DEBT-

Arabian Construction Company to borrow EGP 3 bn from CIB: CIB has agreed to provide the Arabian Construction Company (ACC) with a EGP 3 bn credit facility to fund its joint projects with Egyptian and Saudi private sector players, the bank said (pdf) yesterday. ACC has played a key role in developing some of Egypt’s most prominent hotels, that includes the Nile Ritz, the Marriott and the Movenpick hotel in Aswan.

DEVELOPMENT FINANCE-

Egypt to receive food security technical assistance from EBRD + FAO: The European Bank for Reconstruction and Development (EBRD) and the UN’s Food and Agriculture Organization (FAO) have announced a USD 5.5 mn package of technical assistance aimed at improving food security in Egypt, Jordan, Lebanon, Morocco, Tunisia and Gaza. The package will kick off next month with the aim of helping governments revisit their agrifood policies.

REAL ESTATE-

State-owned financial institutions + Allianz launch real estate fund: Banque Misr, Banque du Caire, Misr Ins. Holding and Allianz have launched a real estate investment fund which will invest in commercial property, Banque Misr said (pdf) yesterday. The fund, dubbed Misr Real Estate Investment 1, has a target capital of EGP 500 mn and reached a EGP 360 mn first close, with the three state institutions contributing EGP 100 mn and Allianz putting up the remainder. It has already made its first purchase, buying property owned by Talaat Moustafa Holding in Al Rehab and Madinaty.

RENEWABLES-

#1- KfW supports Egypt’s efforts to localize solar manufacturing: German development bank KfW has awarded a EUR 2.7 mn grant to Creative Power Solutions (CPS) for a planned EUR 5.4 mn solar thermal collector factory in Sadat City, according to Zawya. The factory will be the first of its kind in MENA, helping Egyptian ambitions to localize the manufacture of solar panels. The grant comes under KfW’s investing for employment facility.

About the factory: CPS is partnering with Swedish solar components manufacturer Absolicon to build the plant, which will produce some 18k solar collectors — a key component of solar panels — every year. Construction is set to start in 1Q 2023 and the plant will come online in 1Q 2024.

#2- Offers roll in for the Hurghada solar plant: Arab, Japanese and Chinese companies have submitted offers to the New and Renewable Energy Authority (NREA) to build, operate, and maintain a 20-MW solar plant in Hurghada, sources at the authority reportedly told Daily News Egypt. The authority will open technical envelopes from bidders next month, the sources added. The plant will be financed by the Japan International Cooperation Agency.

RETAIL-

MAF lays out Egypt investments plans through 2025: Emirati retail giant Majid Al Futtaim plans to invest EGP 400 mn (USD 16.2 mn) in Egypt next year and more than EGP 750 mn (USD 30.3 mn) by 2025 to double the size of Carrefour’s presence in the local market, it said (pdf) yesterday.

SHIPPING-

Suez Canal Authority extends transit fee discounts: The SCA will continue granting dry bulk ships moving between West Africa and East Asian ports a 75% rebate on transit fees until 30 June 2023, according to an authority circular. Vessels heading to ports between Karachi in Pakistan and Cochi in South India will continue to receive 25% discounts and those heading to the Arabian Gulf, 15%.