DEVELOPMENT FINANCE-

We’re getting EUR 7 mn from the EU: Planning and International Cooperation Minister Rania Al Mashat and EU Ambassador to Cairo Christian Berger yesterday signed a EUR 7 mn comprehensive technical support package to support Egypt’s green transition— dubbed the European Green Facility initiative — according to a ministry statement. This came during the first day of Cairo Water Week, which is running under the theme “Water and Climate: Building Resilient Communities” until 17 October.

Who’s getting the funds? The money will be distributed among the ministries of irrigation, agriculture, and housing to support water sustainability and the country’s green transition.

ENERGY-

A new, more ambitious gas production target: Egypt is looking to boost its natural gas production by 30% to 6 bn cubic feet of gas per day by the end of 2025, Asharq Business reports, citing an unnamed government official. The government is planning to offer new gas fields ahead of schedule in order to reach its new target, the source said.

Remember: Oil players have been ramping up their activity in Egypt after the government started clearing its arrears to foreign oil and gas companies operating in the country and the recently-introduced incentive package for oil and gas players helped sweeten the pot even further.

LOGISTICS-

Egypt, KSA to work together on maritime transport: The Transport Ministry and Saudi Arabia’s Transport General Authority inked an MoU on the sidelines of the Global Logistics Forum to bolster cooperation in maritime connectivity, according to a statement shared by the authority. The MoU aims to develop and advance maritime and shipping activities between the two sides and “promote the use of technologies and electronic platforms to enhance maritime tourism and marinas.”

ICYMI: Yacht owners just got access to a raft of new incentives as the government works to attract more yacht tourism.

DEBT-

Kredit secures EGP 100 mn to on-lend to SMEs: GB Corp’s SME lender Kredit has secured EGP 100 mn from Banque du Caire to on-lend to SMEs, according to a press release (pdf). The funds are expected to help SMEs expand and increase their production capacity, ultimately adding job opportunities and helping improve living standards.

FINTECH-

#1- Support for retailers: Fintech giant Fawry and dairy products producer, and the company behind Kiri, Bel Egypt inked a EGP 60 mn strategic cooperation agreement to provide digital financing solutions for retailers under Bel Egypt’s loyalty program Enaya, according to a joint press release (pdf). The program aims to provide individual financing of EGP 5k-150k to up to 25k retailers across Egypt over the coming five years to enable them “to overcome current economic challenges and expand their businesses,” according to the statement.

The who’s who: Bel Egypt is funding the project, while Fawry will offer retailers solutions that facilitate their access to financing.

#2- Fintech solutions incoming: Local IT solutions provider TechLine and Raya Holding subsidiary Raya Data Center will offer solutions for the local and regional fintech sector under a newly-inked strategic partnership agreement, Al Mal reports. The two sides will provide cybersecurity services, integrated data center solutions, and cloud computing for fintech firms.

STARTUPS-

WellPal lands new strategic investment: Health-focused e-commerce platform WellPal secured an undisclosed investment from a strategic angel investor to support its growth and expansion into the Saudi market, according to a statement (pdf). The Flat6Labs portfolio company has officially moved its operations from Egypt to Saudi Arabia, the statement notes.

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