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Tuesday, 14 February 2023

USD 1 bn for expansion at CIB, the wind-down of CVentures, and pharma goods stuck in port?

BANKING-

CIB could raise USD 1 bn for expansion: CIB is seeking regulatory approval to issue financial instruments worth up to USD 1 bn or the equivalent in EGP or other currencies to finance the bank’s expansion, according to an EGX disclosure (pdf). The bank provided no additional information about what it plans to do.

FINTECH-

Is CIB’s CVentures winding down? The bank’s board of directors has decided to begin the liquidation process for its fintech-focused VC arm CVentures this year, the bank’s standalone financial statement (pdf, page 52) show. The bank has yet to release more information on the liquidation, where on its balance sheet it will house CVentures’ existing holdings, or whether it will continue to invest in startups from its own balance sheet. The captive VC outfit launched in 2018, making it among the first in the country to jump on the corporate VC trend. It has invested in local startups including pharma app Yodawy and fintech Khazna.

HEALTHCARE-

Meds still stuck at ports on FX crunch? The pharma chamber of the Egyptian Federation of Industries called on the government to make hard currency available to release raw materials and equipment for industry players, Al Mal reports.

REMEMBER- The backlog at ports thanks to now-scrapped import restrictions was cleared in January — but that doesn’t mean that hard currency is necessarily available to allow importers to keep their goods moving through ports.

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