{"id":653253,"date":"2024-10-14T00:00:00","date_gmt":"2024-10-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/14\/were-getting-eur-7-mn-from-the-eu-to-support-water-sustainability-green-transition-plus-news-from-kredit-fawry-raya-data-center\/"},"modified":"2024-10-14T00:00:00","modified_gmt":"2024-10-14T00:00:00","slug":"were-getting-eur-7-mn-from-the-eu-to-support-water-sustainability-green-transition-plus-news-from-kredit-fawry-raya-data-center","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/14\/were-getting-eur-7-mn-from-the-eu-to-support-water-sustainability-green-transition-plus-news-from-kredit-fawry-raya-data-center\/","title":{"rendered":"We\u2019re getting EUR 7 mn from the EU to support water sustainability, green transition. PLUS: News from Kredit, Fawry, Raya Data Center"},"content":{"rendered":"

DEVELOPMENT FINANCE- <\/p>\n

We\u2019re getting EUR 7 mn from the EU:<\/strong> Planning and International Cooperation Minister Rania Al Mashat and EU Ambassador to Cairo Christian Berger yesterday signed a EUR 7 mn comprehensive technical support package to support Egypt\u2019s green transition\u2014 dubbed the European Green Facility initiative \u2014 according to a ministry statement<\/a>. This came during the first day of Cairo Water Week, which is running under the theme \u201cWater and Climate: Building Resilient Communities\u201d until 17 October. <\/p>\n

Who\u2019s getting the funds? <\/strong>The money will be distributed among the ministries of irrigation, agriculture, and housing to support water sustainability and the country\u2019s green transition. <\/p>\n

ENERGY-<\/p>\n

A new, more ambitious gas production target:<\/strong> Egypt is looking to boost its natural gas production by 30% to 6 bn cubic feet of gas per day by the end of 2025, Asharq Business<\/a> reports, citing an unnamed government official. The government is planning to offer new gas fields ahead of schedule in order to reach its new target, the source said.<\/p>\n

Remember: <\/strong>Oil players have been ramping up their activity in Egypt after the government started clearing its arrears<\/a> to foreign oil and gas companies operating in the country and the recently-introduced incentive package<\/a> for oil and gas players helped sweeten the pot even further.<\/p>\n

\n

LOGISTICS-<\/p>\n

Egypt, KSA to work together on maritime transport:<\/strong> The Transport Ministry and Saudi Arabia\u2019s Transport General Authority inked an MoU on the sidelines of the Global Logistics Forum<\/a> to bolster cooperation in maritime connectivity, according to a statement<\/a> shared by the authority. The MoU aims to develop and advance maritime and shipping activities between the two sides and \u201cpromote the use of technologies and electronic platforms to enhance maritime tourism and marinas.\u201d <\/p>\n

ICYMI: <\/strong>Yacht owners just got access to a raft of new incentives<\/a> as the government works to attract more yacht tourism. <\/p>\n

\n

DEBT- <\/p>\n

Kredit secures EGP 100 mn to on-lend to SMEs:<\/strong> GB Corp\u2019s SME lender Kredit<\/a> has secured EGP 100 mn from Banque du Caire to on-lend to SMEs, according to a press release (pdf)<\/a>. The funds are expected to help SMEs expand and increase their production capacity, ultimately adding job opportunities and helping improve living standards.<\/p>\n

\n

FINTECH-<\/p>\n

#1- Support for retailers:<\/strong> Fintech giant Fawry and dairy products producer, and the company behind Kiri, Bel Egypt inked a EGP 60 mn strategic cooperation agreement to provide digital financing solutions for retailers under Bel Egypt\u2019s loyalty program Enaya, according to a joint press release (pdf)<\/a>. The program aims to provide individual financing of EGP 5k-150k to up to 25k retailers across Egypt over the coming five years to enable them \u201cto overcome current economic challenges and expand their businesses,\u201d according to the statement.<\/p>\n

The who\u2019s who: <\/strong>Bel Egypt is funding the project, while Fawry will offer retailers solutions that facilitate their access to financing. <\/p>\n

\n

\n

#2- Fintech solutions incoming:<\/strong> Local IT solutions provider TechLine<\/a> and Raya Holding subsidiary Raya Data Center will offer solutions for the local and regional fintech sector under a newly-inked strategic partnership agreement, Al Mal<\/a> reports. The two sides will provide cybersecurity services, integrated data center solutions, and cloud computing for fintech firms.<\/p>\n

\n

STARTUPS-<\/p>\n

Well<\/strong>Pal lands new strategic investment: <\/strong>Health-focused e-commerce platform WellPal secured an undisclosed investment from a strategic angel investor to support its growth and expansion into the Saudi market, according to a statement (pdf)<\/a>. The Flat6Labs portfolio company has officially moved its operations from Egypt to Saudi Arabia, the statement notes.<\/p>\n","protected":false},"excerpt":{"rendered":"

The announcement came during the opening day of Cairo Water Week<\/p>\n","protected":false},"author":1,"featured_media":653254,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[111,72,7192,519,183,246,614,219,364],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam","tag-eu","tag-fawry","tag-fintech","tag-green-economy","tag-raya-holding","tag-saudi-arabia","tag-water","wpautop","entry"],"acf":{"mongo_id":"75fd4c67-2084-48c6-a492-ec038213fece","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1021.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt is getting EUR 7 mn from the EU to support water sustainability, green transition.","related_issue":[653235],"teaser":"The announcement came during the opening day of Cairo Water Week","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.470e4468-6ecd-4649-9728-e2cd8347be36.mp3"},"yoast_head":"\nWe\u2019re getting EUR 7 mn from the EU to support water sustainability, green transition. 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The release didn\u2019t specify what form the funding would take, but\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587172,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/23\/eu-afd-to-disburse-new-funds-for-egypt-grain-silos-plus-new-xylem-water-pump-factory\/","url_meta":{"origin":653253,"position":1},"title":"EU + AFD to disburse new funds for Egypt grain silos. PLUS: New Xylem water pump factory","author":"enterpriseam admin","date":"23 May 2023","format":false,"excerpt":"The EUR 60 mn disbursal is part of a EUR 100 mn package announced last year","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1255.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547027,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/new-eu-funding-for-food-security-headed-to-silos-agri-smes\/","url_meta":{"origin":653253,"position":2},"title":"New EU funding for food security headed to silos + agri-SMEs","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"EU funding to bolster wheat storage capacity, small farmers: The EUR 100 mn in food security funding announced by the EU in April will go towards upgrading Egypt\u2019s wheat storage capacity and supporting SMEs in the agricultural sector, EU Commissioner for Neighbourhood and Enlargement Oliv\u00e9r V\u00e1rhelyi said on social media\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546315,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/giz-egypt-to-support-waste-management-strategy-with-eur-6-mn-in-funding\/","url_meta":{"origin":653253,"position":3},"title":"GIZ Egypt to support waste management strategy with EUR 6 mn in funding","author":"enterpriseam admin","date":"11 May 2022","format":false,"excerpt":"Other things we\u2019re keeping an eye on this morning: Matouk Bassiouny & Hennawy acted as the Egyptian legal counsel to Kora Capital on its participation in Paymob\u2019s USD 50 mn series B round. (Statement, pdf)The Environment Ministry is getting EUR 6 mn from GIZ Egypt to support the new national\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":589390,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/26\/were-getting-an-eur-54-mn-debt-swap-from-germany-to-spend-on-wind-power\/","url_meta":{"origin":653253,"position":4},"title":"We\u2019re getting an EUR 54 mn debt swap from Germany to spend on wind power","author":"enterpriseam admin","date":"26 June 2023","format":false,"excerpt":"The money will help link our two new 500-GW wind farms to the grid","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1287.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572623,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/eu-to-provide-eur-24-8-mn-grants-to-renewable-energy-in-egypt\/","url_meta":{"origin":653253,"position":5},"title":"EU to provide EUR 24.8 mn grants to renewable energy in Egypt","author":"enterpriseam admin","date":"1 July 2020","format":false,"excerpt":"EU to provide EUR 24.8 mn grants to renewable energy in Egypt: The EU will give Egypt a EUR 24.8 mn grant to expand the EBRD\u2019s Green Energy Financing Facility (GEFF), which it launched to help Egyptian businesses invest in renewable energy, according to a press release. 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