{"id":558828,"date":"2021-08-29T04:01:39","date_gmt":"2021-08-29T04:01:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/29\/egypt-in-line-to-join-africa-finance-corporation-potentially-unlocking-fresh-investment\/"},"modified":"2021-08-29T04:01:39","modified_gmt":"2021-08-29T04:01:39","slug":"egypt-in-line-to-join-africa-finance-corporation-potentially-unlocking-fresh-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/29\/egypt-in-line-to-join-africa-finance-corporation-potentially-unlocking-fresh-investment\/","title":{"rendered":"Egypt in line to join Africa Finance Corporation, potentially unlocking fresh investment"},"content":{"rendered":"

<\/a> Egypt is one step closer to becoming a member of the <\/strong>Africa Finance Corporation<\/a><\/strong> (AFC)<\/strong> after the cabinet approved plans<\/a> to join the multilateral lender in its weekly meeting on Thursday. The Finance Ministry will represent Egypt at the corporation\u2019s headquarters in Lagos. The AFC offers investment and other support to its 31 African member states<\/sup> in various sectors, most importantly energy, natural resources, transport, heavy industries, and communications. The lender has channeled more than USD 10 bn into projects in 35 countries since its founding, and while it hasn\u2019t been that active in Egypt, that now looks set to change.<\/p>\n

What can AFC membership do for us?<\/strong> Speaking with Enterprise<\/a> in July, president and CEO Samaila Zubairu said that once Egypt\u2019s membership is ratified, we can expect big-ticket investment that could see us receive over USD 1 bn \u2014 way beyond the AFC\u2019s previous sub-USD 100 mn inflows to the country. It has already identified USD 400-500 mn worth of Egyptian projects in the private renewables, transport, logistics and natural gas sectors, and USD 250 mn to support public sector transport and logistics projects. Crucially, AFC capital can mobilize a project to secure up to 6x more in private funding, part of the AFC\u2019s strategy of \u201cderisking\u201d projects to facilitate private sector involvement.<\/p>\n

Next steps:<\/strong> The House of Representatives will hold a final vote on the decision when it comes back from summer recess. If passed, it will be shipped to President Abdel Fattah El Sisi for ratification. The House is due back in session no later than the first Thursday in October.<\/p>\n

ALSO FROM THE CABINET MEETING-<\/strong><\/p>\n

\u0650\u0650A gas-powered combined-cycle power plant in Luxor<\/strong> will be scrapped and replaced by a <\/strong>wind farm<\/strong>, the cabinet said. It approved a request from a consortium of Saudi Arabia utility developer ACWA Power, Hassan Allam Holding, and the Egyptian Electricity Transmission Company (EETC) to exit a 2018 power purchase agreement<\/a> (PPA) for the 2.3 GW, USD 2.3 bn power plant under the government\u2019s buy, own, operate (BOO) scheme. The cabinet has approved signing a new PPA with the consortium, which will see it switch the gas-powered plant for a 1.1 GW wind farm, also under the BOO scheme.<\/p>\n

An incentive program for charter flights to Egypt was also extended through the end of <\/strong>April 2022:<\/strong> An earlier phase<\/a> of Egypt\u2019s incentive program offered unspecified benefits over two tiers, one for airlines flying 2-15 times per week, and other for those operating more than 15 weekly flights, and ran from January to April 2021.<\/p>\n

Cabinet also doubled down on a program meant to boost domestic tourism, <\/strong>including a plan to link the coastal airports of Sharm El-Sheikh and Hurghada to Upper Egypt\u2019s Luxor and Aswan. Current discounts on landing, docking, servicing and fuel prices at airports in the country\u2019s tourist hotspots will also be extended until the end of April next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is one step closer to becoming a member of the Africa Finance Corporation (AFC) after the cabinet approved plans to join the multilateral lender in its weekly meeting on Thursday. The Finance Ministry will represent Egypt at the corporation\u2019s headquarters in Lagos. The AFC offers investment and other support to its 31 African member […]<\/p>\n","protected":false},"author":1,"featured_media":558829,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7306],"tags":[798,282,72,125],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-africa-finance-corporation","tag-cabinet-watch","tag-enterpriseam","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"d45c8a48-c37c-4a61-a59c-2bb02fd3c762","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/284.jpg","photo_position":"above","related_issue":[558824],"teaser":"","voice_url":""},"yoast_head":"\nEgypt in line to join Africa Finance Corporation, potentially unlocking fresh investment - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/29\/egypt-in-line-to-join-africa-finance-corporation-potentially-unlocking-fresh-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt in line to join Africa Finance Corporation, potentially unlocking fresh investment\" \/>\n<meta property=\"og:description\" content=\"Egypt is one step closer to becoming a member of the Africa Finance Corporation (AFC) after the cabinet approved plans to join the multilateral lender in its weekly meeting on Thursday. 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could receive funding.","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Talaat-Harb-Square-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548133,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/infinity-afc-eye-usd-4-bn-to-double-lekelas-capacity\/","url_meta":{"origin":558828,"position":1},"title":"Infinity, AFC eye USD 4 bn to double Lekela\u2019s capacity","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"Infinity + AFC plan USD 4 bn investment to double Lekela\u2019s capacity: Our friends at renewables player Infinity Group and Africa Finance Corporation (AFC) want to raise USD 2.5-4 bn over the next four years to double the capacity of the newly-acquired Lekela Power, AFC CEO Samaila Zubairu told 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The Transport Ministry is currently looking into AFC\u2019s proposal, but the two sides have not\u2026","rel":"","context":"In "Transport"","block_context":{"text":"Transport","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/transport\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604975,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/egypts-carbon-holdings-inks-equity-framework-agreement-for-tpc-with-african-finance-corp\/","url_meta":{"origin":558828,"position":4},"title":"Egypt\u2019s Carbon Holdings inks equity framework agreement for TPC with African Finance Corp.","author":"enterpriseam admin","date":"18 December 2018","format":false,"excerpt":"CLARIFICATION- Carbon\u2019s TPC inks equity framework agreement: Tahrir Petrochemicals Corporation and Lagos-based Africa Finance Corporation (AFC) have signed a USD 1.25 bn equity subscription framework agreement for its c. USD 11 bn petrochemicals project, slated to become the largest of its kind in the region, Carbon Holdings said in a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578195,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/19\/house-passes-amendment-giving-foreign-tax-authorities-access-to-expats-financial-info\/","url_meta":{"origin":558828,"position":5},"title":"House passes amendment giving foreign tax authorities access to expats\u2019 financial info","author":"enterpriseam admin","date":"19 December 2022","format":false,"excerpt":"House gives its final nod to Unified Tax Procedures Act amendment: The House of Representatives yesterday voted through a controversial amendment to the Unified Tax Procedures Act that would allow foreign tax authorities to access individuals and businesses\u2019 financial information.The Egyptian Tax Authority won\u2019t be harvesting your bank statements: Policymakers\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/390.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=558828"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558828\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558829"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558828"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558828"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}