DEVELOPMENT FINANCE-

Novastar Ventures’ Africa People and Planet Fund III will channel some USD 50 mn into Egyptian climate tech companies, according to an Environment Ministry statement. The USD 200 mn program that will also focus on four other countries is looking to fund companies that enhance climate resilience, reduce emissions, and improve natural resource management.

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RENEWABLES-

EPointZero and Elsewedy Electric signed a partnership agreement to develop up to 300 MW of solar power in Zambia, according to a statement. No further details were disclosed for the project.

DEBT WATCH-

Mashareq secures EGP 1 bn loan: Pioneers Properties for Urban Development’s Mashareq Real Estate Investment secured an EGP 1 bn syndicated loan led by the National Bank of Egypt (NBE) to finance the first phase of its commercial and administrative project Zag East in New Cairo, the company said in a statement (pdf).

The details: The Industrial Development Bank and Abu Dhabi Commercial Bank each contributed EGP 300 mn to the loan. The eight-year facility includes a 30-month availability period and a 36-month grace period.

CABINET WATCH-

In its latest bid to boost tourism, the cabinet will extend its exemption of aviation fees for a year until December 2026. The measure aims to encourage airlines to expand routes to Egypt’s key tourist airports and increase international arrivals.

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