signed an agreement with the Agricultural Bank of Egypt and Enara Group’s Libra Capital to establish Libra Carbon, the first Egyptian company to develop, manage and issue carbon certificates. The move is a first step towards developing a voluntary, Africa-wide carbon credit exchange to encourage and diversify investment in the continent’s green economy, EGX head Rami El Dokany said in the statement. (Al Mal)
- The Central Bank of Egypt (CBE) has issued a series of binding regulations to promote sustainable finance.
The regulations come in a bid to realize sustainable development goals after a recent bank survey indicated sustainable finance activities in banks needed to be bolstered by a “binding framework.” The regulations mandate that all banks operating in Egypt will establish an independent unit to overlook sustainable and sustainable finance by 1 April, 2023 and submit quarterly and yearly reports tracking their sustainable finance activities by 31 March of each year starting 2024. (Al Mal)
- IFC weighs 83 million USD funding for Egypt’s 500MW wind farm in Ras Ghareb.
International Financial Corporation (IFC) is considering providing an 83 million USD loan to fund the 500-megawatt Amunet Wind Farm project in the Egyptian city of Ras Ghareb. The proposed financing includes a loan for up to 75 million USD and risk management products in the form of interest rate swaps with a loan equivalent exposure of 8 million USD. The project’s total cost is estimated at 709 million USD and will be 80% financed by debt and 20% by equity. Amunet Wind Farm will be located 9 kilometers northwest of Ras Ghareb in the Gulf of Suez region. (Al Mal)
- Banque Misr, Mountain View ink 750 million EGP loan agreement.
Banque Misr signed an 750 million EGP long-term loan agreement with Mountain View for Development and Real Estate Investment to fund part of the investment cost of the Mountain View 4 project. The loan will help accelerate the construction of the project located in the 6th of October City. Situated on 47 feddans, the project has a total investment cost of 1.1 billion EGP. (Hapi Journal)
- ZEOT studies 300 million EGP new investments.
Extracted Oils and Derivatives Company (ZEOT) is considering new investments worth 300 million EGP. The company noted that the reported amount was a proposal that would be presented to the board of directors. Extracted Oils and Derivatives, an affiliate of Holding Company for Food Industries, is engaged in the extraction and production of oil from animals and vegetables, as well as the manufacture, packaging, and trade of industrial and liquid soaps and detergents. (Hapi Journal)
- Seeders Capital, Orange Egypt complete 1st sustainable store in Africa.
Seeders Capital announced the completion of its first sustainable store in Africa and the Middle East, in collaboration with Orange Egypt. The project was announced during the events of the United Nations Climate Change Conference (COP27). The new sustainable store was designed based on four main pillars; clean air, processed waste, clean energy, and clean water. (Hapi Journal)
- Foodtech startup Brotinni raises 600,000 USD seed funding.
Egyptian foodtech and dark butcher' solutions startup Brotinni secured $600,000 in a seed funding round. The funding round was led by Innlife investments. Brotinni has recently opened its first warehouse to serve clients in Cairo. The company is planning to maximize its storage space to meet increased demand. Founded in 2020, Brotinni is a platform enabling users to order hand-cut, farm-sourced, and vacuum-sealed fresh meat and poultry. (WAYA)
- Nasdaq warns Swvl of delisting on stock price violation.
Swvl Holdings Corporations received a letter from the Nasdaq Stock Market indicating that the company does not comply with market rules and that its share price was below 1 USD for the last 30 consecutive days. Nasdaq gave Swvl a grace period of 180 days to comply with relevant rules or be subject to delisting. To avoid delisting, the closing bid price of the company’s stock should be set at no less than 1 USD for a minimum period of 10 consecutive business days. (Al Mal)
- Maridive restructures 219 million USD loans.
Maridive and Oil Services (MOIL) announced that it received final approval for restructuring 219 million USD loans. The restructured loans include two tranches. The first amounts to 110 million USD and the payment period thereof will start in December 2023 and end in 2028. The second tranche amounts to 109 million USD and its payment period will start as soon as the first tranche’s payment period ends. Maridive is an Egypt-based company that provides offshore marine and oil support services across the Middle East and North Africa (MENA) region. (Arab Finance)
- Palm Hills’ OGM nods to selling 3.65 million shares in Incolease.
Palm Hills Development Company’s (PHDC) ordinary general meeting (OGM) approved selling 3.647 million shares of its stake in International Company for Leasing (Incolease) (ICLE) to Palm Holding for Financial Investment. Incolease is an Egypt-based company engaged in the provision of customer service and personalized financial solutions. (Al Mal)
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