Arab Bank launches its fintech-focused accelerator program in Egypt

EGYPT – Arab Bank, a financial institution, has launched its fintech-focused corporate accelerator program AB Accelerator in Egypt, following its successful launch in Jordan in 2018. The launch of this programme in Egypt comes as part of the bank’s strategic efforts to foster and support innovation in the fintech sector towards offering responsive and agile banking solutions in line with the evolving needs and expectations of clients across different segments. The AB Accelerator programme aims to accelerate the adoption of emerging technologies and solutions within the Arab Bank and support…

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Solar plant Kom Ombo secures US$114m to finance its construction

EGYPT – Kom Ombo, the largest private-sector solar plant in Egypt, has secured US$114 million package, through ACWA Power, from a group of banks to finance its construction. The deal was signed by the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development, the African Development Bank (AfDB), the Green Climate Fund (GCF), and the Arab Bank. The package includes loans of up to US$36 million from the EBRD, US$18 million from the OPEC Fund, US$17.8 million from the AfDB, US$23.8 million from the GCF and…

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