Egypt issued the first sustainable Panda bonds in the Middle East and North Africa at CNY3.5 billion (USD500 million) with a yield of 3.5% over three years. 

Suez Canal revenues jumped by 34.7% to hit USD9.4 billion up from USD7 billion, and are projected to reach USD10.3 billion by the end of 2023, according to Chairman of the Suez Canal Authority.

The House of Representatives gave final approval to some bills: (1) allowing non-Egyptian investors to become registered importers for a ten-year period that could be renewed once. The law will also allow them to hold stakes of up to 49% in trading companies that import into Egypt. (2) Extension of car import scheme for three months, and (3) handing an Abu Dhabi Ports-led consortium with Golden Anchor Ships Operator and Silver Anchor Facilities Management the right through its Safaga Stations Operating Company to develop, build, manage, and operate the Safaga Port for thirty years. Besides, the MPs also approved a loan agreement provided by the International Bank for Reconstruction and Development worth USD500 million, for the purpose of expanding the Takaful and Karama cash transfer program.

The government plans to use the proceeds from the sale of 30% stake of Eastern Company, worth USD650 million, to launch a new fertilizer project, in addition to restructuring some existing government fertilizer factories.

Minister of Petroleum, Head of the EGX, and Head of the Commodities Exchange agreed to add nitrogenous and phosphate fertilizers, propylene, and petroleum products to the commodities exchange market. 

SKPC signed a partnership agreement with Nigeria's Rungas Group to establish LPG cylinder manufacturing plant by using polyethylene applications with a capacity of one million cylinder per year. The production will be exported, with the probability of local sale expansion after acquiring the necessary approvals. 

Egypt's natural gas production declined by 10% YoY to reach 40.5 billion cubic meters during the first eight months of 2023, compared to 45 billion cubic meters in the same period of 2022.

According to local media, an Egyptian entity acquired a stake of almost 20% in Arab Company for Tourism and Hotels Investments (ICON) for EGP1.7 billion. According to local media, the almost 20% stake was previously held by Misr Insurance and Misr Life Insurance. We remind you that TMGH (FV: EGP22.55, OW) owns in ICON around an 82% stake which would be valued at around EGP7.9 billion (EGP3.83/share) based on this media-reported transaction.

The European Bank for Reconstruction and Development (EBRD) is considering lending USD325 mn to four local banks for on-lending to local SMEs and green projects. The four banks include CIB, NBE, Banque du Cair, and EXPA. 

The CBE approved the appointment of Amr El-Ganaini as Deputy CEO and Managing Director of COMI.

According to local media, cars' spare parts are expected to witness an increase in prices within the next two months by 10-15%, due to the supply shortage in the market and FX pressures.