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Fresh funds to boost our food and energy security: Egypt will receive a USD 250 mnsharia-compliant trade loan facility from the Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (IFTC) to support Egypt’s food and oil security, the AFC saidin a statement.
The beneficiaries: The one-year facility will be split evenly between the state-owned EgyptianGeneral 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.
Just the tip of the AFC iceberg: The AFC plans to invest USD 1 bn in with an “immediate project pipeline” already on the table targeting our renewable energy, natural gas, heavy industries, tech, telecoms, banking, and finance sectors, the lender said in March last year. Egypt became a fully paid-up AFC member in 2022, unlocking access to big ticket investments.
FUNDING FOR CAIRO METRO LINE 4-
Cairo Metro Line 4 to get Arab Bank boost: Orascom Construction signed a EGP 4.2bn cooperation agreement with Arab Bank to help fund the fourth phase of Cairo Metro Line 4 connecting Giza to Fustat, according to statement (pdf). The fourth phase will also link up with the line with the first and second lines of the Cairo Metro.
Cairo Metro Line 4? The first, 19-km phase of the line will connect Cairo, Giza, and Sixthof October City and provide access to the Grand Egyptian Museum and the Giza Pyramids. It is being constructed by Thales, Orascom Construction, and Colas Rail. Construction kicked off last year and is expected to take six years to complete.
More funding might be on its way soon for the fourth line: The National Tunnels Authority is looking to secure an EGP 17 bn loan from a consortium of local banks led by Banque Misr and the National Bank of Egypt to help fund the line’s construction, according to unconfirmed reports in November. Part of the new line is also being financed by a JPY loan provided by the Japanese International Corporation Agency (JICA).
