FINANCE-

Hospitality subsidized loan program 2.0 on hold: The Finance Ministry has stalled its sign-off on a new EGP 100 bn subsidized loan initiative for the tourism sector until it completes financial and technical assessments, Al Shorouk quotes Tourism Minister Sherif Fathy as having said. The initiative is designed to expand Egypt’s hotel capacity to help meet the state’s 30 mn tourist target by 2030.

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REMEMBER- The initiative would be the second iteration of the EGP 50 bn program the Madbouly government launched last year, offering subsidized loans to tourism players at a 12% interest rate. Fathy had previously told Asharq Business that the second iteration of the program would amount to EGP 200 bn.

M&A-

Ashry Steel submitted a bid for 100% of cement producer Building Materials IndustryCompany, challenging a competing bid from Spain’s ITI Inversiones Industriales, Al Borsa reports, citing unnamed sources. ITI’s bid, which comes as part of its expansion plan into North Africa, has already received the greenlit from the Egyptian Competition Authority.

LOGISTICS-

The Suez Canal Authority is extending its 15% rebate for 130k+ ton capacity container ships passing through the Suez Canal until the end of year, it said in a circular (pdf). The decision applies to all relevant vessels regardless of direction or whether the ships are loaded or not.

TRANSPORT-

Alexandria to receive 120 natgas buses from El Nasr: The Public Enterprise Ministry and Alexandria Governorate signed a cooperation protocol to supply the governorate’s public transit authority with 120 natural gas-powered buses manufactured by state-owned El Nasr Automotive, according to a statement.

DEBT-

Draschem for Specialized Chemicals’ sodium cyanide production plant is on course to secure USD 120 mn from a local banking syndicate, which would help fund 70% of the total USD 180 mn project, Asharq Business reports, citing an unnamed official from the company. The syndicate includes Banque Misr, National Bank of Egypt, Arab African International Bank, CIB.

SOUND SMART- Sodium cyanide is the solution commonly used for gold extraction from low-grade ore, and can be used to extract other metals, including copper, zinc, and silver.

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