{"id":615557,"date":"2024-02-20T00:00:00","date_gmt":"2024-02-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/20\/bp-has-usd-1-5-bn-of-investments-in-the-pipeline-for-egypt-plus-taqa-eyes-offshore-expansion-usd-1-5-bn-itfc-top-up-efg-corps-solutions-to-provide-egp-10-bn-financing-gobus-launches-ksa-arm\/"},"modified":"2024-02-20T00:00:00","modified_gmt":"2024-02-20T00:00:00","slug":"bp-has-usd-1-5-bn-of-investments-in-the-pipeline-for-egypt-plus-taqa-eyes-offshore-expansion-usd-1-5-bn-itfc-top-up-efg-corps-solutions-to-provide-egp-10-bn-financing-gobus-launches-ksa-arm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/20\/bp-has-usd-1-5-bn-of-investments-in-the-pipeline-for-egypt-plus-taqa-eyes-offshore-expansion-usd-1-5-bn-itfc-top-up-efg-corps-solutions-to-provide-egp-10-bn-financing-gobus-launches-ksa-arm\/","title":{"rendered":"BP has USD 1.5 bn of investments in the pipeline for Egypt. PLUS: TAQA eyes offshore expansion, USD 1.5 bn ITFC top-up, EFG Corps-Solutions to provide EGP 10 bn financing, GoBus launches KSA arm"},"content":{"rendered":"<p class=\"tag-border-left\">ENERGY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- BP is set to invest at least USD 1.5 bn in Egypt:<\/strong> Global energy giant BP is planning to inject at least USD 1.5 bn in \u201cnew investments for development and exploration activities,\u201d with the potential of an additional USD 5 bn in investments over the coming years, the company\u2019s CEO Murray Auchincloss told President Abdel Fattah El Sisi on the sidelines of the Egypt Energy Show, according to an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0wDU6eSPULg5aLEAJtxnpLF5QjzqcM5yGJvSPyHwxU3RR9AqNp4Ti6kfGyzJSaSTml\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.tq.com\/\" style=\"\" rel=\"noopener\">Industrialization and Energy Services Company<\/a><\/strong><strong> (TAQA) is planning to tap<\/strong><strong> into <\/strong><strong>Egypt\u2019s offshore oilfield services sector in 2026,<\/strong> TAQA Executive Vice President of Well Solutions at TAQA Amir Nessim told <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/53u3rs23\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. He also said that the company, whose current activities in Egypt focus on the Western Desert, will invest three or four times the amount it invested in 2023 during the current year.<\/p>\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A<\/strong><strong>USD 1.5 bn top-up from the ITFC: <\/strong>The International Islamic Trade FinanceCorporation (ITFC) has inked its USD 1.5 bn annual work program with Egypt, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0P7ysJjHrSVYP2cFQVg3MpEtzxTEkn8oG1wfnLDzY19J1V3YF9DL1jkMUK3o9WDhHl\" style=\"\" rel=\"noopener\">Planning Ministry statement<\/a>. The funds, earmarked for the Egyptian General Petroleum Corporation and the state grain buyer GASC, will support the state\u2019s energy and commodities purchases. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Banque Misr could tap a USD 30 mn credit line for SMEs: <\/strong>The Islamic Corporation for Private Sector Development, a subsidiary of the Saudi Islamic Development Bank, has signed a letter of intent with Banque Misr to provide a USD 30 mn line of credit to finance private sector and SME projects, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/1778.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/1778.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Corp-Solutions to dole out EGP 10 bn this year:<\/strong><a target=\"_blank\" href=\"https:\/\/www.efgcorpsolutions.com\/\" style=\"\" rel=\"noopener\">EFG Corp-Solutions<\/a>, theleasing and factoring arm of EFG Holding, plans to provide at least EGP 10 bn in financing in 2024, up from the EGP 8.5 bn provided last year, CEO Talal Elayat told <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1759529254637723759?s=20\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The financing target would be raised in the event of a devaluation, Elayat added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">IN THE HOUSE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MPs vote to toughen hoarding penalties:<\/strong> The House\u2019s Constitutional Affairs Committee gave its final approval yesterday to amendments to the Consumer Protection Law, whereby hoarding key food commodities will get offenders can now face one year in prison and fined between EGP 150k-3 mn. Repeat offenders will be faced with 2-5 years in prison and a fine of EGP 6 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TRANSPORT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GoBus to launch new company in Saudi Arabia: <\/strong>Local bus service GoBus is planning to establish a new company in Saudi Arabia set to launch in June \u2014 dubbed GoArabia Transportation Services \u2014 with an investment of SAR 45 mn, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/02\/19\/1767425\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing the company\u2019s CEO Fady Maher. The company is also looking to establish a new company in the UAE as part of its expansion plan.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HEALTHCARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Egyptian Company for Medical<\/strong><strong> Laboratories is set to invest some EGP 400 mn<\/strong> in the Egyptian market this year, the company chairman \u2014 and former Speed Medical chairman \u2014 Mahmoud Lasheen said in an interview with <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/22kacbz5\" style=\"\" rel=\"noopener\">Al Mal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BP could also invest an additional USD 5 bn over the coming years<\/p>\n","protected":false},"author":1,"featured_media":615558,"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":[111,196,7106,7107,93,72,7087,2670,7115,845,2012,91,287,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-bp","tag-debt","tag-efg-holding","tag-energy","tag-enterpriseam","tag-finance","tag-gobus","tag-healthcare","tag-international-islamic-trade-finance-corporation","tag-islamic-corporation-for-private-sector-development","tag-oil-and-gas","tag-smes","tag-transport","wpautop","entry"],"acf":{"mongo_id":"d8fb196d-ee56-411f-bf26-065a2418acd0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1891.jpg","photo_position":"above","homepage_title":"","full_issue_title":"BP has USD 1.5 bn of investments in the pipeline for Egypt. PLUS: TAQA eyes offshore expansion, USD 1.5 bn ITFC top-up, EFG Corps-Solutions to provide EGP 10 bn financing, GoBus launches KSA arm","related_issue":[615535],"teaser":"BP could also invest an additional USD 5 bn over the coming years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.677ca815-b05d-47cd-bf10-86e7837c6797.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BP has USD 1.5 bn of investments in the pipeline for Egypt. 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Gupco was initially\u2026","rel":"","context":"In &quot;Energy&quot;","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":576923,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/02\/opec-wants-tns-of-usd-in-fresh-oil-investment-as-aramco-bp-report-huge-profits\/","url_meta":{"origin":615557,"position":2},"title":"OPEC wants tns of USD in fresh oil investment as Aramco, BP report huge profits","author":"enterpriseam admin","date":"2 November 2022","format":false,"excerpt":"OPEC wants more than USD 12 tn in oil investment: OPEC has called for USD 12.1 tn to be invested in the global oil sector over the next 23 years \u2060\u2014 equal to around USD 500 bn every year \u2060\u2014 to meet demand. \u201cChronic underinvestment into the global oil industry\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-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":543749,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/egypt-signs-usd-1-5-bn-funding-agreement-for-basic-imports-with-itfc\/","url_meta":{"origin":615557,"position":3},"title":"Egypt signs USD 1.5 bn funding agreement for basic imports with ITFC","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"The ITFC is lending us another USD 1.5 bn for petroleum + commodities imports: Egypt has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund imports of petroleum and basic commodities, ITFC CEO Hani Sonbol told Bloomberg Asharq. The agreement earmarks\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\/2022\/2\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546970,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/","url_meta":{"origin":615557,"position":4},"title":"We\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral lenders to shore up food and energy security amid ongoing disruptions to global markets. First up: We\u2019re getting that USD 3 bn from the ITFC. 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