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Elite for Security and Safety In the presence of major Egyptian and International Institutions

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Sahfy Sahfy
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Elite for Security and Safety In the presence of major Egyptian and International Institutions
Elite for Security and Safety In the presence of major Egyptian and International Institutions

Elite Security, Safety and Business Administration Conference and Exhibition
2023 will begin its seventh session on October 25, after a three-years of stopping,
while Elite Group announced that this year’s conference will be held under one
main goal, which is to secure foreign and local investments on the homeland.

Elite Security, Safety and Business Administration Conference and Exhibition
2023 is considered the largest and most prominent event in the Arab world, as it is
held in the presence of more than 400 private institutions, including banks, hotels,
embassies, and local and foreign companies, with the presence of more than 300
Egyptian and foreign security experts, whereas the total number of conference attendees will reach more than 2000 experts in the field of security, safety and
entrepreneurship from Egypt and the worldwide.

One of the most prominent attendees is General Hisham Wahdan, former Assistant
Minister of the Interior for the Training Sector, General Fouad Allam, a security
expert and former Deputy Head of the State Security Investigations Service, and
Michael Wurche, a German consultant and trainer in the field of security.

With the invitation of many ministries and authorities, including: “The Ministry of
Interior, the Ministry of Tourism, the Ministry of Communications, the Ministry of
International Cooperation, the Ministry of Investment, Civil Protection, and the
Ministry of Finance.”

It is noteworthy that "Elite" has succeeded over the past years in attracting
experienced people to discuss the most important issues in the field of security,
safety and entrepreneurship, the conference and exhibition has contributed greatly
in the formation of long-term partnerships between large investment entities.

This year, Elite is also launching, for the first time, a competition for entrepreneurs
to present their projects to specialized arbitration committees of entrepreneurship
experts, awarding the first-place winners valuable prizes, and giving them the
opportunity to present and market their projects to the major companies
participating in the conference.

issued by the Presidency of the Arab Republic of Egypt The Cairo Peace Summit

By
Sahfy Sahfy
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Peace summit
Peace summit

Saturday October 21, 2023
__________________________________________________________

At the invitation of the Arab Republic of Egypt, leaders, heads of government, and envoys of a number of regional and international countries met in Cairo on Saturday, October 21, 2023, to consult and explore ways to advance efforts toward containing the aggravating crisis in the Gaza Strip and toward military de-escalation between the Israeli and Palestinian sides. Escalation has claimed thousands of innocent civilian lives since the outbreak of armed confrontations on October 7.

By calling for this summit, the Arab Republic of Egypt sought to build international consensus that transcends cultures, races, religions, and political stances, the core of which is the values of humanity and its collective conscience that rejects violence, terrorism, and unlawful killing of souls, that calls for an end to the ongoing war that has claimed the lives of thousands of innocent civilians on both the Palestinian and Israeli sides, that demands upholding the rules of international law and international humanitarian law, that underscores the ultimate importance of protecting civilians and of not exposing them to dangers and threats and that gives special priority to providing access, ensuring the flow of humanitarian and relief aid, and delivering it to the right beneficiaries from the people of the Gaza Strip. This consensus also warns of the dangers of the current conflict spreading to other areas of the region.

Egypt looked forward for the participants to launch a global call for peace, in which they agree on the importance of re-assessing the international strategy for addressing the Palestinian issue over the past decades so as to emerge from the current crisis with a new political spirit and will that pave the way for unlocking a real and serious peace process. This shall lead, in a short period of time, to the establishment of an independent Palestinian State, along the June 1967 borders, with East Jerusalem as its capital.

The international scene over the past decades has revealed a serious deficiency in finding a just and lasting solution to the Palestinian issue, because it sought to manage the conflict, and not end it permanently. It confined itself to offering temporary solutions and analgesics that do not live up to the minimum aspirations of a people who have suffered for more than 80 years of foreign occupation and attempts to obliterate identity and loss of hope. The ongoing war has also disclosed a shortcoming in the values of the international community in addressing crises. While we see one place rushing and competing to promptly condemn the killing of innocent people, we find incomprehensible hesitation in denouncing the same act in another place. We even see attempts to justify this killing, as if the life of the Palestinian human being is less important than that of other people.

The lives lost every day during the current crisis and the women and children trembling in terror under the air strikes around the clock compel the international community’s response to be commensurate with the gravity of the event. The right of the Palestinian person is not excluded from others whom the rules of international humanitarian law include or from international conventions that address human rights. The Palestinian people must enjoy all the rights enjoyed by other peoples, starting with the utmost right, which is the right to life, and their right to find safe housing, decent health care, and education for their children and above all they must have a state that embodies their identity and to which they are proud to belong.

The Arab Republic of Egypt, which took the initiative to call for the Peace Summit, expresses its deep appreciation to the countries and organizations that responded to the invitation despite time constraints.

On this occasion, it confirms that it will spare no effort in continuing to work with all partners in order to achieve the goals that called for holding this summit, regardless of the difficulties or the duration of the conflict. Egypt will always maintain its firm position in support of Palestinian rights, believing in peace as a strategic and irreversible option until the vision of a two-state solution, Palestinian and Israeli, living side by side is realized.

Within the framework of Egypt’s efforts to achieve these noble goals, it will never accept calls to liquidate the Palestinian cause at the expense of any country in the region. It will not relent for a moment in safeguarding its sovereignty and national security under increasingly dangerous and threatening circumstances and situations, relying on the help of Allah Almighty and the will and determination of its people.

Valu Partners with The Egyptian Banking Institute (EBI) to Provide Convenient Financing Solutions for EBI’s Training Offerings

By
Sahfy Sahfy
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Cairo, October 22, 2023

Valu, MENA’s leading universal financial technology powerhouse, announces its partnership with The Egyptian Banking Institute (EBI), the official training arm of the Central Bank of Egypt (CBE). This collaboration aims to offer convenient financing and affordable installment plans for individuals seeking to pursue EBI’s training programs.

The partnership between EBI and Valu brings significant benefits to learners, ensuring a seamless payment experience that enables them to pay for their training programs, certifications, and qualification programs with ease and without stress. The introduction of Valu’s installment payment plans further enhances the opportunity for individuals to access EBI’s acclaimed programs through convenient financing options that suit their needs.

Ahmed Seoudy, Valu’s Group Head of Product Development, commented: “We are excited to partner with EBI to facilitate access to quality education for our customers and provide them with comprehensive solutions to meet their career growth needs. This collaboration reflects our steadfast commitment to empowering individuals through innovative financial solutions and convenient installment plans, and we are confident that it will enhance the learning journey of EBI’s beneficiaries. At Valu, we are consistently seeking out partnerships with like-minded entities to work together toward our goal of inspiring individuals to achieve their aspirations through increased accessibility.”

In this context, Dr. Abdel Aziz Nossier, the Executive Director of the Egyptian Banking Institute, said: “EBI has consistently aimed to facilitate its training experiences for its trainees, and our collaboration with Valu will allow us to offer EBI’s trainees a wide range of accessible financial solutions to further enable them to pursue their goals. This partnership will enhance our unique value proposition by offering learners frictionless and secure payment options for their chosen training programs. Joining forces with Valu represents a significant milestone to bridge the gap between ambition and affordability for learners across Egypt.”

It is worth mentioning that EBI excels in providing state-of-the-art training solutions in line with the latest industry international best practices with the mandate to develop the human capital in the banking sector in areas of banking, management, leadership, information technology, and SMEs.

 

This partnership with EBI comes as one of a series of collaborations Valu has forged in the education field in the past couple of years. Most recently, Valu partnered with ElSewedy University of Technology (SUT) – Polytechnic of Egypt to offer its financing solutions to students. In 2022, Valu partnered with the American University in Cairo (AUC) to offer convenient and affordable financing plans for individuals seeking to pursue an undergraduate or a graduate degree at the AUC. 2022 also saw Valu join forces with PayTabs Egypt and The Knowledge Hub Universities (TKH), enabling TKH’s students to utilize Valu’s financing solutions and process online payments via PayTabs Egypt’s payment gateway. In addition to universities, Valu has partnered with various renowned schools as well to offer BNPL financing services to facilitate tuition fee payments.

 

e& wraps up successful participation at GITEX Global 2023

By
Sahfy Sahfy
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e& wraps up successful participation at GITEX Global 2023
e& wraps up successful participation at GITEX Global 2023

e& successfully wrapped up its participation at GITEX Global 2023, attracting visitors, decision-makers, technology experts and the media to its stand with a wide array of innovative use cases across mobility, retail, healthcare, manufacturing, aviation, and oil and gas reflecting this year’s theme ‘Accelerating Innovation.

It focused on showcasing e&’s collective efforts in driving progress to create a better tomorrow. It was about showcasing cutting-edge technologies and their potential to transform industries, stimulate creativity, encourage collaboration, attract innovation enthusiasts and celebrate success stories.

At GITEX this year e& took a major step in electric mobility in UAE with the soft launch of ‘Charge&Go’. It will be strategically placed nationwide to offer users a dependable, affordable, and easily accessible charging solution. The initiative aligns us with transformative goals such as the Emirates Net Zero 20502 and the Dubai Integrated Energy Strategy (DIES) 2030.

Another major announcement at the global technology event was the launch of ‘EASE’ (Etisalat by e& Autonomous Store Experience), the world’s first autonomous telecom store powered by AI utilising ground-breaking technologies to empower customers to seamlessly purchase etisalat by e& products and services.

The autonomous store will bring the future of retail to UAE with its combination of Artificial Intelligence (AI), machine learning, facial recognition, smart gates, robotics, smart-shelves and smart dispensing machines. Shoppers enjoy a quicker and more convenient shopping journey with zero waiting time; this heightened level of convenience and speed contributes to an improved overall customer experience.

5G: Setting new milestones

This GITEX etisalat by e& has moved to the next stage of 5G with the Stand Alone network becoming available for all mobile users. For the first time, mobile users will be able to use a complete Stand Alone 5G network providing access to higher uplink speeds, improved device battery life, faster connectivity to the network. These benefits can support new applications, including rich Voice over New Radio (VoNR) and Video over New Radio (ViNR) calling experience beyond an over-the-top (OTT) solution.

This was followed by the successful 5G SA service launch for Fixed Wireless Users (FWA) at the start of 2023, giving consumers the access to a reliable nationwide standalone network allowing for seamless voice and data services across the country.

Another major global milestone was the 5G downlink speed of more than 13 Gbps, continuing to push performance with this major advancement in the 5G network maintaining UAE position as the fastest mobile nation in the world.

Strategic partnerships and thought leadership

This event was successful on various fronts, e& forged meaningful partnerships but also took the stage as thought leaders in the industry. As a testament to its commitment to innovation and collaboration e& and its business verticals signed MoUs with key stakeholders, solidifying dedication to shaping the future of technology.

These mainly included etisalat by e& partnering with government entities like NAFIS as part of their initiative to hire and empower Emiratis in the country, and and others like Dubai Police, Cyber Security Council and TAMM (Abu Dhabi Government Services) among others.

With the Cyber Security Council there was also a graduation ceremony held for a special security programme conducted in partnership with etisalat by e&. With the Ministry of Education e& signed a strategic partnership to foster the advancement of technology education. e& also unveiled its alliance with World Government Summit, stepping into the spotlight as the event’s headline partner.

Its new electric utility business ‘Charge&Go’ signed MoUs with leading entities in the private sector making sure they strike the right partnerships and the new stations installed across the country after the main launch later in the year.

Groundbreaking innovation

From global concept cars in autonomous, to designs and innovations that integrate intelligent connectivity solutions, emphasised e&’s commitment to shaping the future of mobility. The future of air travel was on display with ‘Autoflight’, an innovative sustainable airtaxi and the Mercedes-Benz VISION EQXX and VISION One-Eleven Concept Car were perfect examples of the future of transportation. In robotics, there were humanoids, also solutions for industries like ‘Macademic’ and a friendly robot ‘Mirokai’ with mobility solutions for the healthcare sector as well. Each business vertical under e& had a focus on the pavilion, etisalat by e& highlig

talabat donates towards the UN WFP to support its humanitarian relief efforts for Palestine

By
Sahfy Sahfy
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talabat donates towards the UN WFP to support its humanitarian relief efforts for Palestine
talabat donates towards the UN WFP to support its humanitarian relief efforts for Palestine

October, 2023 – Following the tragic events unfolding in the region over the course of the last week, talabat has decided to support the people in Gaza in the following way.

As talabat, we are donating Two Million AED to our long-standing global partner, the UN World Food Programme (UN WFP), to support its humanitarian relief efforts for those affected by the ongoing crisis. This donation will enable critical assistance and a food lifeline towards those in Gaza who need it the most.

In addition to this donation to WFP, talabat is also putting its platform at the disposal of our trusted and licensed local charity partner, in all its markets. The talabat Mart (tMart) team is also working with our local charity partners to enable customers to order virtual humanitarian aid boxes at cost price containing essential aid supplies, that will be delivered straight to our local charity partners.

WFP is the world’s largest humanitarian organization whose operations aim to provide a lifeline through food assistance and development, to build a pathway to peace, stability and prosperity, for people affected by conflict, disasters and the impact of climate change. WFP is a Nobel Peace Prize winning organization that has been operating in the region since 1991 and is committed to deliver humanitarian aid to vulnerable communities through their on-ground operations and local implementing partners.

 

As talabat, we put food – and more – on the table for everyone in MENA. However, in the current circumstances, talabat is supporting WFP as a key organisation able to provide a food lifeline to those who need it most.

WFP does not endorse any product or service.

Apex Group successfully completes South African acquisitions

By
Sahfy Sahfy
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Apex Group successfully completes South African acquisitions
Apex Group successfully completes South African acquisitions

Apex Group Ltd. (“Apex” or “the Group”), a global financial services provider, today announced the successful close of the acquisition of Boutique Collective
Investments (RF) (Pty) Ltd (“BCI”) and Boutique Investment Partners (Pty) Ltd (“BIP”).

BCI is a collective investments scheme manager (“ManCo”) with a core business focus on third- party branded portfolios. BIP is an independent investment management and consulting firm.

providing multi-manager and consulting services to leading South African independent financial advisors, and their retail and institutional clients.

BCI will become an Apex Group company alongside the existing FundRock brand which delivers the Group’s ManCo services, enablingmore than 1,200 funds with a total of €221 billion in assets under management in 14 countries to streamline their operations in a cost-effective manner.

The additions of BCI and BIP further expand Apex Group’s African footprint following the acquisitions of Sanne Group and Maitland, reinforcing the Group’s commitment to the region and
expansion of its local operations.
This strategic acquisition adds USD$19 billion of AuA and add around 50 new employees to the existing Apex Group platform in South Africa which currently employs over 1,200 people across offices in Cape Town and Johannesburg, servicing 140 clients with assets of c. USD$130bn (ZAR 2.5trn).
BCI and BIP clients will now benefit from access to the Group’s global single-source solution, providing all services required across the full value chain of their business via one convenient and efficient relationship.

This includes Apex Group’s Digital Banking, Fund Raising, Distribution and Administration solutions, as well as pioneering ESG Rating, Reporting and Advisory services.

This follows the recent announcement that Apex Group South Africa has sold a minority stake to a 100% Black owned consortium of investors, reaffirming the business’ commitment to unlocking opportunities for growth and to build further strategic teams in sub Saharan Africa.

Peter Hughes, Founder and Chief Executive Officer of the Apex Group comments: “We are pleased to welcome the BCI and BIP businesses and clients to Apex Group in South Africa. This latest strategic acquisition is further evidence of our commitment to building strategic hubs in South Africa to access the abundant pools of talent that we need to support both our South African and global client bases.
We look forward to further enhancing our technology-enabled solutions to service the asset management industry in South Africa.”
Heiko Weidhase, Chief Executive Officer of the Efficient Group (parent company of BCI and BIP) adds: “With BCI and BIP becoming part of Apex Group, clients will now benefit from the efficiency of a single relationship with a global service partner delivering technology-enabled
solutions across the full value chain of their business The completion of this acquisition allows us to realign our strategic focus on the continued expansion of our Wealth, Risk and Investment
segments which service our growing retail client base.”

Efficient’s Wealth, Risk and Investment cluster will retain the Efficient brand and maintain business as usual under the control of its current shareholders throughout the transaction.
This cluster comprises of the following business lines; Efficient Wealth, Efficient Insure Advisory Services; Efficient Private Clients; Efficient
Benefit Consulting; Efficient Board of Executors; Efficient Select; Naviga Solutions; Select Manager and Dinamika Fund Managers.

Top 50 Women Forum strongly condemns Israel’s massacre in Gaza

By
Sahfy Sahfy
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Top 50 Women Forum strongly condemns Israel’s massacre in Gaza
Top 50 Women Forum strongly condemns Israel’s massacre in Gaza

Top 50 Women Forum strongly condemned today the heinous massacre and war crime attacks committed by Israel against Palestinian civilians in the past few days, and most recently in Baptist Hospital in Gaza Tuesday evening. The most recent war
crime attack has resulted in killing hundreds of civilian Palestinians, including patients, women, and children.

The Forum described the Israeli attack as a clear violation of international law and international humanitarian and legitimate principles, saying it is definitely a war crime.
The Forum expressed extends condolences to the families of the victims and wishes speedy recovery to those injured in the unfortunate attack.

Moreover, the Forum – which stands for ensuring gender equity and equality and defending women rights worldwide – called on the international community to act to end brutal attacks, flagrant violation of human rights and prevent violence from broadening, and alleviate the prolonged suffering of the Palestinian people.
Top 50 Women Forum also called for restraint and dialogue as priority to end the ongoing bloodshed and achieve a fair, durable peace, end Israel incitement, and reach consensus.
For her part, Dina Abdel Fattah – Founder and Chairperson of Top 50 Women Forum – said the recent attack constitutes a disgrace to humanity and a flagrant violation of the rules of international humanitarian law.

She denounced the unilateral actions adopted by Israel to incite racism, hatred, and torture, moving everyone backward to the dark ages where imposition of power and violence used to prevail.

“Human lives must come first before achieving political wins,” Abdel Fattah added, saying the loss of lives by merciless occupation forces that unfortunately enjoy all the support from the west amidst widespread media propaganda campaigns demonizing Arabs and conveying wrong messages about the Palestinian cause.

“Women worldwide have to stand in solidarity with Palestinian women”
Palestinian women have endured most of the hardships faced by the whole Palestinian people, including the loss of children, deprivation of basic rights, forced expulsion, and killing, Abdel Fattah said.
“Top 50 Women Forum is ready to collaborate with regional and international organizations to give Palestinian people voice to restore their rights, and to ensure to have more unbiased media messages to uncover the truth and refute blatant lies.” Abdel Fattah concluded.

KAFD to Participate in the 7th Edition of the Future Investment Initiative

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Sahfy Sahfy
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KAFD to Participate in the 7th Edition of the Future Investment Initiative
KAFD to Participate in the 7th Edition of the Future Investment Initiative

 The King Abdullah Financial District Development & Management Company (KAFD DMC) has announced its participation in the 7th edition of the Future Investment Initiative (FII7). The FII Institute’s flagship conference is set to run from October 24 to 26, 2023 at the King Abdul Aziz International Conference Center (KAICC) in Riyadh.

Under the theme of, “A New Compass,” the prestigious conference will unite global innovators, leaders, and investors from the finance and investment sectors to navigate the worldwide socioeconomic and geopolitical transformation, seeking a new direction to inspire future investment and innovation. 

At the largest investment and business conference in the Middle East, KAFD DMC is represented by the CEO Gautam Sashittal, and the COO Stephen Thomas. Over the course of the three-day conference, they will engage as keynote speakers in two prominent discussion panels.

In the first panel, “CAN CITIES INSPIRE HUMAN VITALITY?”, the CEO Gautam Sashittal will share his insights on the impact of sustainability, mobility, and smart city plans in creating healthy, climate-friendly urban environments. And the COO Stephen Thomas will discuss the challenges and opportunities facing urban leaders from the public and private sectors in the second panel, “THE POWER OF GLOBAL CITIES IN A DEGLOBALIZING WORLD, POWERED BY KEARNEY”. The panel will also explore how global cities can strengthen their role as engines of economic growth.

Gautam Sashittal, CEO of KAFD DMC, expressed his enthusiasm for this valuable engagement saying: “Saudi Arabia was the fastest growing country among the G20 countries in 2022, as the developers and operators of the country’s prime business district, we strive to support the transformation in the Kingdom through creating a thriving ecosystem capable of attracting businesses and streamlining Saudi investment opportunities. In fact, we expect to have a combined workforce of about 100,000 in KAFD by the end of 2024”. He added, “Our involvement in the 7th edition of the Future Investment Initiative demonstrates our dedication to the Kingdom’s growth journey and to connect with world leaders and innovators to drive meaningful impact – with the new compass.”

Set in the heart of the Saudi capital, Riyadh, KAFD is the world’s largest Platinum LEED-certified mixed-use business district. The city within a city is owned and managed by the King Abdullah Financial District Development and Management Company. As a subsidiary of PIF and a key driver of Riyadh’s economic ambitions and the goals of Vision 2030, KAFD DMC aims to advance the national socio-economic agenda, boosting Riyadh’s ranking amongst the world’s top livable cities while promoting a diversified and effective financial sector in support of a more diversified economy.

It is worth noting that earlier this month the King Abdullah Financial District Management and Development Company announced its strategic partnership with the Future Investment Initiative (FII) Institute. This groundbreaking collaboration solidifies their synergistic commitment to driving transformative change, bolstering economic resilience, and harnessing innovation to address humanity’s most pressing challenges.

Dubai Internet City Enters Strategic Partnership with German Entrepreneurship GmbH

By
Sahfy Sahfy
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Dubai Internet City Enters Strategic Partnership with German Entrepreneurship GmbH
Dubai Internet City Enters Strategic Partnership with German Entrepreneurship GmbH

Dubai Internet City has signed a strategic partnership with German Entrepreneurship GmbH to strengthen the start-up and entrepreneurship ecosystem in the UAE and beyond.

On behalf of Dubai Internet City, Ammar Al Malik, Executive Vice President – Commercial at TECOM Group, signed the agreement with Dr. Thomas Mack, Head of Scouting & Advisory at German Entrepreneurship GmbH.

Under the terms of the agreement, Dubai Internet City will support German start-ups with the data, insights, and resources needed to enter the UAE and new regional markets.

German start-ups will also be invited to establish a base at Dubai Internet City and access its rich network of industry peers, corporates, potential investors, universities, and public sector specialists.

Commenting on the agreement on behalf of Dubai Internet City, Ammar Al Malik, Executive Vice President – Commercial at TECOM Group, said: “In today’s dynamic global economy, start-ups expanding to new markets need seamless entry points that facilitate smoother transitions and alleviate cultural differences to foster an environment supportive of business growth and innovation.

“Dubai Internet City’s ecosystem provides invaluable opportunities for start-ups, who gain access to mentorship, potential collaborations, and a diverse talent pool through our network, which is aligned with the structural priorities of the Dubai Economic Agenda ‘D33’ vision.

As the home of international technology giants, our district nurtures collaboration and peer learnings, and is the ideal launching pad for companies looking to start- or scale-up from Dubai into new regional and global markets.”

Germany is an important trading partner of the UAE, and non-oil trade exchange between both countries was valued at $9.6 billion in 2022. Germany is the UAE’s second-largest trading partner in the European Union, accounting for 17% of the UAE’s total trade with the bloc last year, while the UAE was Germany’s largest Arab trade partner in 2021.

“We are pleased to sign this agreement with Dubai Internet City, a regional leader for the technology sector,” said Dr. Thomas Mack, Head of Scouting & Advisory at German Entrepreneurship GmbH.

“The memorandum provides German companies with not only the opportunity to gain a smooth entry into a new market, but also to swiftly collaborate with global industry leaders that have a home at Dubai Internet City and engage with its wide entrepreneurial network of investors, accelerators, and other start-ups across the region.”

The agreement was signed as Dubai Internet City and in5, TECOM Group’s start-up incubator that has nurtured over 850 enterprises since its inception in 2013, participate in the GITEX Global 2023 and Expand North Star 2023 events in the city this week.

Egypt issues Africa’s first Sustainable Panda Bond worth 3.5 billion RMB backed by African Development Bank and Asian Infrastructure Investment Bank

By
Sahfy Sahfy
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Egypt’s Minister of Finance, Dr. Mohamed Maait
Egypt’s Minister of Finance, Dr. Mohamed Maait

Abidjan, 17 October 2023 – Egypt has successfully issued a 3-year Sustainability Panda Bond worth  RMB 3.5 billion ($478.7 million). The North African nation is the first on the continent to do so, a move that underscores its commitment to access previously untapped sources of capital to drive economic growth.

The African Development Bank and the Asian Infrastructure Development Bank provided partial credit guarantees to support the issuance, paving the way for other African countries to access fast-growing Chinese debt capital markets. Panda bonds are issued in China’s domestic capital market by foreign issuers, typically governments or corporations, and are denominated in Chinese yuan.

The combined guarantees from the two multilateral development banks with triple-A ratings helped crowd in investors and secured competitive terms for the transaction. The Bank of China Limited, with support from HSBC Bank (China) Company Limited, was the lead underwriter and bookrunner.

Egypt will use the bond proceeds for inclusive growth and green objectives under its Sovereign Sustainable Financing Framework. The Framework, which was launched ahead of the COP27 climate conference held in Egypt last year, targets sustainable development through investments in clean transportation, renewable energy, energy efficiency, sustainable water and wastewater management, financing for micro, small, and medium-sized enterprises, and essential health services initiatives, among others.

Egypt’s Minister of Finance, Dr. Mohamed Maait, said: “Egypt is the first African sovereign to issue Panda Sustainable Bonds in the Chinese Financial Markets. This is a historical move not just for the country but for the entire continent. We have paved the way for alternate, sustainable financing for our African neighbours and have deepened the partnership with our Chinese counterparts. It’s more than just a financing source; it’s a testimony of how important our economic and financial ties are with the Government of China.”

Mohamed El Azizi, African Development Bank Director General for North Africa, described the issuance as ground-breaking. “This first Panda bond issuance by an African sovereign is the perfect example of how African Development Bank Regional Member countries could leverage the Bank’s AAA credit rating to penetrate new markets and mobilize sustainable financing at competitive terms from international investors,” El Azizi said.

Egypt has previous experience tapping sustainable bond markets. In 2020, it became the first country in the Middle East/North Africa region to issue a green bond . In 2022, it was the first African and Middle East country to access Japanese capital markets, issuing a Samurai bond of 60 billion Japanese yen (about $500 million).

“Egypt’s Panda Bond transaction shows our unwavering commitment to deepen the continent’s access to sustainable financing at scale, which to date is very small,” said Ahmed Attout, African Development Bank Acting Director for Financial Sector Development. “While Egypt may be the first African nation to issue on the Panda Bond Market, it won’t be the last, as we stand ready to support RMCs to mobilize new development financing at scale on both local and international capital markets,” he added.

Egypt’s Sovereign Sustainable Financing Framework aligns with the African Development Bank Group’s country strategy for Egypt as well as its High-5 operational priorities.

 

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