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Thursday, 24 June 2021

Aman wants to borrow EGP 250 mn for micro lending

Raya subsidiary Aman Holding is in talks with a syndicate of the Arab African International Bank (AAIB) and the Arab Bank for a EGP 250 mn credit facility to on-lend to micro projects, Hapi Journal reports.

Non-bank lenders have been barred from accepting blank-checks or IoUs that don’t specify exact amounts as guarantees, under a decision by the Financial Regulatory Authority. The decision came after an investigation found that several companies are involved in this practice.

Other things we’re keeping an eye on this morning:

  • Orange Egypt is moving ahead with its plans to develop OrangeCash wallet services by partnering (pdf) with the National Bank of Egypt to manage the wallet, while Aman for E-Payments will soon roll out its deposit and withdrawal services through OrangeCash and EtisalatCash wallets.
  • Flights can now operate at Port Said International Airport following its reopening yesterday, under the management of Egypt-based tourism firm Tishoury Tours and state-run Petroleum Air Services.

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