{"id":613603,"date":"2024-01-17T00:00:00","date_gmt":"2024-01-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/"},"modified":"2024-01-17T00:00:00","modified_gmt":"2024-01-17T00:00:00","slug":"govt-is-getting-usd-250-mn-to-boost-food-energy-security","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/","title":{"rendered":"Gov\u2019t is getting USD 250 mn to boost food + energy security"},"content":{"rendered":"

Fresh funds to boost our food and energy security: <\/strong>Egypt will receive a USD 250 mnsharia-compliant trade loan facility from the Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (IFTC) to support Egypt\u2019s food and oil security, the AFC said<\/a>in a statement<\/a>. <\/p>\n

The beneficiaries:<\/strong> The one-year facility will be split evenly between the state-owned EgyptianGeneral Petroleum Corporation (EGPC) and state grain buyer the General Authority for Supply Commodities (GASC) to fund purchases of fuel and petroleum products and commodity imports including wheat, corn, vegetable oils, and sugar, the lender said.<\/p>\n

Just the tip of the AFC ice<\/strong>berg: <\/strong>The AFC plans to invest USD 1 bn in with an \u201cimmediate project pipeline\u201d already on the table targeting our renewable energy, natural gas, heavy industries, tech, telecoms, banking, and finance sectors, the lender said<\/a> in March last year. Egypt became a fully paid-up AFC member<\/a> in 2022, unlocking access to big ticket investments.<\/p>\n

FUNDING FOR CAIRO METRO LINE 4- <\/p>\n

Cairo Metro Line 4 to get Arab Bank boost: <\/strong>Orascom Construction signed a EGP 4.2bn cooperation agreement with Arab Bank to help fund the fourth phase of Cairo Metro Line 4 connecting Giza to Fustat, according to statement (<\/a>pdf<\/a>)<\/a>. The fourth phase will also link up with the line with the first and second lines of the Cairo Metro. <\/p>\n

Cairo Metro Line 4? <\/strong>The first, 19-km phase of the line will connect Cairo, Giza, and Sixthof October City and provide access to the Grand Egyptian Museum and the Giza Pyramids. It is being constructed<\/a> by Thales, Orascom Construction, and Colas Rail. Construction kicked off last year and is expected to take six years to complete.<\/p>\n

More funding might be on its way soon for the fourth line: <\/strong>The National Tunnels Authority is looking to secure an EGP 17 bn loan from a consortium of local banks led by Banque Misr and the National Bank of Egypt to help fund the line\u2019s construction, according to unconfirmed reports<\/a> in November. Part of the new line is also being financed by a JPY loan provided by the Japanese International Corporation Agency (JICA).<\/p>\n","protected":false},"excerpt":{"rendered":"

The loan will be equally split between the EGPC and GASC<\/p>\n","protected":false},"author":1,"featured_media":613604,"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":[7274],"tags":[798,2101,88,2151,72,565,845,363,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-africa-finance-corporation","tag-arab-bank","tag-debt-watch","tag-energy-security","tag-enterpriseam","tag-food-security","tag-international-islamic-trade-finance-corporation","tag-orascom-construction","tag-transport","wpautop","entry"],"acf":{"mongo_id":"d619c997-a21e-47f8-9dc8-7ce60bc3b970","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1374.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt secures USD 250 mn from AFC, IFTC for food + energy security. PLUS: Arab Bank to help fund Cairo Metro Line 4","related_issue":[613596],"teaser":"The loan will be equally split between the EGPC and GASC","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.c44e1082-d57a-44d5-9db5-56ed48de63ae.mp3"},"yoast_head":"\nGov\u2019t is getting USD 250 mn to boost food + energy security - 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\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t is getting USD 250 mn to boost food + energy security\" \/>\n<meta property=\"og:description\" content=\"The loan will be equally split between the EGPC and GASC\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-17T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1374.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gov\u2019t is getting USD 250 mn to boost food + energy security\",\"datePublished\":\"2024-01-17T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/\"},\"wordCount\":356,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1374.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Africa Finance Corporation\",\"Arab Bank\",\"debt watch\",\"Energy security\",\"EnterpriseAM\",\"food security\",\"International Islamic Trade Finance Corporation\",\"Orascom Construction\",\"transport\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/\",\"name\":\"Gov\u2019t is getting USD 250 mn to boost food + energy security - 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State-owned United Bank is contributing USD 40 mn towards the loan, he said.","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599373,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/egypt-to-sign-second-tranche-of-trade-financing-agreement-with-itfc-in-july\/","url_meta":{"origin":613603,"position":1},"title":"Egypt to sign second tranche of trade financing agreement with ITFC in July","author":"enterpriseam admin","date":"26 June 2019","format":false,"excerpt":"EXCLUSIVE- Egypt to sign second USD 1.5 bn tranche of trade financing agreement with ITFC in July: The Egyptian General Petroleum Corporation (EGPC) and General Authority for Supply Commodities (GASC) are expected to sign contracts for the USD 1.5 bn second tranche of a USD 3 bn trade finance facility\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":613536,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/16\/this-evening-egypt-to-get-usd-250-mn-sharia-compliant-trade-loan-facility-from-afc-iftc\/","url_meta":{"origin":613603,"position":2},"title":"THIS EVENING: Egypt to get USD 250 mn Sharia-compliant trade loan facility from AFC, IFTC","author":"enterpriseam admin","date":"16 January 2024","format":false,"excerpt":"Good afternoon, friends, and happy hump day. We are at the midpoint of what looks like a busy week.ICYMI, EnterpriseAM is now also in the UAE: Think of it as the UAE analogue to your morning read in Egypt \u2014 your essential report on business, finance, the economy, and regulation\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556048,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/new-infusions-of-usd-for-state-banking-system\/","url_meta":{"origin":613603,"position":3},"title":"New infusions of USD for state, banking system?","author":"enterpriseam admin","date":"10 October 2021","format":false,"excerpt":"The Madbouly government is looking to raise USD 2 bn through a three-year syndicated facility, according to a Finance Ministry statement on Friday. The loan will include ESG and Islamic finance components, with the ESG tranche set to target green projects under the Finance Ministry\u2019s green financing framework, Emirates NBD,\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592223,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/02\/edita-al-baraka-bank-in-line-for-loans-from-ifc\/","url_meta":{"origin":613603,"position":4},"title":"Edita + Al Baraka Bank in line for loans from IFC","author":"enterpriseam admin","date":"2 August 2023","format":false,"excerpt":"The international lender could lend USD 85 mn to the two companies, and mobilize an additional USD 15 mn for Edita","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/34.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591424,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/05\/egypt-signs-usd-1-1-bn-funding-agreement-with-itfc\/","url_meta":{"origin":613603,"position":5},"title":"Egypt signs USD 1.1 bn funding agreement with ITFC","author":"enterpriseam admin","date":"5 December 2019","format":false,"excerpt":"Egypt to get USD 1.1 bn IFTC loan for commodity imports: Egypt has signed a USD 1.1 bn funding agreement with the Islamic Trade Finance Corporation (ITFC) to help it import petroleum products and food in 2020, according to a cabinet statement. 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