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DEBT WATCH-
Sky-Reliance consortium could get USD 65 mn loan from BdC: A SkyLogistics and Reliance Logistics consortium is reportedly in talks with Banque du Caire (BdC) for a USD 65 mn loan to fund its multipurpose terminal at the East Port Said port, sources familiar with the transaction reportedly told Al Borsa. The consortium is expected to wrap up negotiations on the loan terms within the next few days. The consortium was recently awarded a 30-year build-operate-transfer contract for the multipurpose terminal.
** Read the full story in this morning’s edition of Enterprise Logistics.
#2- EGP 5 bn wanted for silo development:The Egyptian Holding Company for Silos and Storage is looking to borrow EGP 5 bn from a syndicate of local banks led by the National Bank of Egypt and Banque Misr, according to Asharq Business (here and here), which cited anonymous banking sources. The loan will be used to finance silos in Toshka and other Egyptian governorates, one of the sources said.
Expanding storage capacity is a top priority right now: The World Bank, the EU and theFrench Development Agency have all provided finance to Egypt to help expand its silo capacity in response to the rising food insecurity triggered by the war in Ukraine.
PRIVATIZATION WATCH-
Banque Misr to sell EGP 120 bn worth of untapped land plots: State-owned lender Banque Misr has finished reviewing its inventory of vacant land plots worth EGP 120 bn, reports Al Arabiya, citing a Banque Misr official who spoke to AWP. The bank wants to sell the plots or use them in strategic partnerships with foreign investors through the Sovereign Fund of Egypt.
A land sale is already in progress: The bank is reportedly nearing a EGP 1 bn sale agreement with a consortium of property developers led by Hassan Allam Properties. Once the transaction goes through, the developers will set up a mixed-use development on the plot in Sheikh Zayed.
INVESTMENT-
Bahrain-based Islamic investment bank GFH Group could invest some USD 500 mn in Egypt and has appetite for the health, education and logistics sectors in 2024, Al Borsa reports, citing unnamed sources. The news follows an earlier report by Asharq Business that GFH is looking at an acquisition in education. The group’s logistics arm, GFH Partners, is also looking to invest in in Egypt’s smart transportation sector, Al Borsa reports.
