CABINET WATCH-

To cut down on electricity theft: Electricity distribution companies will now be able to install coded meters in buildings illegally drawing electricity until the building either legalizes its status or demolished, according to a cabinet statement. The move comes as the government works to reduce energy consumption by 18% by 2035 through a raft of measures that include developing the grid, promoting the use of energy-saving appliances, and putting an end to electricity theft.

AND- Tampere University is coming to Egypt: The cabinet has authorized Alexandria University to contract with the Egyptian-Finnish Company for Educational Facilities and Services to utilize a 20-feddan plot of land and existing building in Alexandria’s Borg El Arab to establish a local branch of Finland’s Tampere University.

DEBT-

#1- CIB introduces SME sustainability lending: CIB — in collaboration with the German development agency GIZ and the Frankfurt School of Finance and Management — has rolled out a new SME financing product tailored to boost sustainable development, according to a press release (pdf). The new lending product focuses on the textile, plastics, and F&B sectors, offering SMEs operating in these sectors incentives from international development finance institutions, short- and medium-term loans with repayment terms of up to five years, and specialized consultations with CIB experts on local and global market conditions.

#2- Tanmeyah secures credit facility: EFG Holding’s microfinance subsidiary Tanmeyah inked a EGP 500 mn credit facility agreement with state-owned lender Banque Misr, according to a press release (pdf). The facility will be extended to individuals and small business owners via short- and medium-term loans at low rates and on favorable terms.

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