DEBT WATCH-

Beko’s 10th of Ramadan plant is getting EBRD funding: Turkish home appliances retailer Beko is in line for a senior loan of up to USD 50 mn from the European Bank for Reconstruction and Development (EBRD) to finance its USD 100 mn home appliance factory in the 10th of Ramadan industrial zone, the lender said on its website. While it remains unclear who will fund the remaining USD 50 mn, the EBRD says Beko is in line for financing facilities from local and international lenders.

About the plan: Beko’s home appliances factory is expected to produce 1.1 mn appliances a year — 600k refrigerators and 500k ovens — 60% of which will be exported to MEA and European markets. Beko broke ground on the plant in December 2022 and the EBRD expects it to go online during the first half of the year. The EBRD facility will be used to finance the facility’s constructions and the establishment of a R&D center.

REGULATION-

The Financial Regulatory Authority (FRA) is giving ins. firms 90 days to abide by recent regulatory amendments prohibiting ins. brokerage firms’ agents from collecting premiums or any other fees from policyholders in cash or through transfers to their personal bank accounts, the authority said in a statement (pdf). Ins. agents are required to collect payments through their corresponding firms’s POS or in cash, but only in a number of specified cases.

MINING-

Centamin has big plans for Egypt this year: LSE- and TSX-listed gold miner Centamin wants to increase its gold production from its Egyptian mines to 470-500k ounces, up from 450k ounces last year, Country Manager Amr Hassouna told Al Arabiya. Centamin Egypt’s revenues rose 10% y-o-y during 2023 to USD 892 mn. While its earnings report isn’t out yet, Hassouna believes that the Madbouly government will be getting over USD 130 mn for its 50% share in the Sukari mine.

Tags: