DEBT-

#1- AAIB extends EGP 3.5 bn facility to Tatweer Misr: Real estate developer Tatweer Misr is taking out an EGP 3.5 bn facility from the Arab African International Bank (AAIB), it said in a press release. The developer will use the funds to accelerate the construction of its Il Monte Galala project in Ain Sokhna and Bloomfields in Mostakbal City.

Advisors: AAIB is lead arranger, coverage guarantor, facilitation agent, and guarantee agent. Matouk Bassiouny & Hennawy is acting as AAIB’s legal advisor and Sarie El Din and Partners is Tatweer Misr’s legal advisor on the transaction.

#2- Raya wants in talk for finance: Raya Holding’s IT arm Raya Information Technology is currently in talks for facilities to support new tech solutions and IT infrastructure projects, it said in an EGX disclosure (pdf).

FX WATCH-

Relaunched expat car-for-FX initiative clocks in 100k registrations in first week:Around 100k Egyptians residing abroad have registered to take part in the expat car-for-FX initiative in only one week since its launch, the Finance Ministry said in a statement on Tuesday. The car-for-FX initiative allows Egyptians living abroad to import cars tax-free, provided that they deposit the equivalent of saved duties and taxes in a five-year FX certificate of deposit.

High hopes: The current iteration of the program could generate up to USD 1.1 bn in hard currency receipts, Parliamentary Affairs Minister Alaaeddin Fouad said in October.

POLITICS-

Tantawy is going on trial: Former Egyptian presidential candidate Ahmed Al Tantawy, alongside 22 of his campaign staff, will stand trial on 28 November for asking supporters to print out their own endorsement forms and hand them in instead of using the election authority’s official forms, according to the AFP. Tantawy’s charge of circulating electoral documents without the necessary legal authorization, according to the newswire, comes a month after he dropped out of the presidential race last month after falling short of the 25k minimum needed to run.

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