{"id":638102,"date":"2024-08-08T00:00:00","date_gmt":"2024-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/08\/nbk-egypt-provides-financing-for-sokhna-container-terminal-plus-news-from-rameda-infinity-enara-msmeda\/"},"modified":"2024-08-08T00:00:00","modified_gmt":"2024-08-08T00:00:00","slug":"nbk-egypt-provides-financing-for-sokhna-container-terminal-plus-news-from-rameda-infinity-enara-msmeda","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/08\/nbk-egypt-provides-financing-for-sokhna-container-terminal-plus-news-from-rameda-infinity-enara-msmeda\/","title":{"rendered":"NBK Egypt provides financing for Sokhna container terminal. PLUS: News from Rameda, Infinity, Enara, MSMEDA"},"content":{"rendered":"

DEBT WATCH- <\/p>\n

#1- NBK Egypt helps fund Ain Sokhna container terminal: <\/strong>The National Bank of Kuwait Egypt has extended USD 93 mn worth of credit facilities to construction firm EDECS<\/a> for the construction of the container terminal at Ain Sokhna Port, the bank said in a statement (pdf)<\/a>. The funding is part of the bank\u2019s strategy to support large national projects, including ports, the statement reads.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Remember:<\/strong> EDECS last month broke ground<\/a> on the new container terminal after it inked a construction contract<\/a> with the Red Sea Container Terminals Company to execute and deliver the project within 18 months. <\/p>\n

\n

\n

#2- EGPC pushes back payment:<\/strong> The Egyptian General Petroleum Corporation (EGPC) has reached an agreement with a consortium of local banks to receive a one-year grace period on paying off some USD 2 bn in dues, Asharq Business<\/a> reports, citing four unnamed sources with knowledge of the matter. The EGPC will start paying back its dues in FX at the beginning of 2026, instead of 2025, one source said. <\/p>\n

\n

PHARMA-<\/p>\n

Rameda gets greenlight to hike prices:<\/strong> Local pharma player Rameda has received approval from the Egyptian Drug Authority (EDA) to increase the prices of 22 units across its brands by an average 40-50%, the company said in a press release (pdf)<\/a>. \u201cApprovals have been progressively granted since the end of May 2024 and continue to be received,\u201d the release said, adding that \u201cThis will ensure the restoration of gross profit margins as well as the ongoing development, production, and supply of essential medications.\u201d<\/p>\n

Remember:<\/strong>Some med prices were hiked an average of 25%<\/a> last month per requests from<\/a>local pharma companies<\/a> following the deterioration in the EGP \/ USD exchange rate following March\u2019s float of the EGP.<\/p>\n

\n

TRADE-<\/p>\n

Egypt wants African countries to respect custom exemptions:<\/strong> The Trade Ministry has contacted Comesa in an effort to get Congo, Somalia, Uganda, and Eswatini to implement the customs exemptions stipulated in the bloc\u2019s trade agreement, Al Borsa<\/a> reports, citing unnamed sources. The four countries in question and Ethiopia \u2014 which has only implemented 10% of the exemptions \u2014 claimed that their dire economic conditions require them to maximize customs revenue. <\/p>\n

\n

RENEWABLES-<\/p>\n

#1- Arafa Trade goes green:<\/strong> Our friends at renewables company Infinity have signed a contract with agriculture producer Arafa Trade<\/a> to operate a 15 MW solar power station, Arafa Trade Chairman Yasser Arafa told Al Borsa<\/a>. The EGP 200 mn station aims to reduce the company's reliance on electric generators by about 40% at its farm, export station, and cold storage facility in Farafra.<\/p>\n

\n

\n

#2- More investments from Enara:<\/strong> Africa-focused renewables player Enara Group is looking to invest some USD 1 bn in the renewable energy sector in Egypt and Africa alongside international institutions through 2030, CEO Sherif El Gabaly tells Al Borsa<\/a>. The funds would be used to develop 2 GWs worth of renewable energy, El Gabaly said.<\/p>\n

A lot more than we were expecting: <\/strong>El Gabaly last month said<\/a> that the group is looking to invest some USD 100 mn in the local renewable energy sector through 2027 as it looks to increase its investments in existing organic and biofuel companies.<\/p>\n

\n

POLITICS-<\/p>\n

Egypt to support new peacekeeping mission in Somalia: <\/strong>Egypt and Djibouti have offered to back a new peacekeeping mission in Somalia dubbed the African Union Support and Stabilization Mission in Somalia (AUSSOM), the AU\u2019s Peace and Security Council said in a communiqu\u00e9<\/a>(pdf)<\/a> last week. The council approved the creation of AUSSOM to replace a similar force that ends this year \u2014 the AU Transition Mission in Somalia (ATMIS). It is unclear what type of support the two countries have offered to provide. <\/p>\n

\n

MSMEs-<\/p>\n

Funds up for grabs for local SMEs:<\/strong> The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) will disburse some EGP 100 mn in financing for small-scale projects across Egypt through the offices of Beltone subsidiary Cash for Microfinance, according to a statement<\/a>. <\/p>\n

\n

HOSPITALITY-<\/p>\n

Restructuring at Remco: <\/strong>Remco Group<\/a> will acquire construction firm Ayoubco<\/a> and sell Remco subsidiary Egyptian Tourism Village Construction after its board approved the decisions, according to an EGX disclosure (pdf)<\/a>. The company will tap a financial advisor to determine the fair value of both companies before moving forward. <\/p>\n","protected":false},"excerpt":{"rendered":"

EDECS last month broke ground on the new container terminal<\/p>\n","protected":false},"author":1,"featured_media":638103,"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":[111,2378,7106,557,72,334,7111,145,806,127,449,151,287,2288,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-638102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-comesa","tag-debt","tag-egyptian-general-petroleum-corporation","tag-enterpriseam","tag-infinity","tag-infrastructure","tag-logistics","tag-nbk-egypt","tag-politics","tag-rameda-pharma","tag-renewables","tag-smes","tag-somalia","tag-trade","wpautop","entry"],"acf":{"mongo_id":"c2f84405-31da-4b52-a153-29e4431c2467","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/657.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NBK Egypt provides financing for Sokhna container terminal","related_issue":[638086],"teaser":"EDECS last month broke ground on the new container terminal","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.0443fc7e-1f4b-4027-94f9-72a8e04ba100.mp3"},"yoast_head":"\nNBK Egypt provides financing for Sokhna container terminal. 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