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Wednesday, 29 June 2022

Elsewedy Electric gets USD 150 mn from IFC to fund renewables investments abroad

Elsewedy Electric will use a USD 150 mn loan from the International Finance Corporation (IFC) to acquire renewable energy plants outside of Egypt, company VP and CFO Sherif Elzeiny told CNBC Arabia in an interview (watch, runtime: 4:00). “The funds will also be used to support projects related to sustainability… [and] new investments in Africa or GCC or Asian countries,” Elzeiny said. Elsewedy earlier this week disclosed the seven-year loan agreement to the EGX (pdf).

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

  • EGX-listed e-Finance will set up money withdrawal and electronic payments at petrol stations by the end of July under a partnership with the Oil Ministry. (Statement, pdf)
  • Uber has rebranded its Uber Bus service to Uber Shuttle under a “strategy to unify the service name internationally.” (Statement, pdf)

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