The headlines from this morning

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

• Importers can get USD from their banks, but bringing goods in is costing them more, with the greenback past EGP 56 and port storage charges piling up, importers and traders tell EnterpriseAM. There’s no shortage in the system, a banking source tells us, and the Central Bank of Egypt has told banks to put the FX needs of productive sectors first while keeping importers of strategic goods supplied at the same pace as other sectors;
• Tanmiya Capital Ventures (TCV) has around USD 80 mn to put into local mid-caps over the coming two to three years, after the firm closed its second fund above target in June. Fund II closed at USD 130 mn, USD 10 mn past its USD 120 mn goal, building on a USD 97 mn first close in December 2024;
• Cairo-based solar and water startup NoorNation closed a USD 1.05 mn seed round backed by agribusiness group Linah Farms, Africa-focused climate tech investor Catalyst Fund, and Saudi VC firm KBW Ventures. Linah signed on after nine months of due diligence, turning one of NoorNation’s biggest clients into a shareholder;
• Egypt has built storage for 33 mn barrels of oil but doesn’t have the USD 2.5 bn needed to fill it. Once full, the facilities, built under former petroleum minister Tarek El Molla, could cover six to eight months of the country’s needs. The government hasn’t disclosed how much oil is stored or when the tanks might be filled. Much of the money that could have gone into storage capacity was instead used to pay foreign producers.