FINTECH-

Non-banking prepaid cards coming to InstaPay? The Central Bank of Egypt (CBE) plans to hand fintech firms licenses to join its digital payment platform InstaPay next year, Asharq Business reported, citing an unnamed government official. The move will integrate prepaid cards issued by fintech players to the InstaPay network, enabling users to conduct transfers using these cards the way they would prepaid cards issued by banks. The licenses, which could be offered without charge, come in response to requests by fintech firms, who reportedly say InstaPay’s introduction of bill payment services has hurt their operations.

GREEN ECONOMY-

EV charging stations for SODIC residents: Our friends at local renewables firm Infinity will deploy EV charging stations across all SODIC developments, it said in a press release (pdf) yesterday.

Infinity is a key player in the local EV charging market: The firm has built at least 190chargingstations so far nationwide with plans to up that number to 300 by 2024, part of a plan with the government to eventually set up 3k stations across the country.

ENERGY-

Domestic gas production falls to three-year low: Egypt’s natural gas production fell to 4.7 bn cubic meters per day in September, down 6% from August, to hit its lowest level since April 2020, according to figures from the Joint Organizations Data Initiative (JODI).

This isn’t the first time we’ve heard this: Figures picked up by industry publication Mees earlier this year also showed output falling to its lowest level in three years in 2Q as production declined, including at the country’s biggest field Zohr.

Remember: The government has been working to increase exploration in a bid to reverse declining production.

MANUFACTURING-

#1- An EGP 1 bn plastic factory in the making: Local plastics manufacturer Al AhramPlastic Company is looking to set up an EGP 1 bn packaging material factory in Badr City as part of its expansion plan to double production, CEO Hany Halim told Al Borsa. The new factory will have a production capacity of 60k tons a year, 80% of which will be exported — namely to European, US, and African markets — and it is expected to kick off operations within the coming three months, the CEO said.

#2- IDA extends break for industrial investors: The Industrial Development Authority (IDA) has pushed the extension deadline for investors who have not been able to finish construction and obtain licenses for the factories they’ve been allotted land for within the required three-year period until 24 January, the authority said in a statement. Those who’ve already incurred fines for missing the deadline will get a 50% cut on the penalties if they opt to pay them in installments — which go up to three years — or a 75% cut if they make a lump-sum payment. The extension was first introduced inJanuary with a 24 July deadline.

COMMODITIES-

Gov’t looks to plug sugar shortage: The Egyptian Sugar and Integrated Industries Company (ESIIC) is thought to have purchased 50k tons of raw sugar via tender from the Dutch agriculture company Viterra for delivery 11-26 January, Reuters reported, citing traders. The purchase has set back ESIIC some USD 33.4 mn. Meanwhile, state grain buyer GASC has launched an international tender for 50k tons of raw sugar and / or 50k tons of refined white sugar on behalf of the ESIIC, for delivery between early January and mid-Febraury. Interested traders need to submit their bids before Saturday.

Remember: A sugar supply gap has pushed prices to soar up to EGP 50 per kilo and pushed the Supply Ministry to tap into its reserves to help fill the gap.

Tags: