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Thursday, 1 September 2022

Selling electricity to Greece. Plus: Philip Morris is making smokes here now and farmers will get more for wheat

More energy cooperation with Greek partners? Electricity Minister Mohamed Shaker yesterday discussed expanding cooperation and investment with Greek energy and infrastructure giant Copelouzos Group, according to a cabinet statement. Company head Dimitris Copelouzos expressed interest in implementing solar, wind, and electricity interconnection projects in the local market.

Copelouzos is a key player in a proposed electricity link between Egypt and Greece: The Greek infrastructure investor is one half of the JV planning the Greece-Egypt Interconnector (GREGY), a 3-GW electricity link that will allow Egypt to export electricity generated by renewable energy.

Egypt is pursuing closer energy and electricity ties with Greece (among other Mediterranean neighbors), including a potential gas pipeline and the USD 4 bn EuroAfrica project to connect our grid with Greece and Cyprus later this decade.

Local farmers will get more for their wheat next year: The government will pay farmers an “indicative price” of EGP 1k per ardeb of wheat next season, a hike of nearly 15% from the EGP 865-885 per ardeb it paid this year, cabinet said in a statement yesterday. Farmers had called on the government earlier this year to raise prices to EGP 1k to help the industry cope with inflation and meet production targets.

The government didn’t hit its ambitious local wheat targets this year: The government procured around 4.2 mn tons of wheat from local farmers during this year’s harvest, Al Mal quotes Supply Minister Ali El Moselhy as telling reporters yesterday. This missed the ambitious 6 mn-ton target set after spiking food prices forced it to increase its reliance on local production.

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

  • Philip Morris’ United Tobacco has begun producing cigarettes locally, after it reached an agreement with Eastern Company to become the country’s second tobacco manufacturer earlier this year. (Statement, pdf)
  • Civil lawsuits could go paperless: An MoU was signed between the justice and communications ministries to launch an electronic platform to file paperwork for civil proceedings, a cabinet statement read. The two ministries launched an e-litigation platform for the economic courts in December.
  • It’s going to get easier today for owners of overseas yachts to pitch up in Egypt: The Transport Ministry is launching its one-stop-shop for yacht owners to get the permits they need to come to Egypt and moor at marina’s across the country.
  • Banque Du Caire and digital banking app Telda have launched their prepaid cards, which can be used online and in-store, for money transfers, and for ATM withdrawals inside and outside Egypt. Customers can use the card without being banked. (Statement, pdf)
  • Saudi SME fintech player Geidea could invest USD 10 mn in Egypt by the end of 2022. (Al Mal)
  • AAIB signed a EGP 200 mn agreement with the government’s SME development agency to finance small projects with loans of up to EGP 5 mn. (Masrawy)
  • IT firm Orchida Soft is expanding its e-invoicing services here and in Saudi Arabia. (Statement, pdf).

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