MANUFACTURING-

Hyundai Appliances wants to set up shop in Egypt: Hyundai for Home Appliances is looking to set up its own facility in Egypt to help it boost exports across the region, the company’s regional director James Kim reportedly told Al Borsa, adding that the company is looking to secure the golden license for the facility. The company yesterday inked an exclusive distribution agreement inked with Eleven Trade Corp, making it its sole agent in the country.

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What’s next? The company will start taking tangible steps towards its Egyptian factory once it achieves its sales target for a year from now of EGP 1 bn.

DEBT-

Kima is getting funds for its nitric acid project: Egyptian Chemical Industries (Kima) has reached initial agreements with six local banks for two loans — a USD 100 mn loan and an EGP 7 bn (USD 143 mn) loan — to finance its nitric acid and ammonium nitrate project, sources at the company told Al Borsa.

Who’s involved: The banks offering the facilities include the National Bank of Egypt, Banque Misr, Banque du Caire, Bank ABC, Arab African International Bank, and Egyptian Arab Land Bank.

The details: The loans are expected to fund the construction work on the company’s nitric acidandammonium nitrate project, which the Italian firm Maire Tecnimont, in collaboration with Orascom, will build. Kima is still in negotiations with the Italian firm over reducing the total cost of the project, which currently stands at USD 313 mn.

SOCIAL SECURITY-

More families added to the Takaful and Karama programs: The Social Solidarity Ministry has added 50k families to the Takaful and Karama social safety program in August, according to a statement. The addition of new beneficiaries follows the inclusion of some 73k new families in July, with more beneficiaries to be added as the ministry incorporates all remaining families on the waiting lists in the coming period.

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