PM Madbouly meets Turkish companies to drum up investment
Mending ties with Turkey through FDI: Representatives of a number of Turkish companies met with Prime Minister Moustafa Madbouly yesterday, where they discussed plans to invest a combined USD 500 mn to expand their activities here, according to a cabinet statement. The meeting with Turkish investors was “the first of its kind by an Egyptian PM in 10 years,” the statement reads. Most of the companies are prominent textile and apparel makers.
More from the SCZone’s Tokyo roadshow: SCZone Chairman Walid Gamal El Din discussed potential green fuel production projects in the zone with Kawasaki Heavy Industries, according to a statement by the SCZone. He also talked desalination projects with Japanese water pump manufacturer Torishima. Gamal El Din is in Tokyo this week to drum up investment from Japanese firms.
The expat car-for-FX scheme could run into June as the House Planning and Budget Committee continues to push for further extensions under amendments to the initiative making their way through parliament. The committee now wants to extend the scheme for another three months from the current deadline in March, after it gave preliminary approval to a two-month extension earlier in the week, Committee Deputy Chairman Yasser Omar said.
REMEMBER- The government is amending the scheme in hopes of streamlining it, amid low turnout that has seen the Finance Ministry collect just USD 38.5 mn in payments since the initiative was launched in November — a fraction of the USD 2.5 bn it had initially hoped to raise.
More financing for the private sector, courtesy of the ITFC: The International Islamic Trade Finance Corporation (ITFC) is planning to allocate USD 120 mn in financing to private-sector companies in strategic sectors in 2023, ITFC CEO Hani Sonbol reportedly said in an interview with Al Mal.
Where’s the money going? The ITFC will channel USD 80 mn to SMEs and export-focused manufacturers, Sonbol reportedly said. The corporation has opened credit lines with banks and non-bank financial institutions that will on-lend to SMEs, and will provide direct finance to industrial firms. It is also in talks to provide finance to private contractors working on public-private projects and is offering advisory services to the finance ministry and state banks on sukuk.
Chipsy launches new production line: Chipsy Food Industries — a subsidiary of PepsiCo Egypt Group — launched a new USD 20 mn production line inside its factory in Sixth of October, according to Zawya.
A family payments app: Egypt-based fintech Copal has partnered with Mastercard to launch Egypt’s first family payments mobile app, it said in a press release (pdf). The app aims to boost financial inclusion among underbanked young people through its unified payment platform, which is fully managed by their guardians.