DEBT-

#1- Telecom Egypt eyes USD 500 mn loan from China to restructure debt: Telecom Egypt is looking to secure USD 500 mn in supplier financing from an unnamed Chinese institution to restructure the company’s credit facilities and meet capital requirements this year, Al Borsa reports, citing unnamed sources. The company will reportedly pay for the loan in CNY given that a portion of its revenue stream originates from China.

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#2- Credit Agricole gets a USD 20 mn boost from the EBRD for green financing: The European Bank for Reconstruction and Development (EBRD) has greenlit a senior unsecured loan of up to USD 20 mn to Credit Agricole that will be used to support Egyptian households and private MSMEs to back climate adaptation projects, according to an EBRD project summary. Up to USD 3 mn of the funds will be co-financed by the Green Climate Fund.

INVESTMENT-

#1- Hyundai Rotem looks to establish new metro rolling stock factory in the SCZone: South Korean locomotive maker Hyundai Rotem plans to build a new factory in the Suez Canal Economic Zone (SCZone) to produce metro rolling stock, a representative from the Hyundai Motor Group subsidiary said during a meeting with Prime Minister Mostafa Madbouly, according to a cabinet statement.

#2- UK Export Finance agrees to fund projects in Egypt: The UK government-backed export credit agency UK Export Finance has signed an MoU with Egypt’s General Authority for Investment and Freezones (GAFI) that will allow it to fund projects and enhance trade between both countries, according to a statement from the authority.

ENERGY-

ADES expands Egypt operations with new jack-up rig: Egypt-born regional oil and gas services driller Saudi oil and gas driller ADES Holding was awarded a SAR 161 mn (USD 43 mn) contract by the Suez Oil Company to deploy a jack-up rig in the Suez Canal, the company said in a statement (pdf). The drilling is expected to kick off in the coming weeks under the 21-month agreement.

SOCIAL PROTECTION-

El Sisi raises minimum relief payments for precarious workers: President AbdelFattah El Sisi has ordered the government to raise the minimum relief payments offered to precarious workers from the Emergency Assistance Fund for Workers to EGP 1.5k from EGP 600, according to an Ittihadiya statement. El Sisi made the announcement during a speech he gave at an event to celebrate Labor Day.

LOGISTICS-

Egypt offers up EGP 40 bn worth of investments across eight governorates: Supply Minister Ali El Moselhy announced the offering of 12 new investments for logistic, commercial, administrative, and leisure projects collectively spanning over 405 fedans across eight of Egypt’s governorates, according to a Supply Ministry statement.

MANUFACTURING-

Haier’s ecological park is here: Chinese appliance manufacturer Haier has inaugurated its eco-industrial park in Tenth of Ramadan City, the company said on Thursday in a statement (pdf). The first phase of production at the park — which primarily targets the local market — kicked off in March, rolling out ACs and TV sets, with washing machines expected to be added this month to boost the overall production to more than 900k units a year.

What we know about the park: We first heard about the park — which is designed to have a total production capacity of 1.5 million units a year — in December 2022, when Haier was awarded a golden license to set up a USD 135 mn industrial park for its electrical appliances. Haier Egypt General Manager Ahmed El Gendy said in October that his company has increased its initial investment in the park to USD 160 mn. Construction on the park kicked off in March 2023, with the first phase wrapping up in November.

COMMODITIES-

Egypt wants to secure more funds from the ITFC for essential commodities: The government is seeking to raise its credit limit for essential commodities from the International Islamic Trade Finance Corporation (ITFC) by 150% to USD 500 mn a year, Asharq Business reported, citing an unnamed government official. The ITFC has approved an immediate release of USD 45 mn to Egypt until the said increase is approved, the official said.

AVIATION-

Cairo-Fujairah flights to kick off in July: EgyptAir will launch direct flights between the UAE’s Fujairah International Airport and Cairo International Airport at a rate of two flights per week on Sundays and Thursdays, starting July, Wam reports.

LAW-

Matouk Bassiouny counsels German ceramics firm on manufacturing its products in Egypt: Law firm Matouk Bassiouny & Hennawy (MBH) served as counsel for German ceramics manufacturer Villeroy & Boch on drafting an agreement that will see it manufacture its products in Egypt after teaming up with Keramika Magenta, MBH said in a statement (pdf).

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