ENERGY-

The Madbouly government increased Exxon Mobil’s production share from the Masry and Cairo offshore concessions to 40%, up from 15%, an unnamed government official told Asharq Business. The government also extended the concessions’ cost recovery period to seven years from five to encourage the company to increase its investments in Egypt’s energy sector.

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Not the first we’ve heard of this: In addition to partially clearing arrears to international oil companies since the EGP float in March, the Oil Ministry has been offering new incentives to energy players that include increasing production sharing ratios with foreign companies in exchange for new investments, enhancing exploration efforts, and increasing extraction rates, with the aim of boosting local production.

REAL ESTATE-

The Housing Ministry will extend the package of incentives offered to real estate developers which allows developers to extend delivery deadlines by six months and to access low-interest financing, according to a statement.

MANUFACTURING-

Ain Sokhna is getting a packaging materials plant: Egyptian-Kuwaiti JV Fotouh Al Kuwait signed a contract with industrial developer Main Development Company to build a USD 1.7 mn packaging materials factory in Sokhna Industrial Zone, according to a statement. The facility will export 90% of its output.

FINANCE-

#1- IFC mulls financing for AMEA’s Abydos 2 project: The International Finance Corporation (IFC) is looking into providing AMEA Power with USD 600 mn in financing for its Abydos 2 solar power project, according to an update shared on its website. The package includes USD 120 mn in direct financing from the IFC and USD 480 mn through syndicated loans; the IFC put the project’s total cost at USD 750 mn. The IFC board is expected to vote on the funding on 31 July.

Abydos 2? AMEA Power inked agreements last September to develop the 1 GW facility with a 600 MWh battery energy storage system located in Aswan’s Benban.

#2- Afreximbank launches USD 1 bn Africa Film Fund: FEDA — the development investment arm of Afreximbank — has launched the Africa Film Fund, a USD 1 bn private equity vehicle to support the production and distribution of African film and TV content, the lender said in a press release. Launched under the bank’s CANEX Africa program, the fund will “play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa’s cultural influence across the world.”

Why it matters: Africa’s film industry, currently generating some USD 5 bn in annual revenues and employing over 5 mn people, faces persistent challenges including inadequate production facilities and distribution platforms. The fund will help bridge these gaps.

STARTUPS-

Edtech startup Career 180 secured a six-figure investment from tech-focused venture capital Den VC in its latest funding round, according to a press release (pdf). The Cairo-based platform plans to allocate the fresh capital to expand into Saudi Arabia, Oman, and Malta and enhance its learning management system (LMS).

CAPITAL MARKETS-

Tatweer Misr taps AAIB + Al Ahly Pharos to manage securitization program: Tatweer Misr has appointed the Arab African International Bank (AAIB) and Al Ahly Pharos to manage its five-year, EGP 20 bn securitization program, according to statement from AAIB. The program will be rolled out through multiple issuances and is aimed at securing liquidity to fast-track the company’s ongoing real estate developments. AAIB and Al Ahly Pharos will also act as financial advisors and lead arrangers.

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