RMBV, Alta Semper secure USD 138 mn from EIB, IFC

The European Investment Bank (EIB) and the International Finance Corporation (IFC) committed a combined USD 137.5 mn to private equity outfits RMBV and Alta Semper, according to a statement. EIB committed USD 80 mn to RMBV North Africa Fund III — which targets mid-cap firms — and another USD 37.5 mn to an Alta Semper fund that focuses on healthcare and consumer goods investments. The IFC will invest USD 20 mn in the Alta Semper fund.

That’s not all: Egypt also secured EUR 2.7 mn in EIB grants to fund technical consultancy for the Cairo Metro Line 1 extension and wastewater treatment plants in Alexandria and Damietta.

Al Mansour Auto brings the Chevrolet Spark EUV to Egypt

Al Mansour Automotive and General Motors launched the Chevrolet Spark EUV and Captiva EV to the Egyptian market during a press conference attended by EnterpriseAM yesterday. The move sets the stage for Al Masnour to start localizing the assembly of EVs, which will likely happen sometime between 2028 and 2029 once the local EV market matures, COO Loutfy Mansour told us.

E-finance looks to snap up an unnamed NBFI

E-finance submitted a non-binding indicative offer to acquire up to 100% of an unnamed — que the rumor mill — non-banking financial services company after receiving preliminary nods from the target company’s shareholders, according to an EGX disclosure (pdf) from the fintech player. E-finance is now awaiting approval from the Financial Regulatory Authority to kick off due diligence.

Scatec inaugurates Africa’s largest hybrid solar project

Norway’s Scatec inaugurated the first phase of its USD 590 mn, 1.1 GW Obelisk solarproject in Qena’s Nagaa Hamadi. The European Investment Bank is providing USD 150 mn in financing for the project, the largest hybrid solar facility in Africa, under an agreement it inked with Scatec during the inauguration ceremony, according to a statement (pdf) from the lender.

CIRA Education is bringing Canadian engineering expertise to Egypt

CIRA brings new accredited master’s to Egypt: EGX-listed education giant CIRA Education, alongside Badr Universities, signed an agreement with Ontario Tech University to launch new internationally-accredited master’s programs in Egypt, according to a press release (pdf). The partnership will initially focus on delivering advanced engineering degrees at Badr Universities in mechatronics, electrical, software, automotive, and nuclear engineering.

The move is a precursor to a wider branch campus rollout — CIRA plans to establish new Ontario Tech branch campuses in East Cairo and Damietta, pending final government approvals.

East Port Said to soon host cement silo courtesy of Sky Ports

Sky Ports has earmarked USD 50 mn for a cement silo project in East Port Said, the firm said at the groundbreaking ceremony for the project, according to Al Mal. The project is expected to have a major impact on the economy — by opening entirely new export lanes for Egyptian cement, Sky Ports Chairman Tarek Hussein told us back in November. The silos — which are being prepped in Denmark and Spain — are slated for delivery by the end of 2027.

Why does it matter? “This project is especially built to meet international standards that could enable [Egypt] to unlock new markets we have never reached before for this product, such as the United States, which will have a positive impact on Egyptian exports,” Hussein said.

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