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MANUFACTURING-
Garment company H&L has become the first Korean company to invest in the Qantara West Industrial Zone, inking a contract with the Suez Canal Economic Zone to build a USD 12 mn factory for sportswear and other ready-made garments, according to a statement from the zone. The project will create 2k direct jobs
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DATA POINT- Total investments in the Qantara West Industrial Zone have reached USD 1.2 bn, covering 45 different projects spanning 2.8 mn sqm, and creating 62.2 jobs.
HOSPITALITY-
Travco Group plans to invest USD 1.5 bn in 2026 to open ten new hotels across Egypt, Morocco, and several African countries, Chairman Hamed El Chiaty told Asharq Business. Half of the investment will be self-financed, while the remaining will be covered through bank loans. Travco also aims to attract 1.5 mn tourists to Egypt by the end of 2025 by tapping new markets including Brazil and Mexico, though El Chiaty noted that the absence of direct flights from some destinations remains a challenge.
ENERGY-
ExxonMobil will invest in a new concession area west of Zohr under a newly-signed MoU with state-owned Egas, which will also see ExxonMobil expand its natural gas exploration activities in the Mediterranean.
DEVELOPMENT FINANCE-
The International Finance Corporation (IFC) will extend a USD 50 mn loan to the Suez Canal Bank to on-lend to SMEs across Egypt, the IFC said in a statement. A quarter of the loan will support women-owned businesses, “which make up 20% of Egypt’s MSME market, yet experience a significant financing gap.”
PLUS- The IFC and Attijariwafa Bank Egypt have partnered to launch a USD 10 mn local-currency risk-sharing facility aimed at boosting financing for small and medium-sized enterprises and creating jobs in Egypt, according to a statement from the World Bank’s private sector-focused lender. The program is also supported by a USD 2.5 mn blended finance facility from the Netherlands-backed Prospects Partnership .
The facility will support Attijariwafa’s USD 20 mn SME loan portfolio, with the IFC covering up to 50% of the credit risk. It is also expected to expand the bank’s SME portfolio by more than 50% over the next five years.
DEBT WATCH-
The National Bank of Egypt is providing Ora Developers with a long-term EGP 3 bn facility, which will be used to help finance its 316-feddan Solana West project in West Cairo, the bank said in a statement (pdf). The loan will help fund construction and infrastructure work in the project.
