Good afternoon, wonderful people, and welcome to what’s shaping up to be a busy start to a fresh workweek.

THE BIG STORIES TODAY

#1- Panda bonds, but make them green: The African Development Bank (AfDB) has agreed to provide ins. coverage for USD 345 mn of our maiden USD 500 mn CNY-denominated bond issuance — the proceeds of which are set to be used for green projects, according to an AfDB statement.

#2- Fresh funds for Dawi: Primary care company Dawi Clinics will receive a joint investment from Al Ahly Capital Holding Company and the Egyptian American Enterprise Fund, Dawi announced at an event today. The funds will enable a capital increase and finance the expansion of Dawi’s operations across Egypt. The company wants to increase the number of its branches to 50 from 16 over the next three years, Dawi CEO Magda Habib said.

THE BIG STORY ABROAD

Picking up (more or less) where we left off this morning, the battle between Russia and Ukraine over the east Ukrainian city of Bakhmut continues to lead the conversation in the international press this afternoon. The battle over the city — and the opposing claims over which of the two sides currently controls it — was a topic of discussion during the last day of the G7 summit today. The story is on the front pages of the Financial Times, the Wall Street Journal, Reuters, and CNBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • The Central Bank of Egypt kept interest rates unchanged on Thursday after inflation eased slightly in April.
  • Adnoc eyes a stake in Wataniya: Abu Dhabi National Oil Company (Adnoc) is among several companies interested in acquiring a stake in military-owned fuel retailer Wataniya.
  • Egypt’s unemployment came in at 7.1% in 1Q 2023, down 0.1 percentage points from the final quarter of 2022, according to data from statistics agency Capmas.

enterprise

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: Fertilizers, textiles and readymade garments, and food and beverage are three major industries in Egypt with significant local manufacturing and export activity. At the Enterprise Exports and FDI Forum last week, we sat down with three of the biggest players in these industries — Fertiglobe, Concrete, and Mars — to discuss the lessons learned from being early movers, and what makes Egyptian products competitive on the global stage.

☀️ TOMORROW’S WEATHER- It’s going to be just a couple degrees cooler in the capital city, as our favorite weather app indicates we’re looking at a daytime high of 34°C and a nighttime low of 19°C tomorrow.

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