ENERGY-

Another Chinese player wants in on our renewable ambitions: Chinese hydropower developer CTG subsidiary CTGI wants to invest in local renewable energy, desalination, water pumping, and green hydrogen projects, the company’s head said during a meeting with Electricity Minister Mohamed Shaker yesterday.

Growing interest from China in Egyptian renewables: China Energy could start working on a USD 5.1 bn green hydrogen facility in Egypt next month. The company is also interested in investing in Egypt’s electricity grid and partnering with the Housing Ministry to manufacture pumps for sewage and water desalination plants.

EGPC to set net zero targets: Norwegian energy advisory firm DNV will help the state-owned Egyptian General Petroleum Corporation set net-zero emissions targets, according to a DNV press release. The MoU signed between the two firms will also see DNV strengthen EGPC’s ESG risk assessment and reporting, support studies into carbon capture projects, and train the oil company’s management on sustainability.

DEBT-

Finance in Motion to deploy USD 5-10 mn in agricultural loans: Impact investor Finance in Motion is in talks with three private agriculture firms to provide them with a total of USD 5-10 mn worth of loans in local currency, country head Mohamed Morsy told Enterprise. The loans will be used to purchase crops from small farms and will be disbursed in 2023 and/or 2024.

The investor has handed NBE USD 25 mn in loans in recent months: Finance in Motion’s Sanad fund has extended USD 25 mn to the National Bank of Egypt (NBE), including a USD 10 mn tranche for on-lending to small, medium, and micro-sized enterprises in January and another 15 mn tranche in December, Al Mal reports.

HEALTHCARE-

Moves to reduce antibiotic overuse: Regional pharma consulting firm Accsight is partnering with the Health Ministry to launch an electronic platform to track the use of antibiotics at participating hospitals, according to a ministry statement. The data will be used to create studies and training programs on how to reduce antibiotic use.

REGULATION-

Ins. providers have six months to link their databases with the FRA: Ins. companies need to get their tech up to scratch so they can link their records with the Financial Regulatory Authority’s (FRA) database within the next six months, according to a decision issued by the regulator yesterday. Firms will have the option to apply to the regulator for a further six-month extension, the decision reads.

REMEMBER- Ins. firms are being asked to share their data with the FRA as part of new regulations designed to mitigate their credit risk. The new regs include establishing an industry-wide online platform listing borrowers who have defaulted on their loans.

TOURISM-

Docking incentives for foreign cruise ships: Foreign cruise ships are getting a 50% discount on service fees and a complete exemption from local port authority fees at the country’s ports, per a Transport Ministry decision published in the Official Gazette. Cruise operators must pay their fees in USD, the decision adds.

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