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Egypt Allots EGP 1.7 bn for Grand Continental Hotel Revamp

Downtown Cairo’s Grand Continental Hotel is being redeveloped into a 250-key five-star business hotel, with investments estimated at EGP 1.7 bn, after the state began tearing it down in early January.

EUR 41.5 mn German KfW Loan to Boost Egypt’s Vocational Education

Ministry of Education and Germany’s KfW Development Bank have agreed on EUR 41.5 mn (EGP 750.5 min) deal to boost and upgrade multiple vocational and applied technology education schools in Egypt.

Gov’t Guarantees EGP 3 bn to Cover Tourism Funding

The Central Bank of Egypt (CBE), in cooperation with the finance ministry, will provide EGP 3 bn worth of credit guarantees to the tourism sector, under the EGP 50 bn tourism support program.

France Underpins Egypt’s Energy Sector with EUR 151 mn

Minister of International Cooperation Rania Al-Mashat and the Agence Française de Développement (AFD) have agreed on a grant worth EUR 151 mn (EGP 2.75 bn) for enhancing the Egyptian energy sector's financial sustainability, governance, and operational efficiency.

The United Bank Grants EGP 130 mn Mortgages in H1: Official

Head of Real Estate Finance Sector at The United Bank of Egypt Ayman Mohamed has affirmed that 1,000 clients were granted EGP 130 mn worth of mortgage financing in H1 2020.

Banque Misr, FEI Partner to Spur Mortgage Financing

Banque Misr and the Real Estate Development Chamber at the Federation of Egyptian Industries (FEI) signed on June 17 a cooperation protocol to stimulate local real estate financing.

Egypt, China to Build EGP 303 mn Substation in Madinaty II

The Egyptian Electricity Transmission Company (EETC) has partnered with a Chinese consortium to build a substation in Madinaty II, east Cairo, at costs estimated at EGP 303 mn.

Egypt, AFD Ink EUR 50 mn Deal to Revamp Cairo Metro Line I

Minister of International Cooperation Rania Al-Mashat has signed a EUR 50 mn (EGP 912.6 mn) agreement with Agence Française de Développement (AFD) to finance the upgrading of Cairo Metro Line I.

Orascom Donates Emergency Unit in Qasr El Aini Hospital

Egypt-based Orascom Construction has successfully funded, built, and fitted a new 170-square-meter Emergency Gynaecology Unit at Qasr El Aini Hospital in Egypt.

Dawi Clinics Sets Foot in Nile Delta

Outpatient healthcare services provider Dawi Clinics expands outside the capital city and set foot into the Nile Delta, opening a new branch in Tanta.

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