{"id":610926,"date":"2023-11-29T00:00:00","date_gmt":"2023-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/ebrd-interested-in-acquiring-stakes-in-united-bank-banque-du-caire\/"},"modified":"2023-11-29T00:00:00","modified_gmt":"2023-11-29T00:00:00","slug":"ebrd-interested-in-acquiring-stakes-in-united-bank-banque-du-caire","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/ebrd-interested-in-acquiring-stakes-in-united-bank-banque-du-caire\/","title":{"rendered":"EBRD interested in acquiring stakes in United Bank, Banque du Caire"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EBRD wants to snap up stakes in Egyptian state lenders: <\/strong>The European Bank for Reconstruction and Development (EBRD) is interested in acquiring minority stakes in several state-owned financial institutions that have been earmarked for privatization under the government\u2019s offering program. The European lender has opened talks with the Sovereign Fund of Egypt (SFE) about investing in both United Bank and Banque du Caire \u2014 two of the three banks on the official privatization list \u2014 but is still waiting for clarity over the size of the stakes the government is willing to sell, Heike Harmgart, who heads the bank\u2019s south- and east-Mediterranean operations, told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/tpfprfwb\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The government rebooted its privatization program earlier this year, naming <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">35<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">companies<\/a> that will sell stakes to private investors as part of the government\u2019s efforts to end the ongoing currency crisis and meet the terms of its USD 3 bn assistance program with the IMF. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It hasn\u2019t been smooth sailing so far: <\/strong>BdC has long planned to IPO on the EGX but <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/004a2209-c482-4067-af0e-5ba87566e2d4\" style=\"\" rel=\"noopener\">repeatedly<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/004a2209-c482-4067-af0e-5ba87566e2d4\" style=\"\" rel=\"noopener\">delayed<\/a> the share sale due to poor market conditions. Meanwhile, talks with the Saudi sovereign wealth fund to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37a6e355-5a16-4b3f-b6b0-617d4ccf7f96\" style=\"\" rel=\"noopener\">sell 100% of United Bank<\/a> collapsed earlier this year due to disagreements about how to value the lender amid volatility in the EGP\/USD rate. Arab African International Bank is the third lender on the privatization list.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government says it will have more news on privatization before the year is out: <\/strong>Cabinet is expecting to finalize agreements to sell a significant stake in its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eebc811-7a6e-4798-ad07-f7d9fc6192ea\" style=\"\" rel=\"noopener\">hotels holding company<\/a> and military-owned fuel retailer <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bfd11c3-82ee-4e5c-9f6d-f7695ae1ef03\" style=\"\" rel=\"noopener\">Wataniya<\/a> before the end of the year. It wants to sell two wind energy plants, the military-owned bottled water company Safi, the combined-cycle power plant in Beni Suef, and a number of desalination plants before the end of the fiscal year in June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EBRD is playing a role in privatizing new and renewable energy projects<\/strong>,Harmgart told the Saudi news outlet. The bank is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7afa051f-0d4d-4fb3-a809-d033b0e170ab\" style=\"\" rel=\"noopener\">working alongside the International Finance Corporation<\/a> (IFC) to increase private-sector participation in desalination projects, and is currently in the initial procurement phase for four plants.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The government expects to offload stakes in four desalination plants during the first half of 2024, as part of a five-year plan drafted by the Housing Ministry to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1f59098e-47ac-42cc-964c-b84096549959\" style=\"\" rel=\"noopener\">sell stakes in 21 plants<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European lender has lodged interest with the sovereign fund and is waiting for clarity about the size of the stakes on offer<\/p>\n","protected":false},"author":1,"featured_media":610927,"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":[1],"tags":[204,726,571,72,2015,587,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-banking","tag-banque-du-caire","tag-ebrd","tag-enterpriseam","tag-heike-harmgart","tag-state-privatization-program","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"4c94678e-da01-4ad9-ae2e-7826abc15331","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1648.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"EBRD interested in acquiring stakes in two Egyptian state banks","related_issue":[610921],"teaser":"The European lender has lodged interest with the sovereign fund and is waiting for clarity about the size of the stakes on offer","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.fcdcf280-e466-4f02-809b-6695435adb70.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Janet\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":604612,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/09\/international-financial-institutions-looking-at-banque-du-caire-ipo\/","url_meta":{"origin":610926,"position":2},"title":"International financial institutions looking at Banque du Caire IPO","author":"enterpriseam admin","date":"9 December 2018","format":false,"excerpt":"IPO WATCH- Four international financial institutions are looking to buy stakes in Banque du Caire as soon as its IPO is announced, CEOTarek Fayed said on the sidelines of the Africa 2018 Forum in Sharm El Sheikh. Fayed said he expects the IPO to take place in 2019, but said\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":579284,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/ebrd-and-partners-fund-more-green-finance-for-smes-ebrd-bii-lend-usd-100-mn-to-bdc\/","url_meta":{"origin":610926,"position":3},"title":"EBRD and partners fund more green finance for SMEs + EBRD, BII lend USD 100 mn to BdC","author":"enterpriseam admin","date":"1 February 2023","format":false,"excerpt":"DFIs to fund more green projects + privatization candidate BdC gets funding: More funding for green projects will be available to local SMEs courtesy of the European Bank for Reconstruction and Development (EBRD), the EU, and the Green Climate Fund. Meanwhile, EBRD and British International Investment said they would provide\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/6.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560934,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/18\/banque-du-caire-gets-usd-100-mn-ebrd-loan-for-smes-trade-finance\/","url_meta":{"origin":610926,"position":4},"title":"Banque du Caire gets USD 100 mn EBRD loan for SMEs + trade finance","author":"enterpriseam admin","date":"18 March 2021","format":false,"excerpt":"Egyptian MSMEs will have access to USD 50 mn worth of financing through Banque du Caire, which is getting a USD 100 mn loan from the European Bank for Reconstruction and Development (EBRD) to support the Egyptian economy, the bank said in a press release(pdf). USD 50 mn of the\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-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":592020,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/24\/heike-harmgart-appointed-as-ebrds-semed-region-managing-director\/","url_meta":{"origin":610926,"position":5},"title":"Heike Harmgart appointed as EBRD\u2019s SEMED region Managing Director","author":"enterpriseam admin","date":"24 December 2019","format":false,"excerpt":"MOVES- Heike Harmgart is the next managing director of the EBRD\u2019s SEMED region: Heike Harmgart (LinkedIn) has been appointed managing director covering the southern and eastern Mediterranean (SEMED) region for the European Bank for Reconstruction and Development (EBRD), the bank said yesterday in a press release (pdf). She will take\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/2717.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\/610926","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=610926"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610926\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/610921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/610927"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=610926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=610926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=610926"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=610926"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=610926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}