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Nasr talks US-Africa trade, investment with US officials in Mozambique: Investment and International Cooperation Minister Sahar Nasr met with US Deputy Secretary of Commerce Karen Dunn Kelley last week to discuss working on infrastructure projects in Africa and US support of development financing tools, according to a ministry statement (pdf). The two sat down for […]
Author Archives: enterpriseam admin
Posted inDiplomacy + Foreign Trade
Egypt’s conflict resolution center signs disarmament, anti-extremism agreement with UN
Egypt’s conflict resolution center signs disarmament, anti-extremism agreement with UN: The Foreign Ministry’s Cairo International Center for Conflict Resolution, Peacekeeping and Peacebuilding (CCCPA) signed an agreement last week with the UN Peacekeeping Office of Rule of Law and Security Institutions to combat extremism, according to a ministry statement. The agreement is also intended to encourage […]
Posted inEnergy
Enppi wins USD 500 mn-worth turnkey project in Saudi
Enppi has won in a bid for a turnkey project in Saudi Arabia worth over USD 500 mn, defeating a number of Saudi and international contractors, the cabinet according to a cabinet statement. The contract brings Enppi’s total size of activities in KSA to USD 1.25 bn. No further details were provided.
Posted inBasic Materials + Commodities
Egypt’s agricultural exports rise to 3.7 mn tonnes in 2019
Egypt’s agriculture exports since the beginning of 2019 have risen to 3.7 mn tonnes, compared to 3.47 mn tonnes during the same period last year, the Agriculture Ministry said in a statement. Citrus fruits comprised the biggest portion of the exports, followed by potatoes and onions.
Posted inBanking + Finance
CIB signs EGP 400 mn financing agreement with MUP
CIB has signed a EGP 400 mn medium-term financing contract with Medical Union Pharma (MUP), bringing the company’s total credit facilities to EGP 1 bn, AMAY reported. The financing aims to consolidate the company’s financial standing and allow it to boost its investments in the coming phase as well as set up new facilities.
Posted inBanking + Finance
Adib Capital seeks regulatory approval for USD 50 mn sukuk issuance
Abu Dhabi Islamic Bank’s investment banking unit Adib Capital Egypt is planning to request regulatory approval from the Financial Regulatory Authority (FRA) for a sukuk issuance it is managing for an unnamed local company, CEO and MD Hatem El Demerdash told Al Mal. The company’s shareholding is divided between public and private entities. The USD […]
Posted inOther Business News of Note
House approves EUR 225 mn loan from KFW development bank
The House of Representatives has approved a second, EUR 225 mn (c.USD 256 mn) tranche of a USD 450 mn facility from Germany’s KfW development bank to close the state budget’s financing gap, Mubasher reported. The tranche was approved by the government in March.
Posted inOther Business News of Note
Icon signs EGP 60 mn housing facilities agreement with Petrojet
The Industrial Engineering Company for Construction and Development (Icon) signed a EGP 60 mn contract to provide and set up housing facilities for state-owned construction company Petrojet, the company said in a bourse filing (pdf).
Posted inEgypt Politics + Economics
El Sisi receives honorary doctorate from Romanian university
President Abdel Fattah El Sisi was granted an honorary doctorate from the Bucharest University of Economic Studies, Ittihadiya said in a statement. El Sisi received his honorary degree during his visit to Romania last week.
Posted inON YOUR WAY OUT
Mastercard expects Egypt’s e-banking market to double before 2022
Mastercard expects Egypt’s e-banking market to double in size before 2022 as the Madbouly government and CBE push ahead with financial inclusion drives, MENA reported. Electronic transactions currently make up for only 2-3% of all transactions, but this is set to rise to up to 10%, said Country Manager Magdy Hassan.