Sarwa Ins. beats GIG to the finish line with Egypt’s first title ins. approval

Sarwa Ins. became the first insurer in Egypt to receive final regulatory approval from the Financial Regulatory Authority to issue and activate title ins. policies, according to a company statement seen by EnterpriseAM. The move positions the ins. arm of Contact Financial Holding as a first-mover in a segment expected to unlock liquidity from international investors.

“We are laying the foundation for a new phase of financial maturity in which [ins.] plays the role of a strategic enabler, granting investors and international institutions full confidence in the safety and viability of their assets,” said Contact Financial Holding CEO John Saad.

Gov’t expands 15% subsidized lending initiative to new industries

The cabinet greenlit the expansion of its subsidized 15%interest rate loan program to include the pharma, engineering, food, chemicals, mining, construction materials and refractories, leather, metals, and spinning, weaving, and ready-made garment industries, according to a cabinet statement.

Under the newly approved amendments, the government increased the financing limits to accommodate larger industrial projects. The maximum loan limit per client has been raised to EGP 100 mn, while the limit for related parties now stands at EGP 150 mn.

China’s Guide Automotive Technology to build EV, battery, and water desalination membrane factory

Guide Group subsidiary Guide Automotive Technology became the latest Chinese manufacturer to commit to setting up shop in Egypt with a USD 63.9 mn factory, which will produce electric vehicles, batteries, and membranes for water purification and desalination in the Suez Canal Economic Zone, the authority said in a statement. The project is expected to create 1k direct jobs and will be developed in three stages, starting with two-, three-, and four-wheeled electric vehicles.

More Egyptian-assembled Chinese cars to hit the market

Another Chinese auto player is setting up shop here: Chinese automaker Kaiyi Motors will start assembling some of its models locally, under a contract inked with its local agent yesterday. The move is expected to reduce production costs and in turn offer models at more competitive prices locally and support future exports to regional markets.

In line with our automotive localization efforts: The Madbouly government has made it a priority to localize the assembly of vehicles as the first step in its plan to truly localize the automotive sector. It updated the Automotive Industry Development Program last year with the goal of attracting more investments and deepening the localization of the sector.

Aman Consumer Finance closes EGP 867.5 mn securitized bond issuance

Aman Consumer Finance wrapped up an EGP 867.5 mn securitized bond issuance, according to a statement from financial advisor CI Capital. The bond came in four tranches with tenors ranging from 6 to 36 months, receiving ratings of P1 to AA+ by Meris.

ADVISORS- CI Capital acted as the financial advisor, issuance manager, bookrunner, and lead arranger. Zaki Hashem & Partners provided counsel, and United for Auditing, Tax, Advisory & Financial Services was the financial auditor.

Tags: