AUTOMOTIVE-

Negotiations continue for EV development at El Nasr Automotive: El Nasr Motors is currently negotiating with Indian and Chinese firms to partner on the development of a locally-made electric car, Al Borsa reports Mohamed El Saadawy, chairman of the Holding Company for Metal Industries, as saying.

The long search: The company’s previous attempts to choose a foreign partner for the project have been unsuccessful, with talks with Chinese firm Dongfeng falling through in 2021. The government has been searching for a replacement partner for the past 18 months.

The latest tally from the expat car import scheme: The Finance Ministry has raised USD 500 mn from the expat car import scheme launched in November to bring in new foreign currency, it said in a statement yesterday. Finance Minister Mohamed Maait added that around 100k expats have registered online while 800 cars bought through the scheme have been released.

That’s 20% of the target set by the ministry, which originally envisioned the initiative bringing in USD 2.5 bn. Following a lackluster response, the government extended the scheme for three months and tweaked the rules to encourage more people to purchase vehicles.

14 May is deadline day: Expats have 26 days to sign up to the scheme and pay the fees to the Finance Ministry. There are no plans to extend it beyond 14 May, Maait said.

EDUCATION-

CIRA board approves new loan to repay EBRD: The board of EGX-listed education services provider CIRA Education has approved plans to apply for a new loan to meet debt repayments to the European Bank for Reconstruction and Development (EBRD), it said in a bourse filing (pdf) yesterday. CIRA obtained an EUR 25 mn loan (pdf) from the European lender in 2019 to establish a university in Nasser City, Assiut.

Rising rates weighing on CIRA: The company said the decision was made after the Central Bank of Egypt raised its lending rate to 19.25%. Rising interest rates caused the company’s financing costs to double y-o-y between September and February and contributed to a 25% fall in net income. Central bank rates have increased 1k bps over the past year.

INDUSTRY-

Methanex to supply SMD with methanol: Canadian-Egyptian methanol producer Methanex Egypt will supply methanol to the Suez Methanol Derivatives Company’s (SMD) facility in Damietta, it said in a statement (pdf) last week.

Aswan-Dam-powered green ammonia? State-owned chemicals maker Kima could convert one of its old factories into a green ammonia facility powered by the Aswan High Dam, CEO Emad El Din Mostafa told Al Mal.

INFRASTRUCTURE-

French finance for wastewater treatment plant: The French Development Agency (AFD) will provide EUR 52 mn in financing to expand the wastewater treatment plant in Helwan, the Housing Ministry said Friday. The project will more than triple the capacity of the plant to 800k cubic meters per day.

REGULATION-

New regs for precious metals funds: The Financial Regulatory Authority has issued new regulations governing funds investing in precious metals as part of efforts to diversify investment and saving options. You can read the regulations in full here.

TRANSPORT-

EgyptAir to increase flights to the US of A: EgyptAir will begin operating three weekly direct flights between Cairo and Newark Liberty International Airport in New Jersey from 3 June, it said Friday.

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