The race to the weekend is in full swing, ladies and gentlemen. It’s a busy Wednesday afternoon, with a very healthy pipeline of news to keep you busy.

THE BIG STORIES TODAY

#1- THIS JUST IN- Egypt’s economy grew at a 9% clip in 1H2021-2022, with 8.3% growth during the second quarter of the current fiscal year, Prime Minister Moustafa Madbouly said at a presser, according to Youm7. The 2Q2021-2022 figure is higher than was previously expected, as Planning Minister Hala El Said had signaled in December that GDP growth was forecast at 6-7% during the quarter. The government now expects GDP growth to come in at or above 6% in the third and fourth quarters, Madbouly said. You can view the full press conference, which ended moments ago, here (watch, runtime: 1:09:38).

#2- USD 1.5 bn renewables-powered desalination plant coming? A consortium made up of UAE-based Metito Holdings, Scatec Solar, and Orascom Construction is in talks with Egyptian authorities to build a USD 1.5 bn water desalination plant that would be powered entirely using renewables, Metito Africa Managing Director Karim Madwar tells Bloomberg. The consortium is looking to get the Sovereign Wealth of Egypt onboard the project as a partner, according to Madwar.

#3- Egypt signed a USD 1.5 bn funding agreement with a syndicate of six international banks to finance a diesel production complex in Assiut at Egyps today, the Oil Ministry said in a statement. The complex will produce Euro V-grade diesel and gasoline, among other products, according to the ministry. The funding, provided by Crédit Agricole, UniCredit Italia, HSBC, BNP Paribas, and Société Generale France, will be backed by the Italian Export Credit Agency Sace.

^^ We’ll have these stories and more in tomorrow’s edition of EnterpriseAM.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• CBE holding the line on new import rules: The Central Bank of Egypt (CBE) is not going to reverse its decision requiring importers to get letters of credit (L/Cs) for their purchases, CBE Governor Tarek Amer said, urging businesses to comply with the new requirements.
• The Suez Canal Authority is considering selling 20% stakes in two or three of its companies on the EGX, authority boss Osama Rabie said. Rabie named Canal Rope alongside Canal Harbor and Great Projects as two of the companies the SCA is considering for the float, without disclosing an expected timeline.
• New green, Islamic microfinance products on the menu for 2022: The Financial Regulatory Authority (FRA) could soon issue licenses for green and Islamic microfinance products, FRA’s Deputy Chairman Islam Azzam said.

Former Supreme Constitutional Court (SCC) President Said Maree Gad has passed away at age 68, Akhbar Al Youm reported. His death comes a few days after President Abdel Fattah El Sisi appointed Judge Boulos Fahmy to head the SCC, succeeding Gad, who retired for health reasons as the president of the court.

THE BIG STORY ABROAD- We interrupt your regularly scheduled Ukraine Watch programming: Making the rounds in the global business press this afternoon is news that Sweden’s Ericsson may have inadvertently been making payments to Daesh in Iraq. The company announced earlier today that an internal probe found evidence of payments to use transport routes that circumvent customs authorities. The probe was inconclusive in determining the beneficiaries of these payments, but noted that they occurred when Daesh, among other militant groups, were controlling transport routes. Reuters and the Financial Times have the story.

FOR TOMORROW- The two-day EU-AU summit kicks off in Brussels tomorrow, where President Abdel Fattah El Sisi is set to meet with Prime Minister Alexander De Croo to talk diplomatic relations and regional issues. The president is also scheduled to meet Belgium’s King Phillipe and a group of Belgian business leaders.

Also on the agenda for the summit: Look for El Sisi to speak about the integration of African countries into the global economy, ramping up foreign investment across the continent, and supporting developing countries in their green transition — all of which are key action points for COP27 in Sharm El Sheikh this November.

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A call for tech startups: The Information Technology Industry Development Agency (ITIDA) and US-based VC firm Plug and Play have launched an incubator and accelerator program for digital transformation-focused startups in partnership with our friends at USAID. The newly launched “Smart Cities” innovation hub will select 20-30 Egypt-based companies for its inaugural three-month program, which starts in March. Startups can apply here before applications close on 28 February.

PSA- Your commute is going to get worse this weekend. Public universities begin the second term of their 2021-2022 academic year this Saturday, 19 February.

The Nebu Expo for Gold and Jewelry 2022 kicks off this Saturday, 19 February and wraps on Monday, 21 February.

⛅ TOMORROW’S WEATHER- It’s going to be cloudy: Don’t expect too much sun tomorrow, our favorite weather app forecasts. As for the temperature, we’re in for a daytime high of 21°C and a nighttime low of 10°C.