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Wednesday, 26 January 2022

State Department nods to USD 2.5 bn arms sale to Egypt

US green-lights USD 2.5 bn Egypt arms sale: Egypt could spend as much as USD 2.5 bn (EGP 39.3 bn) on American fighter jets and radar systems after the State Department yesterday (statements: here and here) green-lit the sale. The government wants to purchase 12 Super Hercules planes from US defense giant Lockheed Martin for up to USD 2.2 bn, while three SPS-48 land-based radars would be supplied by L3Harris Technologies for as much as USD 355 mn. Egypt was the third-largest arms purchaser of any country in the period spanning 2013-2020, according to the Stockholm International Peace Research Institute.

CI Capital is set to offer factoring services this year, with a strong pipeline expected to “boost the company’s portfolio,” a senior official from the state-owned investment bank told us yesterday, confirming a Daily News report. The bank obtained a factoring license last year from the Financial Regulatory Authority (FRA), the source added, without disclosing further details on their upcoming plans or an expected timeline. The company will integrate factoring into its portfolio of non-banking financial services (NBFS), which includes its microfinance arm Reefy, leasing venture Corplease, consumer finance outfit Souhoula and mortgage finance firm CI Mortgage. Head to our handy explainer here for more details on how factoring works, and why more NBFS players are looking to offer factoring services.

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

  • Homebuyers looking to lease-purchase properties will no longer have to make an advance payment, the Financial Regulatory Authority said in a statement yesterday, in a move meant to help more citizens buy their own real estate.
  • Arizona State University has agreed to partner with Galala University to create the first dual-degree program between a US university and an Egyptian public university.
  • Jumia has launched its second Egyptian tech center in Alexandria. The center is the first regional center for tech and software development in Egypt, and will service the 11 African countries in which Jumia operates.
  • Capricorn Energy (formerly Cairn Energy) has seen production from its Western Desert oil assets rise 8% since acquiring them from Shell last year.
  • State-owned Delta Steel will be allowed to ramp up production more than 7x after the Public Enterprises Ministry granted it a license to produce up to 500k tons of steel each year.

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