{"id":606254,"date":"2023-09-13T00:00:00","date_gmt":"2023-09-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/13\/egyptian-banks-could-fund-new-logistics-zones-at-east-port-said-port-plus-news-from-instapay-banque-misr-the-emx-and-the-sczone\/"},"modified":"2023-09-13T00:00:00","modified_gmt":"2023-09-13T00:00:00","slug":"egyptian-banks-could-fund-new-logistics-zones-at-east-port-said-port-plus-news-from-instapay-banque-misr-the-emx-and-the-sczone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/13\/egyptian-banks-could-fund-new-logistics-zones-at-east-port-said-port-plus-news-from-instapay-banque-misr-the-emx-and-the-sczone\/","title":{"rendered":"Egyptian banks could fund new logistics zones at East Port Said port. PLUS: News from Instapay, Banque Misr, the EMX, and the SCZone"},"content":{"rendered":"

LOGISTICS- <\/strong><\/p>\n

A syndicate of Egyptian banks is in talks to arrange an EGP 700 mn <\/strong> facility to <\/strong> finance a logistics zone at East Port Said port<\/strong>, Al Mal<\/a> quotes sources in the know as saying. The loan is expected to be in the form of long-term financing over seven years, with the National Bank of Egypt reportedly acting as the main arranger of the financing and Banque Misr participating in the package.<\/p>\n

The zone: <\/strong> East Port Said Port is set to have three logistics areas<\/a> across some 24 square-km, with one area inside the port extending over 8.4 square-km, and two areas outside the port.<\/p>\n

Expansion at the port: <\/strong> The Suez Canal Container Terminal is building a second, USD 500 mn<\/a> container<\/a> terminal<\/a> at the port while Sky Logistics and Reliance Logistics are working on a new<\/a> multipurpose terminal<\/a>.<\/p>\n

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

#1- InstaPay to hit the Gulf \u2014 and then Brics countries? <\/strong>The Central Bank of Egypt (CBE) is considering linking its digital payments app to banks in the UAE, Saudi Arabia, and Jordan to allow Egyptians working abroad to transfer money to local accounts, an unnamed source at CBE reportedly told A<\/a> l Ma<\/a> l<\/a>. The bank is also considering linking the app to banking systems in other countries \u2014 starting with members of the Brics bloc, which Egypt is set to join next year<\/a>. <\/p>\n

#2- Banque Misr, telecoms operator to launch local e-payments company: <\/strong>Banque Misr will launch an electronic payments company by the end of the year in partnership with the local arm of an Emirati telecom provider, A<\/a> sharq Busines<\/a> s<\/a> reports, citing two sources it says are in the know. The telecom company will hold a stake of more than 60% in the as yet unnamed venture, with the remaining stake held by Banque Misr.<\/p>\n

COMMODITIES- <\/strong><\/p>\n

The EMX\u2019s soybean debut didn\u2019t go to plan: <\/strong>The Egyptian Mercantile Exchange (EMX) has canceled all trades that took place on soybeans when they hit the market Monday, unnamed sources told Al Borsa<\/a>. Buyers reportedly withdrew from the maiden soybean sale because the asking price was EGP 1k higher than market price, the sources said. The Agriculture Ministry had offered 3k tons of soybeans on the bourse at EGP 24k per ton. Soybean is the fifth commodity to start trading on the exchange, joining sugar<\/a>, wheat<\/a>, yellow corn<\/a>, and bran. <\/p>\n

ENERGY- <\/strong><\/p>\n

Dutch firms eye green hydrogen: <\/strong> A consortium of Dutch companies could invest in the Suez Canal Economic Zone (SCZone) under a cooperation agreement signed with the zone yesterday, according to a statement (pdf)<\/a>. The companies are reportedly interested in investing in green hydrogen plants, the SCZone said, without providing further details.<\/p>\n

Remember: <\/strong> Dutch government officials and an unknown energy company were in the country<\/a> in May to explore green hydrogen production. A SCZone delegation visited the country<\/a> earlier this year.<\/p>\n

CLIMATE- <\/strong><\/p>\n

Green investment: <\/strong> Local recycling firms signed several MoUs with international partners at the Environmental and Climate Investment Forum yesterday.<\/p>\n