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Wednesday, 27 July 2022

Carbon credit trading is back on the menu?

Are carbon credits back on the agenda? The Financial Regulatory Authority (FRA) has received a request from a “local authority” to set up a fund for trading carbon credits to coincide with the COP27 summit in November, Al Mal reports. A proposal has been submitted to the cabinet, urging them to allow carbon credits to be traded in Egypt, Mahmoud Gebril, a senior official at the FRA, said at a roundtable, the newspaper reports.

Talk, but little action: The idea of setting up a local carbon trading scheme has been talked about by government officials since 2018 but little progress has been made over the past four years. The EGX and the Environment Ministry looked to have resuscitated the idea in February this year when Chairman Mohamed Farid said that they would submit a proposal to set up a carbon market to the cabinet, but nothing has been heard since.

Separately: An investor has submitted a proposal to the regulator to set up a EGP 1 bn fund to invest in Egypt’s agriculture sector, Gebril said.

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

  • EK Holding, listed on the EGX and the Borse Kuwait, will convert 6 mn EGX-listed shares owned by a single shareholder from EGP to USD. Following the transfer, the company will have 700 mn USD-denominated shares and 462.8 mn shares that change hands in EGP. (Al Borsa)
  • E-commerce website builder zVendo will integrate Fawry Accept services into its platform as part of a partnership agreement between the two companies. (Statement)
  • Portuguese system integrator Celfocus has chosen Intro Group’s Advansys ESC to help it establish and operate its first service center in Egypt. (Statement, pdf)

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