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Thursday, 7 April 2022

GAFI could ban forex payments between shipping + cargo handling firms

No more USD payments on cargo handling? The Finance Ministry has directed the General Authority for Investments and Freezones to study the possibility of introducing a ban on foreign currency payments for transactions between shipping agencies and cargo handling companies as part of efforts to de-dollarize the sector, according to Al Mal.

Chinese devicemaker Oppo has partnered with EFG Hermes’ consumer finance arm valU to provide installment solutions to customers (statement, pdf).

Medical professionals can now take out government-backed 5% interest-rate loans: Doctors, physiotherapists, and dentists authorized by the Medical Syndicates Union are now eligible for the Central Bank of Egypt’s (CBE) 5% interest rate loans for SMEs, the bank said in a statement (pdf). The central bank wants to help doctors set up their own clinics and equip them in cooperation with the Authority for Unified Procurement, the statement read. The financing class was introduced in 2016, with the aim of helping young people establish SMEs.

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

  • Tripadvisor has ranked Cairo #2 in its list of most trending destinations globally and the Red Sea resort of Hurghada the 10th most popular destination (Tripadvisor).
  • Heliopolis Housing and Development (HHD) will sell a 243-feddan land plot in New Heliopolis for EGP 1.7 bn (disclosure, pdf).
  • The World Bank is keen to provide Egypt with support to host COP27 (statement).

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