The European Bank for Reconstruction and Development (EBRD) will provide Elsewedy Electric’s subsidiary United Metals Company (UMC) with a $50 million loan to finance its working capital, the bank stated. The loan will finance the working capital of UMC, enabling it to import the copper cathodes needed for the production of cables. Established in 1998, UMC is one of the key manufacturers of high-quality copper rods in Egypt and North Africa. Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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Morocco, under the leadership of King Mohammed VI, has added housing assistance to a list of ambitious projects that aim to strengthen the foundations of the social state in Morocco. The new housing assistance aims to help the poor and the middle classes access decent housing. Helping middle class households own their own properties is part of a push to build strong foundations for a social state and improving living standards. Morocco has already launched an ambitious project to generalize social safety nets starting with universal health insurance, followed by making pensions available for non-wage earners. The new development model has set the goal of doubling GDP per capita by 2035 and urged measures to back the middle class by improving public services.

Photo credit should read /AFP via Getty Images AFP via Getty ImagesPest control expert Rentokil Initial’s share price collapsed on Thursday as it warned of toughening trading conditions in North America. At 512p per share, the FTSE 100 share was last dealing 13.8% lower. Organic revenues rose just 2.2% in Rentokil’s critical North American marketplace. Strength In Other RegionsElsewhere, Rentokil said it had witnessed a “sustained strong performance” in its other geographies in the last quarter. Organic sales in its European market (which includes Latin America) rose 9.5% year on year.

The U.S. International Development Finance Corporation (DFC) has decided to finance the construction of Ifria refrigeration facilities in two African countries, namely Morocco and Senegal. The move, announced last week, come after DFC provided technical assistance grants to the cold chain development company Ifria in 2021. The Corporation announced the signing of commitment letters worth $20 million with Ifria Cold Chain Development Company, a cold chain development company for the North and West African markets. The remaining $10.5 million is granted to Ifria Cold Chain Development Company Senegal for the development of a cold chain warehouse required for large-scale storage of food and pharmaceutical products in Senegal. For Ifria, this funding will support the development of its food and pharmaceutical supply chain logistics infrastructure in Morocco and Senegal.

The Egyptian government is planning to issue licenses on the operation of the fifth generation (5G) mobile communication networks in December, sources familiar with the matter told Asharq Business. Two sources noted that the license could cost at least $500 million. The licenses’ issuance date could be extended from December to early 2024 in case the companies wishing to acquire the licenses asked for so to secure the needed financing, one source said. Moreover, a source said that the National Telecommunications Regulatory Authority (NTRA) could approve the request submitted by telecom operators on increasing the prices of their services soon to encourage them to obtain the 5G licenses.

Maudene van Rooyen, specialist – natural resources, power and sustainable solutions at Standard Bank, spoke to ESI Africa at Enlit Africa about funding projects in the energy market. They fund various types of energy technology companies present the energy market and work on ways to help clients understand the different types of available technologies. PowerPulse and LookSee are just two of the Standard Bank platforms used for information dissemination on clean energy technologies and address South Africa’s energy crisis.

The Climate Finance Accelerator (CFA) South Africa has launched a call for proposals to identify projects fighting climate change that need capacity building support to help them attract investment. Funded by the UK government, the CFA is looking for projects that are in at last the pre-feasibility stage and require a minimum of $4 million. A key focus of this third phase of CFA funding is to embed the programme within the South African climate finance landscape in the long term. The scale of capital reallocation presents opportunities for firms, governments and countries, especially ones who are necessary to the critical minerals value chain. Climate Finance Accelerator South Africa: Call for Proposals

Expanding at a CAGR of 3.4% in 2022-2032, the global knotless tissue control devices market is projected to secure a market value worth US$ 672.6 Million by 2032. Knotless tissue control devices reduces the difficulty in suturing especially in minimally invasive gynecological procedures by eliminating the knots. Knotless Tissue Control Devices Market: OverviewKnotless tissue control devices reduces the need for other products and endoscopic suturing devices. Knotless Tissue Control Devices Market: Regional OverviewRegion wise, the global knotless tissue control devices market is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, and Middle East and Africa. Knotless Tissue Control Devices Market: Key PlayersThe key players in the global knotless tissue control devices market are Medtronic, Johnson & Johnson Services, Inc., Ethicon US, LLC.

Egypt has successfully issued a three-year Sustainability Panda Bond worth RMB 3.5 billion ($478.7 million) and is the first country on the continent to do so. The African Development Bank (AfDB) and the Asian Infrastructure Development Bank provided partial credit guarantees to support the issuance. Panda Bonds are issued in China’s domestic capital market by foreign issuers, typically governments or corporations, and are denominated in Chinese yuan. Egypt will use the bond proceeds for inclusive growth and green objectives under its Sovereign Sustainable Financing Framework. Egypt has previous experience tapping sustainable bond markets.

ChatGPT creator OpenAI has forged a partnership with Abu Dhabi-based tech conglomerate G42 in a move to accelerate AI adoption across the United Arab Emirates (UAE) and additional regional markets. G42, which was founded by the emirate of Abu Dhabi, will focus on using OpenAI’s generative AI models across areas where it already has some level of expertise, including financial services, energy, healthcare, and public services. In order to boost the adoption of AI, G42 stated it would leverage Microsoft’s Azure data centres as part of its local and regional infrastructure. OpenAI CEO and co-founder Sam Altman (pictured, right) stated the collaboration with G42 will create a “foundation for equitable advancements in generative AI across the globe”. Financial terms and the length of the partnership weren’t disclosed.

Gabon under the rule of Brice Oligui Nguema has reaffirmed his country’s position in support of Morocco’s autonomy plan for the Sahara territory. Speaking at the UN’s 4th committee, Gabonese representative, Lia Bouanga Ayoune reaffirmed her country’s longstanding support for Morocco’s territorial integrity and sovereignty over the Sahara. The Gabonese diplomat lauded Morocco’s development efforts in the Sahara territory, citing the importance of measures under the new development model. Gabon is one of 28 countries that opened consulates in the Sahara, bringing tangible support for Morocco’s territorial integrity. Bice Oligui Nguema seized power in Gabon, annulled the presidential elections and sent President Bongo to retirement, in the latest episode of military coups in Francophone Africa.

In North America, Rentokil said it achieved 2.2% organic revenue growth, while the Europe region, which includes Latin America but not the UK, saw 9.5% growth. In the UK & Sub Saharan Africa division, organic revenue growth totalled 5.2%. Finally, in the Pacific division, organic revenue growth amounted to 7.6%. North America was the organic growth laggard for Rentokil, and the company said the outlook there is tricky. It now predicts a North America adjusted operating margin range of 18.5% to 19.0%, lowered from its 19.5% expectation.

African tech startups, once they’ve reached a certain stage, should not underestimate the importance of an effective public relations (PR) function, be it to help sustain the good times or help aid recovery in the bad times. And different companies need PR at different stages. Every organisation needs to ask itself, before even getting to the question of whether they need PR now, what do you need PR for? Should a startup’s PR function be in-house, or come from an agency? And PR is the same.”Most African startups see the funding announcement as the key moment when they will need PR support, but there are other stories to be told too.

from MOHAMED EL KADIRI in Marrakech, MoroccoMorocco BureauMARRAKESH, (CAJ News) – MOROCCO and Tunisia are the best countries in Africa for remote work, according to new research. The Global Remote Work Index (GRWI), released by cyber security company, NordLayer, based on the criteria of cyber safety, economic safety, digital and physical infrastructure as well as social safety. The North African country was helped by its tourism attractiveness (16th) and cyber safety (19th), which includes an excellent response capacity (5th). “In the age of remote work, cyber security is not just an option,” said Donatas Tamelis, Managing Director at NordLayer. The outbreak of COVID-19 accelerated the need for remote work.