DEVELOPMENT FINANCE-

EIB, EU extend EUR 165 mn to green our industrial sector: The European Investment Bank (EIB) is extending EUR 135 million in soft financing to the Environment Ministry, topped off with a EUR 30 mn grant from the EU, under agreements inked with the International Cooperation Ministry, a statement from the ministry said. The funds will help finance the Sustainable Green Industry project, which seeks to combat industrial pollution. The project — which will be managed by the Egyptian Environmental Affairs Agency (EEAA) and executed by the National Bank of Egypt (NBE) — will see the government dole out funds to private and public sector manufacturers to stimulate investment in initiatives that mitigate industrial pollution, according to the State Information Services.

AUTOMOTIVE-

Local auto firm acquires stake in Brilliance Auto: The country’s sole agent for Jinbei products Jinbei Royal Egypt has acquired the Bavarian Auto Group’s (BAG) stake in Brilliance Bavarian Auto Company — a JV between China’s Brilliance vehicles and BAG — Jenbei’s managing director Khaled Saad told Al Borsa earlier this week. Brilliance Auto is gearing up to bring Brilliance’s V3 and V6 models to the Egyptian market by mid-February, he added.

ENERGY-

GUPCO’s first oil well in North Safa field comes online: The Gulf of Suez PetroleumCompany (GUPCO) has started production from the first oil well in the North Safa field in the Gulf of Suez at 2.5k barrels per day (bpd), according to a statement from the Oil Ministry.

TELECOMS-

More data centers in the pipeline? Six local and international companies — includinglocal IT infrastructure firm Benya Group — have reportedly filed for licenses to set up data centers in Egypt with the National Telecom Regulatory Authority (NTRA), sources with knowledge of the matter told Al Mal.

COMMODITIES-

Ezz Steel raised the price of local rebar by EGP 3.5k to EGP 42k per ton — inclusive of 14% VAT — a source at the company told Enterprise. Several steel producers have hiked prices to catch up with the rising raw material costs, leaving steel prices at anywhere between EGP 41.5k and EGP 43k a tonne, Al Shorouk reported.

GASC has launched a tender for 50k tons of raw sugar and / or 50k tons of refined white sugar on behalf of the Egyptian Sugar and Integrated Industries Company, for delivery between mid-Febraury and mid-March (Reuters)

TRANSPORT-

The second phase of the metro line 3has begun trial operations. (Cairo Metrostatement)

The Abu Qir train routewill gradually start halting operations starting Friday as the ministry starts working on the Alexandria metro project. Authorities will soon announce alternative routes. (Transport Ministry statement)

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