Egypt’s oldest automotive manufacturing company has signed a deal with China’s Dongfeng Motor to produce electric cars for the first time in the country. In what could be a win-win situation for both countries, Egypt’s state-owned El Nasr Automotive Manufacturing Company and China’s Dongfeng Motor signed an agreement on June 18 to produce electric
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WTO needs urgent reform, says Saudi trade group
JEDDAH: The World Trade Organization (WTO) requires urgent reform in the wake of the COVID-19 pandemic, according to the Think20 (T20) engagement group. To develop a plan for enhancing the role of the WTO, the T20 took part in the G20 presidency meeting in Saudi Arabia for the Trade and
Africa Deal Roundup: 15 noteworthy deals and announcements in June
Deals Tana Africa Capital, a pan-African private equity firm, has announced the latest investment through its second fund, Tana Africa Capital II, into Mabaret Al Asafra, a hospital operator in Alexandria, Egypt. The investment was made directly into Alexandria for Healthcare Investments, which owns the majority stake in the Mabaret hospitals and laboratory.
African Development Bank joins World Trade Organisation (WTO) and other Multilateral Development Banks (MDB)s to support trade finance amid COVID-19 crisis
The African Development Bank Group (www.AfDB.org) has joined the World Trade Organisation and other multilateral development banks to reduce trade finance gaps that emerge as a result of the COVID-19 pandemic. In a joint press release issued 1 July 2020, the institutions said they would prioritize their support to areas in the
Funding: Corporates turn to commercial papers, shun loans, shares
Big blue-chip companies are showing preference for commercial papers as against the conventional bank loans and shares sale to meet their funding needs, findings have shown. Financial experts, who spoke on the drive for CP, said it provided cheap funds for the firms and removed the cumbersome process associated with
Nissan to launch 7 models in Africa to pursue growth
JOHANNESBURG (Reuters) – Nissan Motor Co aims to launch seven new models in Africa over the next two years, company executives said on Monday, as the Japanese automaker seeks to focus on high-growth markets to try to weather the impact of the COVID-19 crisis. The company announced a plan last
BHP completes first blockchain iron ore trade with China’s Baosteel
(Reuters) – BHP Group has completed its first blockchain trade in iron ore with China Baoshan Iron & Steel Co Ltd, in a transaction worth around $14 million. BHP and technology firm MineHub said in separate statements on Monday that blockchain – a digital ledger that forms the backbone of
