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International lenders, including the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), will begin disbursing some of the USD 2 bn in foreign funding to the solar park of Benban in August, sources said. Companies who have received financing from these banks, will see an initial disbursement of some EUR […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Indonesian firms looking for opportunities in Egypt’s railway sector
Indonesian firms are looking to participate in railway development projects in Egypt, including upgrades to the Cairo Metro’s Lines 1 and 2, Jakarta’s ambassador to Cairo, Helmy Fauzy, told Transport Minister Hisham Arafat in a meeting yesterday. A delegation of Indonesian executives will be meeting with Egyptian transport officials soon to decide on which projects […]
Posted inBanking + Finance
Abu Qir mandates NBE, QNB, Banque Misr to arrange EUR 105 mn
Abu Qir Fertilizers’ board of directors agreed on Tuesday to mandate a consortium made up of the National Bank of Egypt, Qatar National Bank Ahli, and Banque Misr to manage a EUR 105 mn loan for its nitric acid project, the company said in a statement to the EGX (pdf). Germany’s ThyssenKrupp has been tapped […]
Posted inBanking + Finance
Raya’s Aman to hold talks with four banks to borrow EGP 481 mn
Raya Holding subsidiary Aman is planning to hold talks with four unnamed local banks to borrow EGP 481 mn to begin financing SMEs as of next year, CEO Hazem Moghazy tells Al Mal. Aman may sign the loan contracts within weeks, he adds.
Posted inEgypt Politics + Economics
Cabinet economic group discusses tablet, solar power, logistics projects
The Ismail Cabinet’s economic group discussed a strategy to expand local production of computer tablets used as part of the education system modernization plan during a meeting on Tuesday, according to a statement. The strategy includes setting up new production lines, raising production output, and bringing the local component of the manufactured tablets to 90%. […]
Posted inON YOUR WAY OUT
All the places an innovator in Cairo needs to know, mapped out
Everything an innovator needs to know about Cairo: Entrepreneur Maie ElZeiny compiled a guide for Singularity Hub of everything an innovator needs to know about Cairo, including the most convenient coworking spaces, the best coffee shop with free WiFi, and who to seek out to drum up some financing for a startup.
Posted inON YOUR WAY OUT
Newton-Mosharafa Fund offers scholarships, fellowships to Egyptian scientists
British-Egyptian scientific education fund Newton-Mosharafa is touring several universities in Egypt to offer Egyptian scientists research collaborations, PhD scholarships, and postdoctoral fellowships, according to an embassy statement. The fund “allows outstanding Egyptian scientists the opportunity to partner with or study at the UK’s leading universities.”
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.86 | Sell 17.96 EGP / USD at CIB: Buy 17.86 | Sell 17.96 EGP / USD at NBE: Buy 17.77 | Sell 17.87 EGX30 (Wednesday): 16,993 (0.00%) Turnover: EGP 1.1 bn (5% BELOW the 90-day average) EGX 30 year-to-date: +13.31% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
17 May (Thursday): Expected date for the start of Ramadan. 17 May (Thursday): CBE’s Monetary Policy Committee meeting. 15-17 June (Friday-Sunday): Eid Al Fitr (TBC), national holiday (Look for possible Monday off given the first day falls on a Friday). 28 June (Thursday): CBE’s Monetary Policy Committee meeting. 16 August (Thursday): CBE’s Monetary Policy Committee […]
Posted inWhat We're Tracking Today
What we’re tracking on 16 May 2018
The central bank is expected to keep interest rates on hold when its Monetary Policy Committee meets on Thursday, nine of 11 economists polled by Reuters said yesterday. “We expect rates to remain on hold given a slightly elevated inflation reading in April, and more importantly, given the sharp increase in global oil prices,” EFG […]