The EBRD will provide USD532 million in soft financing to the National Bank of Egypt, Banque Misr, and impact investor Mediterrania Capital Partners, the International Cooperation Ministry said.

The Parliament approved a bill that will scrap tax exemptions previously enjoyed by public-sector companies and state entities. 

The government will wrap up the disbursement of EGP7.5 billion to 750 exporters as a first batch of export subsidies under the sixth phase of its subsidies program. 

The government targets investing USD100 million to develop petroleum explorations during the current year.

BlackRock, a multinational investment company, is studying injecting more investments in the Egyptian market, with a portfolio exceeding USD 9 trillion.  

US inflation dipped to 3% in June, the slowest pace since March 2021.

The CBE released new guidelines for digital banks. Digital banks will now need a capital of no less than EGP2 bn to get their digital banking license, while those looking to take part in financing large companies will need a minimum capital of EGP4 bn. And they need their largest shareholder to be a financial institution with similar experience, with a minimum ownership of 30% of the total capital.

The FRA released the updated regulations to the Fintech Act regulating the fintech industry which stipulates more licensing requirements and better protections against fraudulent transactions.
 
According to local media, EMFD (FV: EGP5.01, OW) is preparing to launch a new phase in its North Coast project, Soul, whereby foreign buyers will pay 100% of the unit price in USD, and Egyptians with foreign residencies will pay 10% of the unit price in USD and the rest in EGP.
 
According to local media, ORHD (FV: EGP20.38, OW) reopened three of its hotels in Taba Heights, coinciding with government efforts to boost tourism to the destination.

SEDICO Pharmaceutical Industries has agreed to purchase the entire share of the Arab Company for Pharmaceutical Industries and Medical Appliances (ACDIMA) in UP Pharma, which it owns 99.9%. Financial valuation for UP Pharma is currently taking place, provided that the share of ACDIMA in SEDICO will increase with the same value of the deal of UP Pharma, which was valued before at EGP700-800 million.

A Chinese investment consortium is studying the establishment of an industrial complex for sanitaryware in Egypt with investments of USD35 million, and it is planned to submit a request to the government within two months.

Italian “MSC”, which won the tender for the construction and operation of the dry port on the 10th of Ramadan, is preparing to start a round of financing necessary for establishing the new port in the coming period.

Eleven Egyptian and international consortia submitted to the Egyptian Railways Authority to participate in the tender for qualifying companies competing to implement the trade logistics development project on the “Cairo-Alexandria” axis, at a total cost of about USD740 million.

Concrete Plus for construction is now in a partnership with a Saudi entity to build a factory for vehicles' tires with an investment cost of EUR750 mn.