The CBE is going to stop providing funding for subsidized loans and pass the responsibility to the housing, finance, and tourism ministries. The initiatives that the CBE will stop supporting include: the tourism sector support initiative, the dual-fuel vehicle replacement initiative, the real estate financing initiative for low- and middle-income, and the initiative to encourage modern irrigation methods.
Lekela Power is looking to invest USD2 billion in Egypt over the next four years.
Final agreements on green hydrogen with leading global power companies are expected to be signed in 2Q 2023.
Delegates from nearly 200 countries left COP27 yesterday with a landmark agreement to create a loss and damage fund to help vulnerable countries cope with climate disasters.
A planned roadshow for the Sovereign Fund of Egypt’s pre-IPO fund has been pushed to late December or the beginning of January. The roadshow was planned for the end of November but was delayed due to COP27.
AUTO approved the sale of 7.5% stake in MNT Investments after the result of the performed fair value study. The study reached an equity value for MNT of USD691 mn, while AUTO will sell their stake with total proceeds of USD60 mn, with an earnout component that could potentially lead to total proceeds of USD71.3 mn, should it come into effect. The transaction values MNT Investment at a total of USD800-951 mn, and AUTO’s remaining stake of 49.5% at USD396-471 mn. The transaction offer values MNT at a 15.8%-37.6% premium to the fair value study.
CNFN intends to launch a green financing product with an initial portfolio size of EGP1.25 billion in 2023.
valU signed an agreement with TMGH to offer its financing services in Open-Air Mall in Madinaty and Gateway Mall in Al Rehab.
OFH incurred losses of EGP161 million in 9M22.
Al Maha Capital, the investment arm of Qatar Investment Authority, requested Damietta Port officials to provide information about investment opportunities in the port.
Mobile phone sales recorded EGP214.3 million in August 2022, down 24.2% YoY.