Day: September 9, 2024

A consortium of international investors, including SPE Capital, the European Bank for Reconstruction and Development (EBRD), Tanmiya Capital Ventures (TCV), and British International Investment (BII), has acquired Tamweely Microfinance S.A.E. in a transaction valued at over EGP 2.5 billion (~USD 57 million). The acquisition marks a significant shift in Egypt’s…

Egypt’s Prime Minister Mostafa Madbouly inaugurated Monday Badya University in New October City, marking the launch of five faculties established in partnership with the University of Texas. The ceremony began with a short film showcasing the university’s modern educational capabilities and resources.   Badya University was a collaborative effort between…

The Central Bank of Egypt (CBE) revealed that Egyptian expatriates’ remittances increased by 32.4% during the first seven months of this year, reaching approximately $15.5bn, compared to around $11.7bn during the same period last year. In a statement released today, Monday, the CBE noted that remittances in July 2024 rose…

The Commercial International Bank (CIB) – Egypt has arranged a syndicated loan worth EGP 7bn for Ora Developers Egypt, a leading real estate development company. The banking alliance includes four major banks, with CIB as the primary arranger, marketer, facility agent, and account bank. The legal advisors for the deal…

Sherif Farouk, Minister of Supply and Internal Trade, met Monday with Clémence Vidal de La Blache, Director of the French Development Agency (AFD) office in Egypt, and Mohamed Ashmawy, AFD’s Agriculture, Rural Development, and Food Security Program Manager. The meeting focused on discussing ways to enhance cooperation. The Minister also…

Real estate developer SODIC announced Monday the signing of a long-term syndicated facility worth EGP 4.14bn with Banque Misr and the Commercial International Bank (CIB) to finance the development of SODIC’s 464-feddan project in New Zayed, home to VYE and Karmell projects. The facility will be used to partially finance…

Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), confirmed that more than 2,000 Chinese companies operating in Egypt have successfully contributed to both countries’ interests. These companies have transferred advanced technology to the Egyptian market, created thousands of job opportunities, and increased the country’s foreign…

EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), is hosting its 10th Annual London Investor Conference from Sept. 9 to 12 at Emirates Stadium. Themed “A New Era of Opportunities,” the conference aims to highlight the potential emerging in key sectors across the global…

Hassan El-Khatib, Minister of Investment and Foreign Trade, emphasised that the food industry sector was one of the most important production and export sectors in Egypt’s national economy. The sector’s investments exceeded EGP 500bn, with over 7,500 formal establishments operating in the field, creating more than 7 million jobs and…

The sale of Egypt’s microfinance provider Tamweely to an international consortium of investors marks a significant step in the Egyptian government’s strategy to attract foreign direct investment and encourage private sector participation in the economy, according to Rania Al-Mashat, the Minister of Planning, Economic Development, and International Cooperation. The deal,…