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INVESTMENT-
More Japanese investments incoming? The General Authority of the Suez Canal Economic Zone (SCZone) met with representatives from 24 Japanese companies interested in investing in the zone, it said in a statem ent yesterday. The meeting focused on promoting investments in green fuels and renewable energy, and included representatives from local and international energy companies already operating in the country.
STARTUPS-
GAFI could debut silver licenses this year: The General Authority for Investment and Freezones (GAFI) could start to issue silver licenses for local startups in 4Q 2023 to help ease administrative hurdles, A sharq Busines s reports, citing GAFI head Hossam Heiba. GAFI is set to submit the details of the proposed new license to the cabinet for approval within two months, Heiba added.
What’s a silver license? The silver license will provide incentives and ease the process for startups to register their companies onshore and establish their headquarters in Egypt, Heiba said, without providing further details. GAFI last year launched golden licenses, which aim to accelerate projects by requiring companies to receive only one approval before starting work.
CLIMATE-
SFE, local banks eye EgyCOP: The Sovereign Fund of Egypt (SFE) and a number of local banks are considering investing in carbon credit fund EgyCOP, writes Al Borsa, citing a cabinet-issued document. Al Borsa did not name the local banks interested in the Avanz Capital-managed fund.
ICYMI- EgyCOP is set to invest in low-carbon projects that issue carbon credits with an initial EGP 1 bn in funding and will complement the EGX’s planned voluntary carbon market, which policymakers are working to get off the ground.
EgyCOP could launch by December or January next year, Avanz Capital’s managing director Haytham Wagih told Enterprise last week, adding that the firm wants to partner up with international institutions to set up EgyCOP and is in advanced talks with potential investors and institutions that can provide technical assistance, consulting firms, auditors, and verifiers.
