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Tuesday, 8 March 2022

EBRD to double down on SCZone digitization support

EBRD to offer more support for SCZone’s digital transformation: The European Bank for Reconstruction and Development (EBRD) signed an agreement on Saturday to extend its assistance for the digitalization of the Suez Canal Economic Zone, the bank said in a statement yesterday. The lender has already completed the first phase of technical support — helping the SCZone deliver seamless, digital investor services, including licenses and permits — with the second phase set to be launched in 1H2022.

The bank signed three other agreements last week during the launch event for the lender’s new 2022-2027 Egypt strategy. The EBRD signed off on the EUR 250 mn loan for the Alexandria metro project, agreed to set up a new initiative aimed at developing skills in Egypt’s tourism sector, and inked an MoU with the electricity and oil ministries to assess Egypt’s hydrogen production potential.

ALSO- Mass transit app Swvl is partnering with fintech startup Paynas to provide its drivers with financial services (pdf) including compensation payouts, buy-now-pay-later options and ins. policies.

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