Good afternoon, ladies and gentlemen — and Happy Mother’s Day to all the mothers out there.
THE BIG STORY TODAY
valU closes fourth securitized bond issuance: EFG Hermes’ consumer finance arm valU has issued EGP 856.5 mn worth of securitized bonds, according to a statement (pdf). The issuance is the fourth in valU’s maiden securitization program, which has been topped up to EGP 4 bn, from an original EGP 2 bn. The transaction consists of a single tranche of 12-month bonds that are backed by a receivables portfolio and hold a Prime-1 rating.
THE BIG STORY ABROAD
Credit Suisse and the ripples running through the global banking system continue to lead headlines in the international business press this afternoon. US Treasury Secretary Janet Yellen is expected to signal the US government is ready to provide further support for smaller US banks, the Financial Times reports. Meanwhile, Reuters and CNBC are running with commentary on how Credit Suisse’s crisis has affected confidence in global banking, and Switzerland as a banking hub.
HAPPENING NOW-
Irrigation Minister Hany Sweilam is in New York for the UN 2023 Water Conference, which kicks off tomorrow and wraps up on Friday, according to a ministry statement. The conference will review advances made towards the goals of Water Action Decade 2018-2028 and identify ways to eliminate obstacles and accelerate progress, according to the ministry statement. Sweilam has met with Yoko Kamikawa, the Special Envoy of the Japanese prime minister, to discuss water and climate change, and is scheduled to hold many such bilateral meetings on the sidelines of the conference.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Infinity Power is now Africa’s largest renewables player: Infinity Power — a joint venture between our friends at Infinity and UAE renewables player Masdar — has closed its acquisition of Africa-focused wind power platform Lekela Power.
- TE stake sale on ice, says Asharq: The government has postponed plans to sell a stake in national telecoms provider Telecom Egypt (TE) due to market volatility triggered by fears over the global banking sector.
- Emirates Global Aluminium wants to invest in EgyptAlum via a capital raise: Emirates Global Aluminium (EGA) is in early-stage talks with the government to make undisclosed investments in state-owned, EGX-listed Egypt Aluminium (EgyptAlum) through a capital increase.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
? CIRCLE YOUR CALENDAR-
Ramadan is approaching: Dar Al Ifta will hold its traditional moon sighting this evening to determine whether Ramadan begins tonight or tomorrow evening.
Our next holiday is coming up next month — and it’s going to be a bunch in a row: Sham El Nessim is on Monday, 17 April, followed by Eid El Fitr, which is expected to land on or around Friday, 21 April. The following Tuesday, 25 April is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.
PSA- Need funding for a green project? You can now apply to the second round of the Smart Green Projects Initiative until the end of May, according to a Planning Ministry statement. Eligible projects must use technology solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the initiative’s first round, among other requirements. You can view the full list of criteria here and apply here.
?️ TOMORROW’S WEATHER- The mercury is rising a little bit tomorrow, but it’s going to be a mix of sun and clouds. Expect the daytime high to hit 28°C, with a nighttime low of 19°C, our favorite weather app suggests.




