Aur Capital microfinance arm secures EGP 225 mn from securitized bonds:Waseela, the MSMEs financing arm of private equity outfit Aur Capital, has closed a EGP 225 mn securitized bond issuance, according to CI Capital (pdf), which co-led the transaction and provided financial advice. The issuance came in two tranches, both rated P1 by the Middle East Rating and Investors Service (MERIS).

Advisors: CI Capital, Aur Capital, and the Arab African International Bank acted as lead arrangers, issuance managers, and financial advisors. Dreny & Partners provided legal advice, and KPMG was the auditor.

SOLAR-

SODIC contracts for Africa’s largest residential solar project:Our friends at SODIC have partnered with solar panels manufacturer Electro-Mechanical for Energy (EME) to install 400 rooftop solar panels at its West Cairo compound Vye, the upmarket real estate developer said in a press release (pdf) on Tuesday. The panels are expected to generate around 2 MW of clean energy at peak, saving some 3.5 gigawatt hours of power and reducing 1.6k tons of CO2 emissions annually — the equivalent of planting some 35k trees. The Vye project includes detached, solar-powered villas and is the first of three compounds on a 464-acre development in New Zayed. The first lot of Vye villas went to market in 2020 and were sold out within two days.

CABINET WATCH-

At yesterday’s cabinet meeting, ministers gave the green light to:

  • Golden license for a new railway factory: The National Egyptian Railway Industries Company (NERIC) has been handed a golden license to build a factory that builds railway components for the metro, express trains and trams in East Port Said in the SCZone. NERIC is a public-private company established in 2020 to localize rail manufacturing.
  • The military will produce zero-silica products in the SCZone: The Egyptian-Italian Company for Sustainable Technological Industries, a company owned by the National Services Products Organization, will set up a factory in Ain Sokhna to produce eco-friendly bioquartz and zero-silica panels. The company will export at least 80% of annual output, and its materials must be 90% locally-sourced.
  • Rent-to-own housing: The government will pilot a rent-to-own social housing scheme.
  • The SCA wants to make boats: The Suez Canal Authority will set up a new boat company that will assemble and export yachts and marine units.
Tags: