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Tuesday, 26 July 2022

CIB spinning up mortgage – factoring unit

CIB now has a mortgage finance + factoring arm: CIB has established Commercial International Finance after obtaining initial approval from the Central Bank of Egypt. The subsidiary is 99.8% owned by the bank and will reportedly provide mortgage finance and factoring services. (Earnings release, pdf | Al Borsa)

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

  • EGAS is joining forces with Norway-based Kanfer Shipping and Leth Suez Transit to establish a LNG bunkering service at the Suez Canal. (Statement)
  • Marcyrl Pharma plans to invest EGP 400 mn to expand its factories in Egypt over the coming two years as it launches a number of new products including syringes and eye drops. (Al Borsa)
  • The UN High Commissioner for Human Rights wants to strengthen its presence in Egypt and establish a technical team on the ground in Cairo. (Statement)
  • The Sovereign Fund of Egypt has tapped Colliers International to consult on the planned redevelopment of the Mogamma and the former National Democratic Party headquarters in downtown Cairo, Colliers’ country director for Egypt Karim Helal told Al Mal.

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