SUEZ CANAL-

Another record-breaking month for Suez Canal revenues: Suez Canal revenues grew 47% y-o-y in January to an all-time monthly high of USD 802 mn, according to a Suez Canal Authority (SCA) statement. Some 2.15k vessels transited the canal last month, up 21.5% y-o-y, according to the figures. The authority is targeting record revenues of USD 8.7 bn this year.

FACT CHECK- The Suez Canal has not been leased: The SCA and the cabinet have denied rumors circulating on social media that they had entered into agreements with foreign companies to manage the Suez Canal for a 99-year period. ”The Suez Canal will remain wholly owned by the Egyptian state, and subject to its absolute sovereignty, whether in its management, operation or maintenance,” the cabinet statement read.

COMMODITIES-

GASC buys Russian wheat in second World Bank-backed tender: State grain buyer GASC bought 535k tonnes of Russian wheat for delivery in late February and early March in last week’s international tender, the Supply Ministry said in a statement, without disclosing the price it paid for the grain. Traders were quoted by Reuters as saying that GASC bought the wheat in five separate shipments for USD 323-326 per ton on a cost and freight basis.

This makes a pair: This is GASC’s second international grain tender so far this year and the second to be financed through a food security loan from the World Bank, which still needs to greenlight the latest purchase. Both tenders appear to have been awarded to Russian suppliers.

INFRASTRUCTURE-

More AfDB funding for feasibility studies on the Lake Victoria-Mediterranean river link: The government is in the process of finalizing an agreement with the African Development Bank (AfDB) for USD 2 mn to fund the second phase of feasibility studies on the proposed Lake Victoria-Mediterranean Sea river transport route, Transport Minister Kamel El Wzir said at an African infrastructure financing summit in Dakar last week, according to a ministry statement. The government previously said it was seeking some USD 11.7 mn to fund the phase-two studies, which will look into the technical, economic, and environmental aspects of the project. Preliminary studies were funded by a USD 650k grant from the AfDB.

TELECOMS-

Swedish Transcom opens outsourcing center: Sweden-headquartered outsourcing company Transcom has opened a center in Sixth of October’s Smart Village, employing some 650 people, according to a Communications Ministry statement. The company wants to expand the center to hire another 1k employees within three years. The ministry is working to attract more FDI to the local outsourcing industry, in December signing agreements with 29 multinational firms to up their investments here.

FINTECH/NBFS-

Coming to a post office near you: Al Khair Microfinance signed a cooperation agreement with Egypt Post allowing customers to access its microfinance services at post offices across the country, according to an Egypt Post statement.