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EFG Holding’s subsidiary EFG Corp-Solutions and Infinity have just made building EV charging stations easier by signing the country’s first leasing agreement for charging solutions, according to a press release (pdf). The financial details of the transaction are undisclosed.
Why this matters: The move tackles the financing problem, which is a constraint on EV infrastructure expansion in Egypt. Chargers are capital-heavy, slow to deploy, and risky in early markets. Leasing turns a big fixed cost into something closer to an operating expense. Infinity, which already operates the largest EV network in the country, plans to leverage the financing to accelerate deployment across commercial and residential development nationwide.
EBRD backs Fawry MSME Finance with EGP 250 mn credit line
Fawry’s microfinance arm secured EGP 250 mn from the European Bank for Reconstruction and Development (EBRD) to lend to young founders, with a focus on MSMEs led or majority-owned by entrepreneurs under 35 and underserved rural areas, according to a press release (pdf). The facility aims to help the economy absorb the growing number of young people entering the labor market.
Why it matters: The real story is the risk mitigation. Lending to youth-led startups in an inflationary environment is risky for local institutions. By attaching a 10% first-loss risk cover and an EU-backed liquidity incentive for the borrower, the EBRD is lowering the risk profile to make these loans viable for Fawry MSME Finance.
How much are we spending on gas next year?
Our natural gas import bill will jump 26% y-o-y to USD 10.7 bn next fiscal year, as the regional war drives up global energy prices, the Arabic press reports, citing an unnamed government official. The Madbouly government is allocating the funds to import 18.7 mn tons of gas to cover a domestic demand of roughly 7 bcf/d.
The increase adds USD 2.2 bn to the state’s projected USD 8.5 bn bill for the current year. The budget will cover a mix of LNG cargoes and pipeline gas from Israel.
