THIS EVENING: Egypt to get USD 250 mn Sharia-compliant trade loan facility from AFC, IFTC

Good afternoon, friends, and happy hump day. We are at the midpoint of what looks like a busy week.

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THE BIG STORY TODAY

Fresh funds for food and fuel: Egypt will receive a USD 250 mn shariah-compliant trade loan facility — a loan specifically targeted towards international trade transactions — from the Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (IFTC) to support Egypt’s food and oil security, the AFC said in a statement.

The beneficiaries: The one-year facility will be split evenly between state-owned Egyptian General Petroleum Corporation (EGPC) and state grain buyer the General Authority for Supply Commodities (GASC) to fund purchases of fuel and petroleum products and commodity imports including wheat, corn, vegetable oils, and sugar, the lender said.

THE BIG STORY ABROAD

Picking up where we left off this morning, the results of the Iowa caucus are still topping headlines in the international press this afternoon. Ron DeSantis landed in second place behind former President Donald Trump — albeit by a very wide margin — after edging out Nikki Haley. DeSantis earned 21% of the votes, just two percentage points ahead of Haley. Although DeSantis is now in pole position to battle it out with Trump for the Republican Party’s presidential nomination, Haley is still not out of the picture entirely, boasting strong numbers in the next two Republican primary nomination states — New Hampshire and South Carolina. (Financial Times | Associated Press | Washington Post | Reuters | Wall Street Journal)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Gov’t plans to double the capacity of Cairo International Airport: The new terminal that the government plans to add to the Cairo International Airport will accommodate an additional 30 mn passengers per year, according to a cabinet statement. The airport last year hosted 26 mn passengers and received 198k flights.
• Made in China Egypt: Kuwait’s Ali Alghanim & Sons Automotive, Saudi’s Mohamed Yousuf Naghi Group, and Egypt’s Organi Group have launched a joint venture dubbed Auto Mobility that will invest USD 100 mn into localizing the production of cars from Chinese automobile giant Geely.

?️ TOMORROW’S WEATHER- Expect a partly cloudy day with skies clearing up in the afternoon at a high of 21°C before dropping down to a low of 15°C, according to our favorite weather app.