The headlines from this morning

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

• Banque du Caire (BdC) has lined up foreign buyers for more than half of its IPO, giving the state-owned lender an early vote of confidence from institutions it courted during its international roadshows. Four cornerstone investors have committed up to USD 256 mn to the offering, with UK hedge fund Helikon, London-based Redwheel, Africa-focused Sustainable Capital, and the UAE’s Waha Investments all backing the IPO;
• Fertiglobe, the Adnoc-controlled fertilizer maker, is studying a complex worth more than USD 1.5 bn in Ain Sokhna to produce diammonium phosphate (DAP). The plant would make 1.3 mn tons a year of DAP, one of the world’s most widely used fertilizers, made by reacting phosphoric acid with ammonia;
• The government is closing in on trial operations at its first three strategic warehouses in Fayoum, Suez, and Luxor and is studying offering four more to the private sector. The expansion is part of a push to boost food security and protect the country from sudden jumps in global commodity prices;
• Egypt, Turkey, and India have proposed letting ships flying their flags carry food to and from both Ukrainian and Russian ports, and Kyiv is ready to sign on. Russia has refused despite repeated calls from the three intermediaries, keeping Ukraine’s main grain route shut for a third month. Cairo hasn’t commented on the proposal so far.