Back to the complete issue
Sunday, 12 July 2020

National Bank of Egypt, IFC sign agreement to fund solar water pumps in agriculture; agreements with USAID and Canada

GERD aside (see Speed Round, above) It’s all about foreign funding for development and infrastructure projects this morning. The National Bank of Egypt and the International Finance Corporation signed an agreement to increase local funding for solar-powered water pumps in agriculture, according to a statement (pdf).

Help from the US, Canada: The International Cooperation Ministry signed six new agreements worth a total of USD 90 mn with USAID, according to a cabinet statement. The grants will be used to fund development projects in education, scientific research, science and technology, health, trade and investment, and agriculture. Separately, the ministry inked two agreements worth a combined CAD 14 mn with the Canadian embassy focused on the socio-economic empowerment of women, a cabinet statement said.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.