ENERGY-

Fertiglobe’s plan to export ammonia to Europe comes with strings attached: UAE-based renewables player Fertiglobe’s offtake agreement with Germany to export green ammonia to Europe hinges on finalizing the investment agreement between the partners of Egypt Green Hydrogen — the plant that will provide the green hydrogen needed for Fertiglobe to produce green ammonia at its ammonia plants — Asharq Business reports, citing a company official. While the agreement is not set to reach the final investment decision until the first half of 2025, the company believes the newly inked offtake agreement with Germany will help push the agreement over the line, Fertiglobe CEO Ahmed El Hoshy previously said.

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The players: Egypt Green Hydrogen is a partnership between Fertiglobe, Orascom Construction, Scatec, the Sovereign Fund of Egypt (SFE), and the Egyptian Electricity Transmission Company.

Where does Egypt Green Hydrogen currently stand? The partners are yet to finalize the hydrogen plant agreement, with technical and feasibility studies for the project reportedly nearing completion.

MANUFACTURING-

IDA to reconcile unauthorized factories built on green lands: Transport and Industry Minister Kamel El Wazir tasked the Industrial Development Authority (IDA) with drawing up legislative amendments to legalize the status of factories built on agricultural land, according to a statement.

Who’s eligible? Any industrial institution built on agricultural land that is already licensed and operational can legalize its status once the legislation is out. Meanwhile, industrial facilities currently under construction or built after 20 July without the required building license will be deemed illegal encroachments on farmlands.

DEBT-

A banking committee to restructure EverGrow's debt: The National Bank of Egypt, Banque Misr, and EG Bank are leading a five-bank committee representing 25 lenders to look into proposals for restructuring local fertilizer producer EverGrow 's EGP 32 bn debt, Al Shorouk reports, citing unnamed sources.

EverGrow proposes 16-year repayment plan: The company is seeking a EGP 2 bn working capital loan, lower interest rates on its debts, and partial debt-for-equity swaps with the banks, according to the sources. EverGrow has also proposed a 16-year repayment plan for its debts. The Central Bank of Egypt has instructed banks to set aside 100% of loan loss provisions if an agreement is not reached to settle what is reportedly the largest debt owed by a single client in the Egyptian banking sector.

AGRICULTURE-

Korra Group has a EGP 800 mn project in the pipeline: Korra Group — the parent company of Korra Agri and Korra Energi — is looking to set up a EGP 800 mn project to ramp up its agriculture exports, writes Al Mal, citing vice chairman and CEO Heba Korra. The project includes a factory for freezing and packaging strawberries — the group's main crop — in Sadat City.

What’s next? The group has already bought the land for the project, and is currently sorting out how it is going to fund it, Korra said, expecting to lean on banks to secure the necessary funds.

TECH-

More software exports ahead: The Information Technology Industry Development Agency (ITIDA) and IT services outfit DXC Technology Egypt will work together to support Egyptian software exporters, under a newly-inked MoU between the two sides, according to a statement (pdf). The partnership will see the pair leverage ITIDA’s Software Engineering Competence Center to back national software exporters via training, accreditation, and consulting services.

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