The Prime Minister Dr. Mostafa Madbouly witnessed the signing ceremony of a framework agreement between the Sovereign Fund of Egypt
For our top talks today, first, last Thursday, the Prime Minister Dr. Mostafa Madbouly witnessed the signing ceremony of a framework agreement between the Sovereign Fund of Egypt, the Norwegian Investment Fund, and the Norwegian Scatec company; to cooperate in the development of renewable energy, green hydrogen and green infrastructure projects in a number of African countries. This cooperation comes within the framework of the ties and relations between Egypt and Norway, and in recognition of the importance of sustainable development in combating climate change, especially as Egypt is preparing to host the 27th session of the Conference of the States Parties to the United Nations Framework Convention on Climate Change (COP27) next November 2022. (Al Mal)
- Second, Dr. Mohamed Maait, Minister of Finance, affirmed that the state is keen to create an attractive climate for investments,
and 400 billion USD has been spent to develop infrastructure within 7 years, making it able to absorb any new projects, in a way that encourages the private sector to maximize its participation in the development process. The government is keen to encourage the flow of local, arab and foreign investments and will work to encourage more Qatari investments during the coming period to take advantage of promising development opportunities in various sectors, and the development of already existing projects in Egypt. (Al Mal)
- Moreover, Egyptian finance minister Mohamed Maait held a meeting on March 31st with the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva to discuss a new financial stimulus to support the country amid rising commodity prices caused by the Russian-Ukrainian war.
On the sidelines of the World Government Summit in Dubai, Maait and Georgieva discussed mutual cooperation in the coming period to complement the success of the economic reform program in Egypt which boosted the economy’s resilience to internal and external shocks. Both officials agreed that the new program with the IMF – currently under negotiation - will support structural reforms of the Egyptian economy without imposing any burdens on citizens. (Arab Finance)
- In addition, the World Health Organization announced the success of the Egyptian Medicines Authority in reaching maturity level 3 (maturity level), according to the classification of the world organization.
It was confirmed that the authority is eligible for inclusion in the list of the World Health Organization that includes the reference regulatory bodies in the world, i.e. recognized regulatory bodies globally as meeting the international standards. It should be noted that Egypt was previously selected in February 2022 among 6 African countries receiving mRNA technology from the World Health Organization Technology Transfer Center, and the recent development witnessed by the Egyptian Medicines Authority is critical to the efforts made to enhance the manufacturing capacity in Egypt. (Al Mal)
- And for our EGX and companies talks, Dubai-based ride-hailing company Swvl is set to commence trading on the New York-based Nasdaq Stock Market on March 31st after Queen's Gambit Growth Capital’s shareholders approved merging with Swvl, according to Swvl's CFO Youssef Salem.
Swvl’s CFO previously revealed on February 1st that the company is getting ready to list 35% of its shares on the Nasdaq Stock Market after merging with Queen's Gambit. In July 2021, Swvl announced it signed the final deal to merge with Queen’s Gambit Growth Capital in a deal estimated at a value of 1.5 billion USD. (Alborsa news)
- Financial services startup Khazna has secured a Series A equity and debt funding of 38 million USD.
The debt financing was provided by UK’s debt finance provider Lendable and facilitated by the Arab Bank Egypt. The equity investment was led by US’ venture capital firm Quona Capital with participation from Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among other entities. Earlier in March, Saleh revealed that Khazna was planning to establish a special purpose acquisition company (SPAC) in collaboration with international investors in 2024. (Bloomberg Asharq)
- Contact Mortgage, a subsidiary of Contact Financial Holding (CNFN), has signed 1 billion EGP cooperation agreement with Nawy, an Egypt-based online real estate broker, with the aim to provide financial solutions.
Under the agreement, Contact will finance Nawy’s customers to purchase real estate units. The 1 billion EGP financing will reinforce the sale and purchase of ready-to-deliver units in the real estate market. This comes as part of Contact Financial’s plan to sign a number of strategic investment contracts, with the aim of expanding and catering to various sectors through the provisions of integrated financial solutions. Moreover, the two companies will jointly work on solving the problems of buyers seeking to move immediately to their units, offering them up to a 10-year installments plan. (Arab Finance)
- Egyptian venture capital (VC) firm DisrupTech has raised over 25.1 million USD in the second close of funding, according to the Co-founder Mohamed Okasha.
Foreign institutions contributed 80% to the funding, while other institutions and individuals accounted for only 20%. The top official said that DisrupTech is set to invest 30% of its funding in 2022. There is no plan for exiting any of the companies DisrupTech is currently investing in, he added. Okasha revealed that the VC firm has invested in nine companies over the last two years including Brimore, Khazna, Fatora, Mozare3, and Nexta. (Amwal Al Ghad)
- The Facility Investing for Employment (IFE) announced that it would provide joint financing worth up to 10 million EUR to each project that offers job opportunities in African emerging market
This comes as part of a plan to support investment projects with the aim of expanding or starting new projects in the emerging markets within Africa, particularly in Egypt, Tunisia, Côte d'Ivoire, Ethiopia, Ghana, Rwanda, and Senegal. Through this move, the facility targets bolstering investments in the African emerging markets to create new job opportunities in the private sector and encourage companies to face various challenges such as weak infrastructure and inefficient energy, water, and road networks. (Arab Finance)
- Huawei received three awards on Wednesday at the Cyber Security and Innovation Series (CSIS),
namely: Digital Workplace Innovation of the Year for Huawei Egypt and Cyber Awareness Plan of the Year for Huawei Morocco, with Chief Cybersecurity Officer at Huawei Egypt Mohamed Amr Madkour named as the Cybersecurity Leader of the Year. During CSIS Egypt 2020, the Chinese multinational technology corporation showcased its latest end-to-end (E2E) cyber security assurance system, which was held in Cairo from March 28th until March 29th. The leading global information and communication technology (ICT) services provider has also discussed cyber security strategies to secure the digital transformation in Egypt. (Arab Finance)
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