{"id":544227,"date":"2022-02-20T13:41:50","date_gmt":"2022-02-20T13:41:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/this-evening-gerd-officially-starts-generating-electricity-the-debt-market-is-heating-up-plus-house-gives-its-first-nod-to-capital-markets-act-amendments\/"},"modified":"2022-02-20T13:41:50","modified_gmt":"2022-02-20T13:41:50","slug":"this-evening-gerd-officially-starts-generating-electricity-the-debt-market-is-heating-up-plus-house-gives-its-first-nod-to-capital-markets-act-amendments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/this-evening-gerd-officially-starts-generating-electricity-the-debt-market-is-heating-up-plus-house-gives-its-first-nod-to-capital-markets-act-amendments\/","title":{"rendered":"THIS EVENING: GERD officially starts generating electricity + the debt market is heating up. Plus: House gives its first nod to Capital Markets Act amendments"},"content":{"rendered":"

Good afternoon, wonderful people.<\/strong> It\u2019s shaping up to be a brisk week, if today\u2019s news cycle is any indication.<\/p>\n

<\/a> THE BIG STORIES TODAY<\/strong><\/p>\n

#1- GERD is officially generating electricity:<\/strong> Ethiopia began generating power from one of 13 turbines in the USD 4.2 bn Grand Ethiopian Renaissance Dam (GERD) at an event attended by Ethiopian Prime Minister Abiy Ahmed, the Associated Press<\/a> reports. Ahmed continued to assure that the dam won\u2019t harm downstream countries Egypt and Sudan, saying that Addis Ababa wants to \u201cexport our [no-pollution] electricity to Europe through Sudan and Egypt.\u201d The dam has been a source of tension between the three countries as talks on the filling and operations of the dam were deadlocked again over the summer and Ethiopia moved ahead with two fillings without an accord with Cairo and Khartoum.<\/p>\n

Egypt responds: Today\u2019s milestone represented a \u201cfurther breach of obligations\u201d<\/strong> under the 2015 Declaration of Principles signed between the three countries, according to a Foreign Ministry statement (pdf)<\/a>.<\/p>\n

The news is getting heavy coverage abroad:<\/strong> Reuters<\/a> | AFP<\/a> | Financial Times<\/a> | Bloomberg<\/a> | BBC<\/a>.<\/p>\n

#2- It\u2019s a debt-heavy news day:<\/strong> Misr Italia Properties closed its first EGP 794 mn securitized bond issuance in its EGP 2.5 bn securitization program, sole financial advisor, transaction manager, bookrunner, underwriter, and arranger EFG Hermes said (pdf)<\/a> earlier today. Meanwhile, Raya Holding is reportedly eyeing issuing EGP 2 bn of securitized bonds this year, and Banque Misr has received<\/a> a USD 250 mn loan from a Gulf banking syndicate.<\/p>\n

ALSO- The Hyatt Regency Cairo West hotel is hosting its grand opening event this<\/strong> evening<\/strong>, according to a press release (pdf)<\/a>. The luxury 250-room hotel, which opened its doors in its soft opening in September<\/a>, marks the return of the Hyatt brand to Cairo after a 10-year hiatus. Hyatt signed a franchise agreement for its establishment with Al Dau Development back in 2019<\/a>. Tourism and Antiquities Minister Khaled El Enany, Hyatt Hotels Group President Peter Fulton, and Al Dau Chairman Bassel Sami Saad are among those set to attend the event.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n