SUEZ CANAL-

SCA cuts transit fees on some ships: The Suez Canal Authority (SCA) will grant dry bulk ships moving between Egypt’s Red Sea ports and African ports in the south-west of the continent a 20-45% rebate on transit fees, according to a circular on Monday. Vessels coming from or heading to Ghana, Togo, Benin, or Nigeria will receive a 20% rebate, while those en route to or from Cameroon will receive a 45% reduction. The decision will go into effect starting November and will last until the end of June 2024.

But there are also fee hikes coming next year: Starting 15 January 2024, the authority will hike transit fees by 5-15% for a number of different vessel types, theSCA said earlier this month.

DATA POINT- Canal revenues on track for a new record high: The government expects Suez Canal receipts to hit a record USD 10.3 bn by the end of 2023. This would be a 36% increase from the USD 7.6 bn received in 2022.

FINTECH-

Banque Misr + Etisalat roll out new payments app: UAE-based multinational telecom player Etisalat and state-owned Banque Misr have teamed up to launch a new digital payments app dubbed SuperPay, according to a statement (pdf) released by the bank. The app facilitates individuals and companies making online payments using bank cards, e-wallets, and point of sale (POS) devices.

FINANCIAL SERVICES-

NBE, Cooperative Ins. Society cover non-payment risks by MSMEs: State-owned National Bank of Egypt (NBE) signed a partnership with the Egyptian Cooperative Ins. Society to cover the risks of non-payments by micro, small, and medium-sized enterprises (MSMEs), a press release (pdf) said on Monday. The contract will cover MSMEs operating within the agricultural, industrial, commercial and service industries for claims of up to EGP 108 mn per client. The NBE will finance complimentary insurance services for MSMEs to ensure the availability of integrated ins. coverage, the release said.

INFRASTRUCTURE-

State-owned Company for Roads and Bridges is heading to Saudi: The Transport Ministry’s Holding Company for Roads and Bridges was awarded SAR 500 mn (USD 133 mn) worth of Saudi contracts to build bridges and upgrade the country’s railway infrastructure, Asharq Business reported, citing people it says are familiar with the matter. Earlier this month, the company received the greenlight to set up an office in Saudi Arabia. The raft of contracts are the company’s first endeavors away from home.

What’s next: The two sides will ink the final contracts over “the coming days,” the sources said, adding that the project should wrap up in 18 months time.

DEVELOPMENT FINANCE-

#1-Int. Cooperation Min drums up NWFE financing from the CIF: The multilateral climate fund Climate Investment Fund (CIF) will provide two grants worth USD 4.5 mn and USD 40 mn in soft financing to develop Egypt’s climate-smart agriculture in collaboration with the private sector, a statement from the International Cooperation Ministry said yesterday. The agreement was announced at the conclusion of three days of talks hosted by the ministry to bring together global lenders to discuss ways to mobilize climate-related financing for Egypt’s Nexus for Food, Water and Energy (NFWE) plan.

#2- AFD also wants to help fund our NWFE plan: The French Development Agency (AFD) will commit EUR 100 mn in blended financing for Egypt’s NFWE platform, the fund’s director Clemence Vidal de la Blache told Asharq Business (watch, runtime: 3:17) on the sidelines of the International Cooperation Ministry’s conference. In line with its Egypt strategy, the fund has invested EUR 200-250 mn every year since 2021, and is on track to hit the target this year, Vidal de la Blache added.

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