{"id":581446,"date":"2023-02-14T00:00:00","date_gmt":"2023-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/14\/usd-1-bn-for-expansion-at-cib-the-wind-down-of-cventures-and-pharma-goods-stuck-in-port\/"},"modified":"2023-02-14T00:00:00","modified_gmt":"2023-02-14T00:00:00","slug":"usd-1-bn-for-expansion-at-cib-the-wind-down-of-cventures-and-pharma-goods-stuck-in-port","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/14\/usd-1-bn-for-expansion-at-cib-the-wind-down-of-cventures-and-pharma-goods-stuck-in-port\/","title":{"rendered":"USD 1 bn for expansion at CIB, the wind-down of CVentures, and pharma goods stuck in port?"},"content":{"rendered":"

<\/p>\n

<\/p>\n

BANKING-<\/span><\/p>\n

<\/span>CIB could raise USD 1 bn for expansion:<\/span> <\/span>CIB is seeking regulatory approval to issue <\/span>financial instruments worth up to U<\/span>SD 1 bn or the equivalent in EGP or other currencies to finance the bank\u2019s expansion, according to an <\/span>EGX<\/a><\/span>disclosure<\/a><\/span>(pdf)<\/a><\/span>. The bank provided no additional information about what it plans to do.<\/span><\/p>\n

FINTECH- <\/span><\/p>\n

Is CIB\u2019s<\/span> CVentures<\/span> winding down?<\/span> The bank\u2019s board of directors has decided to begin the <\/span>liquidation process for its fintech-focused VC arm <\/span>CVentures<\/a><\/span> this year, the bank\u2019s <\/span>standalone<\/a><\/span>financial statement (pdf, page 52)<\/a><\/span>show. <\/span>The bank has yet to release more information on the liquidation, where on its balance sheet it will house CVentures\u2019 existing holdings, or whether it will continue to invest in startups from its own balance sheet.<\/span> The captive VC outfit <\/span>launched in 2018<\/a><\/span>, making it among the first in the country to jump on the <\/span>corporate VC trend<\/a><\/span>. It has invested in local startups including <\/span>pharma app Yodawy<\/a><\/span> and <\/span>fintech Khazna<\/a><\/span>. <\/span><\/p>\n

HEALTHCARE- <\/span><\/p>\n

Meds still stuck at ports on FX crunch? <\/span>The pharma chamber of the Egyptian <\/span>Federation of Industries called on the government to make hard currency available to release raw materials and equipment for industry players, <\/span>Al Mal<\/a><\/span> reports. <\/span><\/p>\n

REMEMBER- The backlog at ports thanks to now-scrapped import restrictions was <\/span>cleared in January<\/a><\/span> \u2014 but that doesn\u2019t mean that hard currency is necessarily available to allow importers to keep their goods moving through ports. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

BANKING- CIB could raise USD 1 bn for expansion: CIB is seeking regulatory approval to issue financial instruments worth up to USD 1 bn or the equivalent in EGP or other currencies to finance the bank\u2019s expansion, according to an EGXdisclosure(pdf). The bank provided no additional information about what it plans to do. FINTECH- Is […]<\/p>\n","protected":false},"author":1,"featured_media":581447,"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":[7209],"tags":[111,240,4262,7106,72,183,7115,427],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-cib","tag-cventures","tag-debt","tag-enterpriseam","tag-fintech","tag-healthcare","tag-pharma","wpautop","entry"],"acf":{"mongo_id":"60882e9e-ea02-41c6-bde1-d03d3678612a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/Customs-Bank-Authorizations-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581433],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.047d339e-0d5b-4d7c-baa7-40cda30e86b0.mp3"},"yoast_head":"\nUSD 1 bn for expansion at CIB, the wind-down of CVentures, and pharma goods stuck in port? - 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\/2023\/02\/14\/usd-1-bn-for-expansion-at-cib-the-wind-down-of-cventures-and-pharma-goods-stuck-in-port\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USD 1 bn for expansion at CIB, the wind-down of CVentures, and pharma goods stuck in port?\" \/>\n<meta property=\"og:description\" content=\"BANKING- CIB could raise USD 1 bn for expansion: CIB is seeking regulatory approval to issue financial instruments worth up to USD 1 bn or the equivalent in EGP or other currencies to finance the bank\u2019s expansion, according to an EGXdisclosure(pdf). 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CVentures joins a group of investors led by Bold Capital, Epic Ventures, Sony, NTT Data, Azure Capital, Visa and Luqman Weise Capital. \u201cWe are delighted to see VC\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":668019,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/08\/polaris-parks-will-soon-acquire-two-new-plots-to-set-up-industrial-zones\/","url_meta":{"origin":581446,"position":1},"title":"Polaris Parks will soon acquire two new plots to set up industrial zones","author":"enterpriseam admin","date":"8 July 2025","format":false,"excerpt":"PLUS- Supreme Holding is planning to invest EGP 1 bn in a chemicals project in the Suez Canal Economic Zone","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/924.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619480,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/xinxing-has-another-usd-250-mn-worth-of-investments-in-the-pipeline-for-egypt-plus-locally-made-e-bikes-mm-group-saudi-expansion-madinet-masr-launches-sarai-project-cib-eyes-green-on-lending-fund\/","url_meta":{"origin":581446,"position":2},"title":"Xinxing has another USD 250 mn worth of investments in the pipeline for Egypt. 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