{"id":586218,"date":"2023-05-08T00:00:00","date_gmt":"2023-05-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/08\/egypt-education-platform-modon-to-launch-new-school-in-alex-in-2025-plus-news-from-banque-misr-maxab-kandil-steel-qardy-nosco-mastercard-and-skoda\/"},"modified":"2023-05-08T00:00:00","modified_gmt":"2023-05-08T00:00:00","slug":"egypt-education-platform-modon-to-launch-new-school-in-alex-in-2025-plus-news-from-banque-misr-maxab-kandil-steel-qardy-nosco-mastercard-and-skoda","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/08\/egypt-education-platform-modon-to-launch-new-school-in-alex-in-2025-plus-news-from-banque-misr-maxab-kandil-steel-qardy-nosco-mastercard-and-skoda\/","title":{"rendered":"Egypt Education Platform + Modon to launch new school in Alex in 2025. PLUS: News from Banque Misr, MaxAB, Kandil Steel, Qardy, NOSCO, Mastercard and Skoda"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EDUCATION -<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">New British school in Alexandria: <\/span><span style=\"\">Egypt Education Platform (EEP) and Modon <\/span><span>Developments will open the doors of a new British school in Alexandria at the start of the 2024-2025 academic year, under an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/348.pdf\" style=\"\">agreement (pdf)<\/a><\/span><span style=\"font-weight:400;\"> the two companies signed last month. Construction of the Alexandria British Academy will start early next year in the Al Seyouf district. The school will accommodate more than 1.8k students, and will be the first in Alexandria to offer both the international primary curriculum and the British curriculum. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EEP:<\/span><span style=\"\"> Is an education management firm that counts EFG Hermes and the Sovereign Fund of <\/span><span style=\"font-weight:400;\">Egypt among its anchor investors. Formerly known as GEMS Education Egypt, it has a network of 18 schools and nurseries.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NON-BANK FINANCIAL SERVICES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Banque Misr, MaxAB partnering in MSME push: <\/span><span style=\"\">State-owned Banque Misr and <\/span><span>e-commerce startup MaxAB inked an agreement to provide financing and digital banking solutions to small and micro enterprises in MaxAB\u2019s retail network, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/282.pdf\" style=\"\">statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- <\/span><span style=\"font-weight:700\">Qardy to provide financial services to NOSCO clients: <\/span><span style=\"\">Online SME lending <\/span><span style=\"\">marketplace <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/eqardy.com\/\" style=\"\">Qardy<\/a><\/span><span style=\"\"> will offer its services to clients of the National Company for Transportation and Overseas Service Company (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.noscoegypt.com\/\" style=\"\">NOSCO<\/a><\/span><span style=\"\">) under an agreement signed with the trucking firm, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/372.pdf\" style=\"\">press release (pdf)<\/a><\/span><span style=\"\">. The partnership will unlock an initial EGP 100 mn of funding for the firm\u2019s clients, according to the statement. The companies didn\u2019t disclose the specifics of the funding arrangements, saying only that Qardy will offer a \u201cdiversified set of financial products\u201d allowing NOSCO\u2019s customers to \u201coptimize their cashflow cycles.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#3- Mastercard has partnered with local fintech firm <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/egabifsi.com\/\" style=\"\">Egabi FSI<\/a><\/span><span style=\"\">to help companies across <\/span><span>the Middle East, Africa, and Eastern Europe offer digital buy-now-pay-later, microfinance, and SME finance products, it said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mastercard.com\/news\/eemea\/en\/newsroom\/press-releases\/press-releases\/en\/2023\/april\/mastercard-and-egabi-collaborate-to-expand-access-to-digital-lending-solutions-across-eastern-europe-middle-east-africa\/\" style=\"\">press release<\/a><\/span><span style=\"font-weight:400;\"> last week.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DEBT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">#1- ODE shareholders okay loan for Gouna expansion: <\/span><span style=\"\">Orascom <\/span><span>Development Egypt (ODE) shareholders have approved a USD 30 mn loan from parent company, Orascom <\/span><span>Development, according to an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/384.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span>. The company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4313fc8f-1a00-4ded-a62d-df0c79f3e59f\" style=\"\">said earlier this year<\/a><\/span><span style=\"font-weight:400;\"> that it was looking to borrow USD 30 mn to help finance the planned expansion of El Gouna. The loan carries a tenor of 10 years and an interest rate of 3.75%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- Kandil Steel could secure USD 25 mn from the IFC: <\/span><span style=\"\">The International Finance <\/span><span>Corporation (IFC) could lend USD 25 mn to flat steel manufacturer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.kandil.com\/\" style=\"\">Kandil Steel<\/a><\/span><span>, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/disclosures.ifc.org\/project-detail\/ESRS\/47399\/kandil-steel\" style=\"\">the lender\u2019s<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/disclosures.ifc.org\/project-detail\/ESRS\/47399\/kandil-steel\" style=\"\">website<\/a><\/span><span style=\"font-weight:400;\">. The facility would allow the company to preserve employment and maintain its capacity utilization rates, \u201cpreventing reduction in output and preserving direct value-addition to the Egyptian economy.\u201d The IFC will announce its final decision on the loan on 19 June. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">BANKING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Housing and Development Bank has launched new three-year high-yield CDs<\/span><span style=\"\">,<\/span><span style=\"\">with <\/span><span>an annual interest rate of 20% or a monthly interest rate of 18.5%, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.hdb-egy.com\/certificates\/page.php?permalink=luxury-CDs-product&fbclid=IwAR2TCQ-fgG7frY_O-gWOabnZxVOZhnlCb30zOQuzJ8aqGKXfX4IiH38CZtE\" style=\"\">website<\/a><\/span><span style=\"font-weight:400;\">. The minimum deposit is EGP 100k. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">A handful of s<\/span><span style=\"\">tate-owned and private-sector banks have <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/774ecd5a-ec41-482f-b0e3-6eda3a89a4f3\" style=\"\">introduced new<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/774ecd5a-ec41-482f-b0e3-6eda3a89a4f3\" style=\"\">high-yield certificates of deposit<\/a><\/span><span> in the wake of the central bank\u2019s decision in March to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d48e529f-df57-429c-ac77-650747100ba1\" style=\"\">raise interest rates<\/a><\/span><span style=\"font-weight:400;\"> by another 200 basis points.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">TRANSPORT- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Skoda will take over the maintenance of some of our train locomotives: <\/span><span style=\"\">Czech car <\/span><span>manufacturer Skoda will renovate and maintain our Henschel and Adtranz locomotives for a 15-year period as well as help localize the production of spare parts under an agreement it is set to sign with the Madbouly government early next month, the Transport Ministry said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/pfbid02YncUdkfUnjgQpD395J7r2sRq4p9ZBTCE6wt41dt9T4ncVpoTUhpXiBZHyRAtYJSfl\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Construction on the school will start next year.<\/p>\n","protected":false},"author":1,"featured_media":586219,"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":[111,204,576,101,73,7044,174,72,7087,183,829,759,7045,865,2182,7046,595,256,83,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banking","tag-banque-misr","tag-development-finance","tag-education","tag-egabi","tag-egypt-education-platform","tag-enterpriseam","tag-finance","tag-fintech","tag-housing-and-development-bank","tag-international-finance-corporation","tag-kandil-steel","tag-mastercard","tag-maxab","tag-modon-developments","tag-non-banking-financial-services","tag-orascom-development-egypt","tag-real-estate","tag-transport","wpautop","entry"],"acf":{"mongo_id":"111c81df-5763-4a53-a749-ca3d23692f76","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/392.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt Education Platform + Modon to launch new school in Alexandria in 2025. 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The EBRD is considering providing USD 125 mn to Banque Misr for SME funding, and USD 30 mn to AlexBank to fund green projects.","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577424,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/22\/15-egyptian-arab-consortiums-could-bid-for-ppp-school-project\/","url_meta":{"origin":586218,"position":1},"title":"15 Egyptian + Arab consortiums could bid for PPP school project","author":"enterpriseam admin","date":"22 November 2022","format":false,"excerpt":"Among the other stories we\u2019re paying attention to this morning:EDUCATION- As many as 15 consortiums have qualified to submit bids to build 1k language schools by 2030 under public-private partnership (PPP) framework, Atter Hannoura, director of the Finance Ministry\u2019s PPP unit, reportedly told Hapi Journal. The terms of the tender\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550479,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/valu-aibank-to-provide-finance-to-sylndr-customers\/","url_meta":{"origin":586218,"position":2},"title":"valU + aiBANK to provide finance to Sylndr customers","author":"enterpriseam admin","date":"30 October 2022","format":false,"excerpt":"Other things we\u2019re keeping an eye on this morning: valU and aiBANK are providing finance options to customers of Sylndr, a group of companies are exploring LNG bunkering in Egypt, and the UK\u2019s charities watchdog has launched an investigation into the British School of Alexandria.Here\u2019s the rundown: EFG Hermes\u2019 BNPL\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561592,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/13\/also-on-our-radar-on-13-april-2021\/","url_meta":{"origin":586218,"position":3},"title":"Also on our Radar on 13 April 2021","author":"enterpriseam admin","date":"13 April 2021","format":false,"excerpt":"Things we\u2019re keeping an eye on this morning: Ora Developers and Telecom Egypt have signed a cooperation agreement that will see the state telecoms giant provide communication services to the former\u2019s projects and connect optical fiber cables to its residential units.Speed Medical will provide (pdf) facility management services to three\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593544,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/banque-misr-joins-responsible-banking-initiative-signs-e-payment-protocol-with-alex-port\/","url_meta":{"origin":586218,"position":4},"title":"Banque Misr joins responsible banking initiative, signs e-payment protocol with Alex Port","author":"enterpriseam admin","date":"1 October 2019","format":false,"excerpt":"Banque Misr has signed on to join 130 banks worldwide to begin implementing the Principles of Responsible Banking launched under a United Nations Environment Program (UNEP) initiative, according to Al Shorouk. The initiative, which sets principles in accordance with Sustainable Development Goals, aims to develop economies and encourage financial institutions\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544483,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/","url_meta":{"origin":586218,"position":5},"title":"EBRD, Green Growth and Sanad funds all have money for Egypt + more competition in consumer finance","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"The European Bank for Reconstruction and Development (EBRD) has put pen to paper on its financing of the Alexandria metro project, which will see it provide the Transport Ministry with EUR 250 mn to transform the Abu Qir railway into an electrified metro line. Al Borsa reports that the EBRD\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586218","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=586218"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586218\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586219"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586218"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586218"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}