BANKING-

Reinventing the Visa card: Our friends at Visa have introduced a number of fresh products and services to be rolled out later this year, according to a statement (pdf). This includes the Visa Flexible Credential, which will allow a single card to flip flop between various payment methods, the Nano Merchant Acceptance, which will introduce new ways to allow digital payments to physical cards, and the Visa Payment Passkey Service, a service that eliminates passwords for online payments and replacing them with a face or fingerprint scan.

DEVELOPMENT FINANCE-

We’re in line for EUR 35 mn in EU green funding: The EU and Egypt are expected to sign an EUR 35 mn financing agreement next month to fund renewable projects, EU Ambassador to Cairo Christian Berger said during a presser, writes Al Mal. The funds will be arranged in cooperation with the European Bank for Reconstruction and Development, he added. The French Development Agency is expected to agree a further EUR 50 mn for Egypt also in support of renewables.

Remember: The funds are believed to be part of a wider EUR 7.4 bn package of loans, grants, and investments the EU will provide Egypt through 2027 and were likely allocated back in 2022 to Egypt’s Nexus of Water, Food, and Energy.

PRIVATIZATION-

Public hospitals are ready for the private sector takeover: The state has put forward some 45 potential investments within the healthcare sector in front of the private sector, Health Ministry sources told Shorouk News. The investments come in two categories: establishing new public hospitals or managing existing public hospitals, the latter including maintaining health facilities. The investments will come with contracts ranging from 3-15 years.

Remember: The House of Representatives gave final approval to a bill earlier this month that will permit private sector companies to operate and manage public hospitals and healthcare facilities.

M&A WATCH-

EGAS ups stake in Mopco: State gas firm EGAS has purchased an additional 0.61% stake — represented in 12.8 mn shares — in Misr Fertilizers Production Company (Mopco), bringing its stake in the company to 9.07%, according to an EGX disclosure (pdf). EGAS paid an average of EGP 47 per share, putting the total transaction value at EGP 600 mn. Beltone Securities Brokerage brokered the transaction.

TRADE-

A whole lot of projects incoming: The Supply Ministry will ink a number of contracts with local and foreign companies next month to set up 12 trade and logistic centers, worth a combined EGP 40 bn, next month, Supply Minister Ali El Moselhy told Al Arabiya Business. The projects, which span across eight governorates, were offered to investors earlier this month.

INFRASTRUCTURE-

Egypt could be getting its first shipbreaking yard: The state-run Holding Company for Maritime and Land Transport has signed an MoU with El Wehda Industrial Development to establish Egypt’s first shipbreaking yard near the Damietta Port, according to a statement from the Transport Ministry. The project aims to recycle scrap metal from the dismantled ships to provide raw material for the steelmaking industry.

FINANCIAL SERVICES-

VLens to kick off operations following FRA greenlight: Local electronic verification provider VLenshas gotten the greenlight from Financial Regulatory Authority (FRA) to launch operations, it said in a press release (pdf). The firm provides electronic identification, verification and authentication, electronic Know Your Customer (KYC) processes, remote smart contracting for NBFS and electronic registration, as well as preservation and retrieval of digital assets.

About VLens: The software firm uses AI to provide identity verification and management services, according to the statement. VLens currently works with companies in the transportation, financial services, banking, and telecom sectors, it says on its website.

INVESTMENT-

#1- A new investment zone: Al Ahly Industrial Development, a joint-stock company, got the cabinet greenlight to set up an integrated investment zone targeting light industry, according to a statement. The company will be required to kick off operations at the zone within eight years, the statement said.

#2- Ashry Steel Group aims to invest EGP 8 bn into expanding its operations over the coming two years, CEO Ayman El Ashry told Al Borsa.

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