INFRASTRUCTURE-

Egypt could receive the first tranche of JICA’s loan for the Cairo Metro Line 4 soon: The Japan International Cooperation Agency (JICA) will soon disburse a USD 300 mn tranche from its USD 733 mn loan to finance the construction of the first phase of Cairo Metro Line 4, Al Mal reported, citing sources it says are in the know. The tranche will be used to ramp up construction at the first phase of the line and fund the FX needs of the Japanese Taisei Corporation — one of the contractors building the line.

Phases 2 and 3 are in the pipeline: An undisclosed Japanese consulting firm was recently commissioned to conduct the feasibility studies for the second and third phases of the project, the source added.

Remember: The National Tunnels Authority was reportedly in talks last year with a syndicate of local banks over a EGP 17 bn loan to finance the project and the Transport Ministry also reportedly reached out to international lenders to secure a USD 1 bn soft loan to fund the second phase of the line. The first phase of the line — which will connect Cairo, Giza, and the outskirts of Sixth of October city — is scheduled to open in 2027.

STARTUPS-

Used cooking oil recycler Tagaddod sees interest from Dutch development bank FMO: Dutch entrepreneurial development bank FMO is mulling a USD 1.2 mn equity investment in homegrown waste management startup Tagaddod to fund its expansion in Egypt and across the MENA region, a project proposal published by the bank showed.

Cooking oil as a fuel, you say? We ran a Going Green exploring the recycling of used cooking oil in Egypt a few months back. Check out the story here.

REAL ESTATE-

Organi to work with Qatari Diar on three of its Egypt projects: Local contractor Organi Group has partnered with Qatari Diar to help deliver three of the Qatari real estate developer’s projects in Egypt, according to a social media post from Organi’s chairman Ibrahim Al Organi. The projects are City Gate development in New Cairo, a residential tower at the recently launched USD 1 bn St Regis Residences project and hotels in Sharm El Sheikh and Hurghada. Agreements for other projects are set to be inked down the line, the statement read.

SMEs-

Afreximbank earmarks USD 1 bn to fund a regional company that will back SMEs’ access to global markets: A new Afreximbank-backed company dubbed the African Trade and Distribution Company (ATDC) launched last week to facilitate small farmers’ and SMEs’ access to regional and global trade markets. The pan-African bank has pledged to invest USD 1 bn in the company, which was established in partnership with ARISE Integrated Industrial Platforms (ARISE IIP), Equitane, and the secretariat of the African Continental Free Trade Area, according to statements from Afreximbank and ARISE IPP.

BANKING-

QNB Al Ahli is now QNB: QNB Al Ahli, the Egyptian unit of Qatar National Bank (QNB Group), will be rebranding to QNB, according to a statement (pdf) from the bank. The makeover aims to boost the presence of the bank's brand in the local market by directly associating it with the group's name, QNB’s CEO Mohamed Bedeir explained.

DEBT-

#1- Friday Ice Cream seeks up to EUR 25 mn to expand its factory: Frozen dessert maker Friday Ice Cream is in talks with local banks to obtain an EGP loan equivalent to EUR 20-25 mn to fund the construction of the second phase of its new factory in Tenth of Ramadan City, the company’s Chairman Mohamed Gomaa told Al Mal.

#2- Mediterraneo in talks with Netherland’s FMO for USD 25 mn loan: Local commodities trader Mediterraneo Egypt is currently in talks with the Dutch entrepreneurial development bank FMO for a two-part loan agreement worth USD 25 mn, a project proposal published by the bank showed.

Where’s the money going? Mediterraneo will use the funds to finance its “working capital needs and capital expenditure required for the construction of their new processing facility and distribution center in Egypt,” according to the lender.

HOSPITALITY-

Egypt to open its first Holiday Inn Express in 2027: Local property developer ArkanPalm and UK-based hospitality firm Intercontinental Hotels Group (IHG) will build Egypt’s first Holiday Inn Express hotel in Arkan Palm’s West Cairo 205 project, which will feature 700 hotel rooms and open in 2027, according to a press release (pdf) from Savills.

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