INFRASTRUCTURE-

Elsewedy partners with Qatari contractor on Libya power plant: Elsewedy Electric and major Qatari contractor UCC Holding have signed an EPC contract with the Libyan General Electricity Company (GECOL) to build a 1.0k MW power plant in Libya, Elsewedy said in a bourse disclosure (pdf) yesterday. The EGX-listed company said the contract is worth EUR 800 mn while UCC parent Power International Holdingsput the figure at EUR 1.19 bn.

About the plant: Located in Zliten on Libya’s north coast, the simple-cycle plant will feature six SGT5-2000E gas turbines. The plant is expected to start operations at the end of 2024 and reach full operation by mid-2025, according to the statement.

INVESTMENT-

EBRD will pour USD 20 mn into a second TCV fund: The European Bank for Reconstruction and Development (EBRD) will invest some USD 20 mn in Tanmiya Capital Ventures Fund II, a second mid-cap fund from private equity firm Tanmiya Capital Ventures (TCV) that the EBRD says will be worth USD 150 mn in total.

Tanmiya’s second fund? This is the first we’re hearing of TCV’s second fund. The PE firm reportedly said last month that it will spend USD 30 mn to add two unnamed food companies to its portfolio this year, using finance from existing shareholders. Its current portfolio contains Abu Auf, Hassan Allam Utilities, Mifad, Plant Form and Tamweel Holding.

COMMODITIES-

Gov’t to pay nearly 75% more y-o-y for local wheat: The Madbouly government will pay farmers EGP 1.5k per ardeb of wheat this harvest season, which kicks off this month, after cabinet approved the move. The price is 20% higher than the EGP 1.25k cabinet had setin January and nearly 75% more than the EGP 865-885 per ardeb it paid last harvest season.

REMEMBER- The government is hoping to buy some 4 mn tonsof local wheat during this harvest season, slightly down from the 4.2 mn tons it had purchased last year.

REAL ESTATE-

Selling land for USD: In its weekly meeting yesterday, the Madbouly cabinet reviewed a decision by the New Urban Communities Authority to sell two plots of land in New Cairo to an unnamed foreign firm for an unspecified price in USD. NUCA has received “many requests by Arab and foreign investors” to pay for state-owned land in USD, officials have said, as part of various initiatives to drum up hard currency amid a persistent shortage.

Tags: