DEBT-

The European Parliament gave its final approval to the EU Commission’s proposal to grant Egypt a EUR 4 bn loan, according to a Foreign Ministry statement. The decision was passed during a plenary session yesterday, with 386 out of 567 MEPs voting in favor. The funds got preliminary approval from the European Parliament in April.

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REMEMBER- We’ve been waiting for updates on the funds — part of a broader EUR 5 bn macro-financial assistance package agreed in March 2024 — since EU Ambassador to Cairo Angelina Eichhorst said last month that they could land in state coffers within weeks.

What’s next? The European Council is expected to vote on the decision in the coming days, according to the statement.

M&A WATCH-

Local edtech startup iSchool expanded its KSA presence with the acquisition of Saudi-Egyptian Algoriza’s edtech arm Seeds, the AI and coding education platform said in a statement. “Seeds brings incredible local momentum, and together we’re able to unlock national impact at scale,” said iSchool CEO Muhammad Gawish. The value of the investment was not disclosed.

REMEMBER- In late 2023, iSchool announced its plans to expand across the GCC — namely in Saudi Arabia, the UAE, Oman, Qatar, Kuwait, and Bahrain — with sub-Saharan Africa in the cards for 2025.

RENEWABLES-

The cabinet greenlit a proposal from China’s state-owned utility giant State Grid for two solar projects totaling 900 MW, according to a cabinet statement. The first project will be in the Minya governorate with a capacity of 500 MW, while the second will be located in the Al Wahat region, will hold a capacity of 400 MW. You may not have heard of them before, but State Grid is the world’s third largest company by revenue, behind only Walmart and Amazon.

CAPITAL MARKETS-

CI Capital Asset Management launched Egypt’s first ESG equity fund, which the firm calls Misr Green — Sustainability (ESG) Fund, it said in a statement (pdf). The fund will invest in sustainability-compliant EGX stocks and is the first ESG product to be made available through local banking platforms. The fund opened the subscription door yesterday.

AVIATION-

EgyptAir will purchase another six new A350-900 aircraft from French planemaker Airbus, upping its total order to 16, the national flag carrier said in a statement. Deliveries are expected to run from 2025 to the early 2030s, according to industry publication Air Guide.

The company also purchased SIX additional Trent XWB-84 engines from British engine maker Rolls-Royce to power its six newly ordered aircrafts, according to a separate statement from the company. EgyptAir’s order for the engine now stands at 32 units.

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