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Monday, 24 January 2022

Another USD 2.6 bn in ITFC financing on the horizon?

Egypt to get USD 2.6 bn in financing from ITFC? The International Islamic Trade Finance Corporation (ITFC) has approved USD 2.6 bn in funding for “development projects” in Egypt, ITFC CEO Hani Sonbol said following a meeting with Trade Minister Nevine Gamea, according to a ministry statement. No further details were provided on where the money will be spent, nor when it will be disbursed. The ITFC provided the General Authority for Supply Commodities (GASC) and the Egyptian General Petroleum Corporation USD 2.3 bn in financing last year.

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

  • The Central Bank of Egypt has granted Orascom Financial Holding subsidiary Dot Electronic Payments a license to operate its Klivvr app and payment card in partnership with the AAIB.
  • Cleopatra Hospitals Group (CHG) and Hemocure Clinic have signed an agreement to establish a center of excellence for the treatment of anorectal diseases in CHG’s El Katib Hospital.
  • Speed Medical will not be getting (pdf) a 50% stake in City Labs, after the planned EGP 27.4 mn acquisition did not get the necessary approvals from the Health Ministry and the Egyptian Competition Authority. Speed has completed its EGP 6.5 mn acquisition of Nour El Eslam labs and its EGP 2.5 mn purchase of El Sharq Labs.
  • An Iraqi industrial delegation is in Egypt seeking the help of the Egyptian government and private sector to establish industrial zones and develop the country’s industries.

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