{"id":608768,"date":"2023-10-25T00:00:00","date_gmt":"2023-10-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/25\/suez-canal-transit-fee-reductions-for-south-west-africa-ships-plus-banque-misr-x-etisalat-nbe-x-msmes-nwfe-x-climate-investment-fund-nwfe-x-french-development-agency\/"},"modified":"2023-10-25T00:00:00","modified_gmt":"2023-10-25T00:00:00","slug":"suez-canal-transit-fee-reductions-for-south-west-africa-ships-plus-banque-misr-x-etisalat-nbe-x-msmes-nwfe-x-climate-investment-fund-nwfe-x-french-development-agency","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/25\/suez-canal-transit-fee-reductions-for-south-west-africa-ships-plus-banque-misr-x-etisalat-nbe-x-msmes-nwfe-x-climate-investment-fund-nwfe-x-french-development-agency\/","title":{"rendered":"Suez Canal transit fee reductions for south west Africa ships. Plus: Banque Misr x Etisalat, NBE x MSMEs, NWFE x Climate Investment Fund, NWFE x French Development Agency"},"content":{"rendered":"

SUEZ CANAL-<\/strong><\/p>\n

SCA cuts transit fees on some ships: <\/strong>The Suez Canal Authority (SCA) will grant dry bulk ships moving between Egypt\u2019s Red Sea ports and African ports in the south-west of the continent a 20-45% rebate on transit fees, according to a circular<\/a> on Monday. Vessels coming from or heading to Ghana, Togo, Benin, or Nigeria will receive a 20% rebate, while those en route to or from Cameroon will receive a 45% reduction. The decision will go into effect starting November and will last until the end of June 2024. <\/p>\n

But there are also fee hikes coming next year: <\/strong>Starting 15 January 2024, the authority will hike transit fees by 5-15% for a number of different vessel types, the<\/a>SCA sa<\/a>id<\/a> earlier this month.<\/p>\n

DATA POINT- Canal revenues on track for a new record high:<\/strong> The government expects Suez Canal receipts to hit a record USD 10.3 bn by the end of 2023. This would be a 36% increase from the USD 7.6 bn received in 2022.<\/p>\n

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

Banque Misr + Etisalat <\/strong>roll<\/strong> out new payments app:<\/strong> UAE-based multinational telecom player Etisalat and state-owned Banque Misr have teamed up to launch a new digital payments app dubbed SuperPay, according to a statement (pdf)<\/a> released by the bank. The app facilitates individuals and companies making online payments using bank cards, e-wallets, and point of sale (POS) devices. <\/p>\n

FINANCIAL SERVICES-<\/strong><\/p>\n

NBE, Cooperative Ins. Society cover non-payment risks by MSMEs:<\/strong> State-owned National Bank of Egypt (NBE) signed a partnership with the Egyptian Cooperative Ins. Society to cover the risks of non-payments by micro, small, and medium-sized enterprises (MSMEs), a press release (pdf)<\/a> said on Monday. The contract will cover MSMEs operating within the agricultural, industrial, commercial and service industries for claims of up to EGP 108 mn per client. The NBE will finance complimentary insurance services for MSMEs to ensure the availability of integrated ins. coverage, the release said.<\/p>\n

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

State-owned Company for Roads and Bridges is heading to Saudi: <\/strong>The Transport Ministry\u2019s Holding Company for Roads and Bridges<\/a> was awarded SAR 500 mn (USD 133 mn) worth of Saudi contracts to build bridges and upgrade the country\u2019s railway infrastructure, Asharq Business<\/a> reported, citing people it says are familiar with the matter. Earlier this month, the company received the greenlight<\/a> to set up an office in Saudi Arabia. The raft of contracts are the company\u2019s first endeavors away from home.<\/p>\n

What\u2019s next: <\/strong>The two sides will ink the final contracts over \u201cthe coming days,\u201d the sources said, adding that the project should wrap up in 18 months time.<\/p>\n

DEVELOPMENT FINANCE-<\/strong><\/p>\n

#1-<\/strong>Int. Cooperation Min drums up NWFE financing from the CIF: <\/strong>The multilateral climate fund Climate Investment Fund (CIF) will provide two grants worth USD 4.5 mn and USD 40 mn in soft financing to develop Egypt\u2019s climate-smart agriculture in collaboration with the private sector, a statement<\/a> from the International Cooperation Ministry said yesterday. The agreement was announced at the conclusion of three days of talks<\/a> hosted by the ministry to bring together global lenders to discuss ways to mobilize climate-related financing for Egypt\u2019s Nexus for Food, Water and Energy (NFWE) plan.<\/p>\n

#2- A<\/strong>FD <\/strong>also wants to help fund our NWFE plan: <\/strong>The French Development Agency (AFD) will commit EUR 100 mn in blended financing for Egypt\u2019s NFWE platform, the fund\u2019s director Clemence Vidal de la Blache told Asharq Business (watch, runtime: 3:17<\/a>) on the sidelines of the International Cooperation Ministry\u2019s conference. In line with its Egypt strategy, the fund has invested EUR 200-250 mn every year since 2021, and is on track to hit the target this year, Vidal de la Blache added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Suez Canal revenues are expected to hit a record USD 10.3 bn by the end of 2023<\/p>\n","protected":false},"author":1,"featured_media":608769,"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":[111,576,130,6681,72,710,503,183,2588,181,145,248,6328,219,7103,133,208],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banque-misr","tag-construction","tag-egypt-saudi-relations","tag-enterpriseam","tag-etisalat","tag-financial-services","tag-fintech","tag-french-development-agency","tag-insurance","tag-logistics","tag-national-bank-of-egypt","tag-nwfe","tag-saudi-arabia","tag-suez-canal","tag-suez-canal-authority","tag-transport-ministry","wpautop","entry"],"acf":{"mongo_id":"a483c4a3-69af-4a0b-a6f4-46307ddfa89c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1254.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Suez Canal transit fee reductions for south west Africa ships. 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Vessels carrying crude and petroleum products will pay a 15% surcharge as of 1 May, up from the 5% currently,\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/312.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558732,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/suez-canal-revenues-are-up\/","url_meta":{"origin":608768,"position":3},"title":"Suez Canal revenues are up","author":"enterpriseam admin","date":"24 August 2021","format":false,"excerpt":"Suez Canal revenues rose almost 11.2% y-o-y to USD 3.88 bn from January to August, compared with the preceding year when revenues came in at USD 3.49 bn, Suez Canal Authority (SCA) boss Osama Rabie told a Sada El Balad Sunday (watch, runtime 9:03). 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