The headlines from this morning

Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell:

• More companies could soon be allowed to set up and manage investment funds in Egypt. The Financial Regulatory Authority is working with the EGX on amending Article 29 of the Capital Market Law so that limited liability companies and simple limited partnerships can get licensed to form funds. Right now, that license is reserved for joint-stock companies and partnerships limited by shares;
• Egyptian contractors are lining up for work on Jordan’s power grid, while Cairo and Amman get ready to quadruple the capacity of the electricity link between them. There’s no shortage of openings in Jordan’s grid upgrades, and first on the list is a new 400/132 kV substation in Aqaba worth an estimated USD 45 mn, which Jordan’s state grid operator Nepco has put out to tender with bids due on 10 November;
• Pickalbatros closed USD 250 mn in sustainability-linked financing from the International Finance Corporation and Attijariwafa Bank to fund its Morocco expansion, with adviser Zilla Capital calling it the largest IFC-backed hospitality financing in Morocco’s history and the largest credit facility in Pickalbatros’s history;
• Egypt’s fiscal turnaround has earned it an upgrade from Moody’s, which raised its local and foreign currency ratings to B3 from Caa1 on Friday. It kept the outlook positive, which leaves the door open to another notch if debt and interest costs keep falling faster than it expects. It credits several years of fiscal consolidation and structural reforms for the upgrade;
• Former Finance Minister Mohamed Maait will step down from his seat on the IMF Executive Board in November, bringing his two-year stint representing the Arab Group and the Maldives to a close. This comes following the election of his successor, Emirati economist Ali Alhosani, who will become the first UAE national to hold the role.