CAPITAL MARKETS-

EFG Hermes Holding has completed its exit from Oman, the company said in an EGXdisclosure(pdf), revealing the unspecified market that in January it said it planned to exit in addition to Jordan and Pakistan. Despite the exit, “EFG Hermes will continue to serve its institutional clients base … through its regional hubs,” the statement reads.

REMEMBER- The high-profile EGX-listed institution earlier this year said it would make the exits to “simplify its operations” and double-down on its core strengths as it aims to improve its return on equity and “better equip itself for the unfavorable global economic environment.” The three markets account for no more than rounding errors on EFG Hermes’ income.

REGULATION-

FRA committee brings a local carbon trading scheme one step closer: The Financial Regulatory Authority (FRA) has set up a body to oversee the forthcoming carbon market, it said in a statement yesterday. The committee will draft regulations governing the issuance of carbon certificates and set rules for corporate disclosures.

This is the most recent measure to accelerate the introduction of a carbon market in Egypt. Amendments to the Capital Markets Law to make carbon certificates a tradable security are making their way through the House of Representatives, ahead of EGX plans to launch Africa’s first voluntary carbon market in the middle of this year.

RETAIL-

Mansour Group to up retail branch count by 50% this year: Mansour Group plans to open 80 more branches of its retail brands by the end of the year, Al Borsa reports, citing statements from the company’s corporate affairs director. The group — which owns the Kheir Zaman, Metro, and Fresh Food Market brands — has opened one Kheir Zaman branch in 6 October City and two in Sohag this year and expects to launch another 77 before the year is out, he reportedly said. Mansour Group currently operates 160 branches across the country, including almost 130 Kheir Zaman outlets.

CLIMATE-

Money to strengthen climate finance policy: The environment and foreign ministries, the French Development Agency (AFD), and the UNDP inked an EUR 1.5 mn grant to support the country’s climate finance strategy and encourage local banks to implement their own climate policies, the Environment Ministry said in a statement. MPs late last year approved the grant agreement, which comes under the UN Green Climate Fund’s Transforming Financial Systems for Climate (TFSC) project.

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