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Monday, 17 October 2022

The state-owned electricity company will pay in EGP for imported components in future tenders

The Egyptian Electricity Transmission Company wants to pay in EGP for imported components in its future tenders in a bid to save valuable FX, Bloomberg Asharq reports citing an unnamed company source. Payments for foreign components, which usually make up 30 to 46% of any given tender, will reportedly be paid in EGP pegged at the exchange

State-owned consumer finance player One Finance has launched its services in the local market, according to a press release (pdf). The state’s Ayady Investments owns a 40% stake in One Finance, while the remaining 60% is split equally between microfinance player Tamweely and Post for Investment, Egypt Post’s investment arm. The company aims to open eight branches nationwide before the end of the year, after obtaining its consumer finance license from the Financial Regulatory Authority in April.

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

  • Edtech platform iSchool is reportedly looking to raise a USD 4.5 mn round by the end of year to enter Saudi Arabia and the UAE. (Al Mal)
  • Huawei is reportedly among bidders to become the private-sector partner in the state’s new EV charging company (Al Mal)
  • Everest Business School has closed an undisclosed funding round led by a strategic Kuwaiti investor and with the participation of angel investors. The fund will help the company expand across the MENA region. (Statement, pdf)
  • Raya Holding subsidiary Raya Foods is considering building an EGP 500 mn industrial complex. (Al Mal)
  • Abu Dhabi Islamic Bank is lending HoldiPharma EGP 3.4 bn to bring its meds production up to international standards in a bid to boost exports. (Statement)
  • The Egyptian Navy has received the first of four MEKO A200-class frigates from Germany’s Thyssenkrupp. (Statement)

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