{"id":618458,"date":"2024-04-15T00:00:00","date_gmt":"2024-04-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/ebrd-reviewing-usd-140-mn-loan-to-finance-actis-gabal-el-zeit-acquisition\/"},"modified":"2024-04-15T00:00:00","modified_gmt":"2024-04-15T00:00:00","slug":"ebrd-reviewing-usd-140-mn-loan-to-finance-actis-gabal-el-zeit-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/ebrd-reviewing-usd-140-mn-loan-to-finance-actis-gabal-el-zeit-acquisition\/","title":{"rendered":"EBRD reviewing USD 140 mn loan to finance Actis\u2019 Gabal El Zeit acquisition"},"content":{"rendered":"

Good morning, folks. <\/strong>After an unusually busy Ramadan for local business and economy news, it seems the tempo is set to pick up even further with a raft of new announcements out over the Eid Al Fitr break.<\/p>\n

We\u2019ve got plenty to squeeze into today\u2019s issue<\/strong>, so let\u2019s jump right into it.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email? <\/strong>Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> The IMF and World Bank spring meetings kick off today: <\/strong>Global finance chiefs are in Washington this week for the IMF and World Bank\u2019s annual spring meetings<\/a>.<\/p>\n

ICYMI: <\/strong>Georgieva will begin her second, five-year term as the head of the IMF on 1 October 2024. The IMF\u2019s executive board said she was getting another term thanks to her \u201cstrong and agile leadership \u2026 navigating a series of major global shocks.\u201d<\/p>\n

What to look out for: <\/strong>Finance Minister Mohamed Maait will take the stage tomorrow for a one-on-one conversation with the IMF\u2019s Middle East and Central Asia head Jihad Azour under the title Egypt: Lessons in Restoring Macroeconomic Stability<\/a>. The IMF will also release its World Economic Outlook and part of its Global Financial Stability report tomorrow and its fiscal monitor on Wednesday.<\/p>\n

Go deeper: <\/strong>Check out the full schedule for the gathering here<\/a>.<\/p>\n

Also on Maait\u2019s Washington schedule:<\/strong> Maait will also be attending an annual health financing<\/a>forum<\/a> hosted by the World Bank today until Wednesday and the G20 finance ministers\u2019 meeting<\/a> running this Wednesday and Thursday, according to a statement<\/a> from the Finance Ministry.<\/p>\n

PSA-<\/p>\n

<\/a> The blackouts are back: <\/strong>Rolling blackouts are to resume in Egypt today after the Electricity Ministry put blackouts on pause for 35 days during the month of Ramadan and the Eid vacation, unnamed sources from the ministry told Al Mal<\/a>. Power cuts will last for an hour each day between 11am and 5pm, the sources added.<\/p>\n

WEATHER- <\/strong>It\u2019s feeling pretty summery in Cairo today, with a high of 30\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria<\/strong>, with a high of 25\u00b0C and a low of 14\u00b0C.<\/p>\n

\n
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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- EBRD mull financing Actis\u2019 acquisition of Gabal El Zeit:<\/strong> The European Bank for Reconstruction and Development is reviewing a proposed USD 140 mn loan for private equity giant Actis to finance its acquisition of the Gabal El Zeit wind farm in the Gulf of Suez, according to a project summary<\/a> from the lender. The loan is now pending a structure review.<\/p>\n

Remember:<\/strong> The Gabal El Zeit wind farm is included in the list of 35 companies and assets earmarked for privatization<\/a>. Actis has reportedly<\/a> wrapped up due diligence on the state-owned 580-MW wind farm and is in advanced negotiations with the government, according to unconfirmed local media reports in February.<\/p>\n

<\/a> #2- A digital upgrade for the commercial registry:<\/strong> Local companies will have six months to register and update their commercial activity on a new electronic platform<\/a>, the Supply Ministry said in a statement<\/a> on Sunday. An automated assistant that can be contacted via WhatsApp has also been launched to help establishments register on the platform.<\/p>\n

#3- Egypt could be present at G7\u2019s June meetings: <\/strong>G7 leaders will gather inmid-June to hold outreach meetings centered on the war in Ukraine, with host Italy planning to extend invitations to several African countries including Egypt, an unnamed source told Reuters<\/a>.<\/p>\n

THE BIG STORY ABROAD-<\/p>\n

There\u2019s no single big story abroad this morning, but driving the news for the foreseeable future: <\/strong><\/p>\n

#1- Are we looking at an Iran-Israel war? <\/strong>Egyptian, Saudi, G7, and G20 leaders are all pushing Tel Aviv and Tehran to cool off lest they tip things over into a wider regional conflagration. It\u2019s the singular priority in policymaking circles this morning, as underscored by the banner headline in the Wall Street Journal: Biden wanted to avoid a regional war. Now he\u2019s got one<\/a>.<\/p>\n

Egypt expressed \u201cdeep concern\u201d over the attacks<\/strong>, calling<\/a> on all parties to avoid further instability in the region. Foreign Minister Sameh Shoukry also held telephone conversations with his counterparts from the US<\/a>, Iran, and Israel<\/a> in a bid to prevent any further escalation. <\/p>\n

Business as usual in Egypt: <\/strong>The Civil Aviation Ministry denied<\/a> rumors that Egypt will be closing its airspace, explaining that flights continue to operate normally \u2014 however, EgyptAir briefly suspended<\/a> flights to Jordan, Iraq, and Lebanon before resuming them hours later<\/a>.<\/p>\n

The key message to Israel, per Politico: <\/strong>Don\u2019t do something you\u2019ll regret.<\/a> <\/p>\n

#2- The wildcard: How will Netanyahu react? <\/strong>And on what time scale? International leaders will have plenty of forums in which to express \u201cdeep concern\u201d this week, with G7 foreign ministers and EU heads of state both set to meet on Wednesday and G20 finance ministers meeting on Thursday. <\/p>\n

Also \u201ctop of mind\u201d<\/strong> as we keep shrugging off the post-Eid blues:<\/p>\n

Not enough news in the pipeline for you? <\/strong>The halving of BTC<\/a><\/strong> should take place sometime around Saturday, Donald Trump\u2019s criminal hush-money trial<\/strong> gets underway today in New York City, and India kicks off its 44-day parliamentary election<\/strong> process on Friday.<\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue: <\/strong>We dive into the demand and supply for second foreign languages in Egypt\u2019sK-12 system. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. After an unusually busy Ramadan for local business and economy news, it seems the tempo is set to pick up even further with a raft of new announcements out over the Eid Al Fitr break. 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submitted offers","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/594.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616137,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/maersk-actis-make-progress-on-zafarana-gabal-el-zeit-wind-farms-acquisition-bids\/","url_meta":{"origin":618458,"position":1},"title":"Maersk, Actis make progress on Zafarana, Gabal El Zeit wind farms acquisition bids","author":"enterpriseam admin","date":"29 February 2024","format":false,"excerpt":"The sale of the two facilities will bring hundreds of mns of USD into the state\u2019s coffers","rel":"","context":"In 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