An EGP 1 bn healthy food factory incoming?

MANUFACTURING-

Egyptian furniture manufacturer Mobica CEO Mohamed Farouk and an unnamed British partner plan to invest EGP 1 bn in a healthy food factory, he told Al Arabiya. The alliance plans to set up a joint-stock company with USD 20 mn in capital, with Farouk holding majority.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The details: The project — set to begin once the partnership agreement is signed — will be developed in the Sixth of October Industrial Zone and is expected to be completed within a year, with all production earmarked for export to the UK and France. The investors are in talks with local and international banks to secure EGP 500 mn in financing, with the remaining funds set to be self-financed.

AGRICULTURE-

Qalaa Holdings has requested 15k feddans for an agricultural and agro-industrial expansion project, focusing on herbs and aromatic plants, according to a statement from the Industry Ministry. The company will inspect available land in Sahl Baraka and Abu Zaabal.

FINTECH-

Turkish fintech player Fimple launched Fimple Egypt Digital Solutions, its Egyptian subsidiary with an office in Cairo Festival City, as it looks to tap into Egypt’s growing digital banking and fintech market, according to a statement (pdf). The company, which provides cloud-native core banking solutions, aims to support financial institutions across the Gulf, Africa, and Europe.

DEBT-

The National Authority for Tunnels lined up a EGP 3 bn loan from Emirates NBD to support public transport projects, the lender said in a statement (pdf). The long-term credit facility seeks to support the state’s plan to modernize public transportation.