DEBT-

Gov’t wants some of its NWFE finance ASAP: The government is trying to secure a USD 150 mn loan as part of its NWFEprogram from the European Bank for Reconstruction and Development (EBRD) before the end of the year, Asharq Business reports, citing two unnamed government officials. The money would be used to replace aging gas-fired power stations with renewable energy in a bid to strengthen our power grid and reduce emissions, said one of the sources.

Remember: The European Bank for Reconstruction and Development is the lead partner on the NWFE’s energy pillar, to which it will contribute USD 200-300 mn. The money will be used to decommission 5 GW of gas-fired power plants by 2025 and establish 10 GW of solar and wind projects by 2028. The pillar is expected to mobilize USD 10 bn of private-sector investment and USD 500 mn of soft loans, grants and assistance from donors and international financial institutions.

CAPITAL MARKETS-

#1- Pachin’s going private: Dubai-based National Paints Holding is moving forward with its plans to take Paint and Chemical Industries (Pachin) private following its takeover of the formerly state-owned firm earlier this year. The company has submitted a request to the EGX to delist all 24 mn of its shares from the exchange, the bourse said yesterday. This comes less than a month after Pachin’s board of directors approved plans to buy back the shares from minority shareholders for EGP 39.80. The Emirati company acquired more than 80% of the formerly state-owned company in a mandatory tender offer in May.

LOGISTICS-

McDonald’s is lovin’ optimized deliveries: Mansour-owned McDonald’s Egypt will partner with AI home delivery solutions provider Roboost, the startup said (pdf) last week. The company will automate McDonald’s delivery cycle, optimize operations before delivery starts, and reduce manual actions to increase fleet efficiency, it said.

Roboost might have already knocked on your door: The homegrown delivery solutions startup claims to have completed 4 mn orders since being established in 2020 and employ 2.1k delivery workers, according to the company’s website. Roboost currently provides their services to Cinnabon, Burger King, Al Abd, Koshari Abu Tarek, and other prominent local and international chains operating in the country.

NBFS-

Contact x KashNow: Customers of digital payment platform KashNow will be able to access installment plans offered by Contact Financial’s consumer finance arm Contact CrediTech under an agreement between the two companies, Contact said (pdf) yesterday.

MINING-

SMW Gold just lost one of its two concessions: The Egyptian Mineral Resources Authority (EMRA) has withdrawn the Umm Balad gold mine concession from SMW Gold on the back of the company’s alleged failure to stick to its development and investment plan. Asharq Business broke the news, citing two unnamed government sources.

FYI- SMW, a subsidiary of Australian miner Allied Gold, is exclusively focused on Egypt and was handed a license for the Umm Balad and Al Fawakhir concessions in the Eastern Desert in 2007. The concessions were the subject of a drawn-out arbitration case that SMW Gold filed against the Egyptian government in 2013.

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