{"id":624130,"date":"2024-06-24T00:00:00","date_gmt":"2024-06-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/24\/jica-to-soon-disburse-usd-300-mn-loan-for-the-fourth-line-of-the-cairo-metro-plus-tagaddod-organi-group-qnb-al-ahli-friday-ice-cream-mediterraneo-arkan-palm\/"},"modified":"2024-06-24T00:00:00","modified_gmt":"2024-06-24T00:00:00","slug":"jica-to-soon-disburse-usd-300-mn-loan-for-the-fourth-line-of-the-cairo-metro-plus-tagaddod-organi-group-qnb-al-ahli-friday-ice-cream-mediterraneo-arkan-palm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/24\/jica-to-soon-disburse-usd-300-mn-loan-for-the-fourth-line-of-the-cairo-metro-plus-tagaddod-organi-group-qnb-al-ahli-friday-ice-cream-mediterraneo-arkan-palm\/","title":{"rendered":"JICA to soon disburse USD 300 mn loan for the fourth line of the Cairo Metro. PLUS: Tagaddod, Organi Group, QNB Al Ahli, Friday Ice Cream, Mediterraneo, Arkan Palm"},"content":{"rendered":"<p class=\"tag-border-left\">INFRASTRUCTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt coul<\/strong><strong>d receive the first tranche of JICA\u2019s loan for the Cairo Metro Line 4 soon: <\/strong>The Japan International Cooperation Agency (JICA) will soon disburse a USD 300 mn tranche from its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dbf1a575-7088-4942-9f30-c778533dba54\" style=\"\" rel=\"noopener\">USD 733 mn loan<\/a> to finance the construction of the first phase of Cairo Metro Line 4, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%ac%d8%a7%d9%8a%d9%83%d8%a7-%d8%aa%d8%aa%d9%8a%d8%ad-300-%d9%85%d9%84%d9%8a%d9%88%d9%86-%d8%af%d9%88%d9%84%d8%a7%d8%b1-%d9%84%d8%a3%d9%88%d9%84-%d9%85%d8%b1%d8%ad%d9%84%d8%a9-%d8%a8\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reported, citing sources it says are in the know. The tranche will be used to ramp up construction at the first phase of the line and fund the FX needs of the Japanese Taisei Corporation \u2014 one of the contractors building the line.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Phases 2 and 3 are in the pipeline: <\/strong>An undisclosed Japanese consulting firm was recently commissioned to conduct the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cfe4e615-b065-495d-8064-7fdcdeaffc89\/the-real-estate-sector%25e2%2580%2599s-2023-recap-%2B-what-to-expect-in-2024\" style=\"\" rel=\"noopener\">feasibility studies<\/a> for the second and third phases of the project, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The National Tunnels Authority was reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a782dd6c-ea40-4924-8635-2f6679f5997e\/more-funding-for-cairo-metro-line-4%3F\" style=\"\" rel=\"noopener\">in talks last year<\/a> with a syndicate of local banks over a EGP 17 bn loan to finance the project and the Transport Ministry also reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aaceb296-3f02-4072-92c4-ecfca857da8f\/dana-gas-wants-to-reinvest-usd-58-mn-in-egypt.-plus:-news-from-ades-and-transport-ministry,\" style=\"\" rel=\"noopener\">reached out to international lenders<\/a> to secure a USD 1 bn soft loan to fund the second phase of the line. The first phase of the line \u2014 which will connect Cairo, Giza, and the outskirts of Sixth of October city \u2014 is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91c430c2-4817-498e-aa92-36db7b8466c0\" style=\"\" rel=\"noopener\">scheduled<\/a> to open in 2027.<\/p>\n<p class=\"tag-border-left\">STARTUPS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Used cooking oil recycler Tagaddod sees interest from Dutch development bank<\/strong><strong> FMO:<\/strong> Dutch entrepreneurial development bank FMO is mulling a USD 1.2 mn equity investment in homegrown waste management startup <a target=\"_blank\" href=\"https:\/\/www.tagaddod.com\/\" style=\"\" rel=\"noopener\">Tagaddod<\/a> to fund its expansion in Egypt and across the MENA region, a <a target=\"_blank\" href=\"https:\/\/www.fmo.nl\/project-detail\/63737\" style=\"\" rel=\"noopener\">project proposal<\/a> published by the bank showed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cooking oil as a fuel, you say?<\/strong> We ran a Going Green exploring the recycling of used cooking oil in Egypt a few months back. Check out the story <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/22e81fef-6d69-4cf8-9e3e-1ab2681067ac\/the-business-of-recycling-used-cooking-oil\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Organi to work with Qatari Diar on three of its Egypt projects: <\/strong>Local contractor Organi Group has partnered with Qatari Diar to help deliver three of the Qatari real estate developer\u2019s projects in Egypt, according to a <a target=\"_blank\" href=\"https:\/\/www.threads.net\/@alorgani\/post\/C8h64WztkhE\" style=\"\" rel=\"noopener\">social media post<\/a> from Organi\u2019s chairman Ibrahim Al Organi. The projects are <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f50842a-09d2-4df4-ba63-d939bcc69c17\/gov%25e2%2580%2599t-to-offer-guaranteed-prices-for-farmers.-plus:-news-from-qatari-diar.\" style=\"\" rel=\"noopener\">City Gate development<\/a> in New Cairo, a residential tower at the recently launched <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cabe33c6-d30b-42c9-96e1-daea85459741\/pachin-to-delist-from-egx.-plus:-mps-want-answers-on-blackouts-%2B-news-from%253cmark%253e-qatari%253c%2Fmark%253e%253cmark%253e-diar%253c%2Fmark%253e,-capricorn-energy-and-the-sme-development-authority\" style=\"\" rel=\"noopener\">USD 1 bn St Regis Residences project<\/a> and hotels in Sharm El Sheikh and Hurghada. Agreements for other projects are set to be inked down the line, the statement read.<\/p>\n<p class=\"tag-border-left\">SMEs-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Afreximbank earmarks USD 1 bn to fund a regional company that will back SMEs\u2019<\/strong><strong> access to <\/strong><strong>global markets:<\/strong> A new Afreximbank-backed company dubbed the African Trade and Distribution Company (ATDC) launched last week to facilitate small farmers\u2019 and SMEs\u2019 access to regional and global trade markets. The pan-African bank has pledged to invest USD 1 bn in the company, which was established in partnership with <a target=\"_blank\" href=\"https:\/\/www.ariseiip.com\/\" style=\"\" rel=\"noopener\">ARISE Integrated Industrial Platforms (ARISE IIP)<\/a>, <a target=\"_blank\" href=\"https:\/\/www.equitane.com\/\" style=\"\" rel=\"noopener\">Equitane<\/a>, and the secretariat of the <a target=\"_blank\" href=\"https:\/\/au-afcfta.org\/\" style=\"\" rel=\"noopener\">African Continental Free Trade Area<\/a>, according to statements from <a target=\"_blank\" href=\"https:\/\/www.instagram.com\/afreximbankofficial\/p\/C8LKD8dObkC\/\" style=\"\" rel=\"noopener\">Afreximbank<\/a> and <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/arise-iip_afcfta-afcfta-activity-7207710103091724288-5BZW\/\" style=\"\" rel=\"noopener\">ARISE IPP<\/a>.<\/p>\n<p class=\"tag-border-left\">BANKING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>QNB Al Ahli is now QNB: <\/strong>QNB Al Ahli, the Egyptian unit of Qatar National Bank (QNB Group), will be rebranding to QNB, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1428.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from the bank. The makeover aims to boost the presence of the bank's brand in the local market by directly associating it with the group's name, QNB\u2019s CEO Mohamed Bedeir explained.<\/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-<\/strong> <strong>Friday Ice Cr<\/strong><strong>eam seeks up to EUR 25 mn to expand its factory:<\/strong> Frozen dessert maker <a target=\"_blank\" href=\"http:\/\/www.fridayice.com\/\" style=\"\" rel=\"noopener\">Friday Ice Cream<\/a> is in talks with local banks to obtain an EGP loan equivalent to EUR 20-25 mn to fund the construction of the second phase of its new factory in Tenth of Ramadan City, the company\u2019s Chairman Mohamed Gomaa told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%81%d8%b1%d8%a7%d9%8a%d8%af%d8%a7%d9%89-%d8%aa%d8%aa%d9%81%d8%a7%d9%88%d8%b6-%d9%85%d8%b9-%d8%a7%d9%84%d8%a3%d9%87%d9%84%d9%89-%d8%a7%d9%84%d9%85%d8%b5%d8%b1%d9%89-%d9%88\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Mediterraneo in talks with Netherland\u2019s FMO for USD 25 mn loan: <\/strong>Local commodities trader <a target=\"_blank\" href=\"https:\/\/mediterraneo-egypt.com\/\" style=\"\" rel=\"noopener\">Mediterraneo Egypt<\/a> is currently in talks with the Dutch entrepreneurial development bank FMO for a two-part loan agreement worth USD 25 mn, a <a target=\"_blank\" href=\"https:\/\/www.fmo.nl\/project-detail\/63761\" style=\"\" rel=\"noopener\">project proposal<\/a> published by the bank showed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going?<\/strong> Mediterraneo will use the funds to finance its \u201cworking capital needs and capital expenditure required for the construction of their new processing facility and distribution center in Egypt,\u201d according to the lender.<\/p>\n<p class=\"tag-border-left\">HOSPITALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt to open its first Holiday Inn Express in 2027: <\/strong>Local property developer <a target=\"_blank\" href=\"https:\/\/arkanpalm.com\/\" style=\"\" rel=\"noopener\">Arkan<\/a><a target=\"_blank\" href=\"https:\/\/arkanpalm.com\/\" style=\"\" rel=\"noopener\">Palm<\/a> and UK-based hospitality firm <a target=\"_blank\" href=\"https:\/\/www.ihg.com\/hotels\/gb\/en\/reservation?fromRedirect=true&amp;qSrt=sAV&amp;setPMCookies=true&amp;dp=true&amp;gclid=Cj0KCQjwj9-zBhDyARIsAERjds2PVQd-mPwgc65UsPDOnf6tjqo7wM2Io5eNwUPXmJZH5zR3pYuy9p4aAkUMEALw_wcB&amp;cm_mmc=PDSEA-_-G_F-IMEA_FS-MEA_H-IMEA_HS-MEA_6C_BSF_EXM_CORE-IHG_EN&amp;srb_u=1\" style=\"\" rel=\"noopener\">Intercontinental Hotels Group (IHG)<\/a> will build Egypt\u2019s first Holiday Inn Express hotel in Arkan Palm\u2019s West Cairo 205 project, which will feature 700 hotel rooms and open in 2027, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1437.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a> from Savills. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first phase of the line \u2014 which will connect Cairo, Giza, and the outskirts of Sixth of October city \u2014 is scheduled to open in 2027<\/p>\n","protected":false},"author":1,"featured_media":624131,"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":[421,97,111,204,1891,7106,72,955,7111,892,248,8302,2112,625,83,287,123,8655,207,452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-afreximbank","tag-agriculture","tag-also-on-our-radar","tag-banking","tag-biofuel","tag-debt","tag-enterpriseam","tag-hospitality","tag-infrastructure","tag-jica","tag-national-bank-of-egypt","tag-organi-group","tag-qatari-diar","tag-qnb-alahli","tag-real-estate","tag-smes","tag-startups","tag-tagaddod","tag-transport","tag-waste-management","wpautop","entry"],"acf":{"mongo_id":"d2099f63-38f4-4c26-853d-61a2cd787a4d","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1466.jpg","photo_position":"above","homepage_title":"","full_issue_title":"JICA to soon disburse USD 300 mn loan for the fourth line of the Cairo Metro. PLUS: Tagaddod, Organi Group, QNB Al Ahli, Friday Ice Cream, Mediterraneo, Arkan Palm","related_issue":[624113],"teaser":"The first phase of the line \u2014 which will connect Cairo, Giza, and the outskirts of Sixth of October city \u2014 is scheduled to open in 2027","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.84bdc694-1073-4095-82e9-9d4a1f268935.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>JICA to soon disburse USD 300 mn loan for the fourth line of the Cairo Metro. PLUS: Tagaddod, Organi Group, QNB Al Ahli, Friday Ice Cream, Mediterraneo, Arkan Palm - 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\/06\/24\/jica-to-soon-disburse-usd-300-mn-loan-for-the-fourth-line-of-the-cairo-metro-plus-tagaddod-organi-group-qnb-al-ahli-friday-ice-cream-mediterraneo-arkan-palm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JICA to soon disburse USD 300 mn loan for the fourth line of the Cairo Metro. 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