DEVELOPMENT FINANCE-

Egypt to unlock EUR 54 mn debt swap from Germany: Germany has agreed to exempt Egypt from paying debts of EUR 54 mn after the German development bank KfW signed a debt swap agreement with our international cooperation and electricity ministries as well as the Central Bank of Egypt, per a statementfrom the German Embassy in Cairo. The money will instead be used to link the new 500-GW Ras Ghareb and Gulf of Suez wind farms to the national grid, the statement reads. The debt swap, which International Cooperation Minister Rania Al Mashat discussed with German officials in October, is the third tranche in the second phase of an ongoing program between the two countries.

More of this, please: The news comes days after President Abdel Fattah El Sisi called on developed nations to increase debt swaps and other innovative forms of green finance to help developing countries pay for the green transition.

OUTSOURCING-

Intelcia enters our market: Global outsourcing company Intelcia has set up shop in Cairo and Alexandria, the company said in a statement (pdf). The company plans to hire and train some 1.2k people by the end of the year. “Intelcia’s presence in Egypt will serve as a center of excellence for delivering cutting-edge solutions in multichannel customer experience, business processes, IT services, and innovative consulting,” it said in the statement.

SMEs-

NBE Partners with GIZ to boost industrial SMEs: The National Bank of Egypt (NBE) recently signed a cooperation protocol with German development agency GIZ to provide technical support and training for SMEs in the industrial sector, according to an NBE press release (pdf).

TOURISM-

New planes for the EgyptAir fleet: EgyptAir has contracted with Airbus to supply it with three new aircraft and with another firm for two planes that it expects to receive by 1Q 2024, bringing the size of the EgyptAir fleet to 78 aircraft, EgyptAir head Mohamed Moussa told CNBC Arabia in an interview (watch, runtime: 13:29). The national flag carrier is negotiating with companies including Airbus and Boeing to further modernize its fleet between 2027 and 2030, he added.

Some 10 mn passengers are expected to fly with EgyptAir this year, Moussa said, up from 9 mn the year before.

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