Contact + Nawy sign EGP 1 bn financing agreement + Med wealth funds launch a colab
Contact + Nawy sign EGP 1 bn financing agreement: Contact Financial’s real estate finance subsidiary will lend EGP 1 bn to clients of Nawy after signing an agreement with the proptech startup, according to a statement (pdf. Users of Nawy’s real estate search engine will be able to borrow the money to purchase property found on its platform. Nawy recently received an undisclosed amount of bridge funding in a round led by the Sawiris family office.
Egypt, France and Malta’s sovereign wealth funds have established a “collaboration network” across the Europe, Middle East and North Africa (EMENA) region, according to a press release (pdf). The Malta-based EMENA Sovereign Wealth Funds Collaborative Network aims to support investments in green technology, sustainable development, SMEs and innovation to help plug the USD 700-900 bn funding gap in the EMENA area. Spain’s sovereign wealth fund has also signed an MoU pledging its intention to join.
Other things we’re keeping an eye on this morning:
- EgyptAir has partnered with EFG Hermes’ digital payments subsidiary PayTabs and consumer finance arm valU to provide its customers with payment solutions to book and pay for domestic and international flights. (Hapi Journal)
- Afreximbank will work with Elsewedy Electric and three other Egyptian companies to channel USD 1.5 bn of investment into infrastructure projects in Angola, the bank’s head of intra-African trade finance said at an event in Cairo. (Amwal Al Ghad)
- US customer service provider Concentrix has opened two new call centers in Egypt, and plans to almost double its employee headcount in the country to 8.5k this year. (statement)
- Egypt is courting the African Medicines Agency and wants it to choose Cairo as a base for its headquarters. (statement)
- State-owned firm El Nasr Automotive inked a contract with German consulting group FEV to develop the local EV industry, after the firm helped El Nasr choose its soon-to-be-announced Chinese partner on local EV assembly. (Al Borsa)