A fresh EGP 170 mn securitized bond issuance EFG Hermes is looking to take to market should soon get regulatory approval, Financial Regulatory Authority head Mohamed Omran said yesterday, according to Hapi Journal. The FRA hopes to increase debt instrument issuances by 15-20%, said Omran, particularly considering the increased recent surge in securitized bond issuances.

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El Nasr wants money for its EV venture: El Nasr Automotive is in negotiations for a EGP 1.4 bn syndicated loan from four banks to finance its electric vehicle assembly facility, El Nasr Managing Director Hany El Kholy tells Al Mal. The company is seeking funds to cover 70% of the factory’s costs from CIB, the National Bank of Egypt, Banque Misr, and Banque du Caire. El Nasr was said to have been in negotiations in November with a syndicate of local banks for a EGP 2 bn facility.

This comes a day after the company signed the final contracts with China’s Dongfeng. The two companies plan to eventually produce 25k electric vehicles per year at an expected cost of some EGP 2.5 bn.

Banque Misr has signed an agreement with the European Investment Bank for the first EUR 425 mn tranche of a EUR 750 mn loan for on-lending to SMEs, the bank said in a statement (pdf). The proceeds will be used to provide six-year loans to help SMEs cope with the repercussions of covid-19.

Palm Hills Development’s board of directors signed off on a EGP 1.28 bn loan from a syndicate of banks led by the National Bank of Egypt for funding of the company’s The Crown development, according to an EGX disclosure (pdf).