CLIMATE FINANCE-

Green Hurghada secures GEF funding: Multilateral environmental fund Global Environment Facility (GEF) will invest over USD 3 mn into the Green Hurghada project being carried out by the United Nations Industrial Development Organization and the Environmental Affairs Agency.

About the project: It aims to reduce the city’s emissions and integrate biodiversity considerations into the city’s infrastructure development.

M&A-

Major real estate investment on the cards for NBE? The National Bank of Egypt (NBE) is considering investing over EGP 2.5 bn to acquire at least 20% of an unnamed major real estate firm, sources with knowledge of the matter told Al Mal. The bank is constantly studying additional investments in various sectors with an eye on those that prioritize exports and local industry.

FINANCE-

FABMisr to offer Drive Finance customers payment solutions: GB Corp’s car finance arm Drive Finance will integrate FABMisr’s online payment gateway Access by FABMisr into its website and application, under a strategic partnership inked between the two sides, FABMisr said in a press release (pdf). The partnership will offer Drive Finance customers payment solutions and allow them to make payments via Drive Finance’s website, app, or social media platforms.

FABMisr likes consumer financing: The bank’s CEO Mohamed Abbas Fayed recently toldlocal media that it is planning to launch a consumer finance company this year.

MANUFACTURING-

Elsewedy Electric to set up USD 50 mn Saudi factory? Elsewedy Electric subsidiary Elsewedy Electric for Electrical Products wants to establish a USD 50 mn power transformers factory in Saudi Arabia in partnership with an unnamed Saudi partner, CEO Ashraf Elassal told Al Mal.

Tags: