Egypt's MNT-Halan sells $50mln in local corporate bonds
Egyptian microfinance lending and payments company MNT-Halan sold 2.5 billion Egyptian pounds ($49.4 million) in corporate bonds to finance further growth of its Egyptian loan book, it said in a statement on Monday.
The bonds were sold to institutional lenders, the company added.
MNT-Halan, Egypt's first unicorn, or privately held venture capital company worth more than $1 billion, expanded outside Egypt last year with the purchase of Turkish micro-leasing company Tam Finans.
The company says it has disbursed more than $11 billion in loans both inside and outside of Egypt.
($1 = 50.6300 Egyptian pounds)
(Reporting by Patrick Werr Editing by Tomasz Janowski)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fintech News ME
a day ago
- Fintech News ME
MENA Startups Raise $289M in May as Egypt Leads Recovery
The startup ecosystem in MENA experienced renewed momentum in May 2025, securing a total of US$289 million across 44 deals. This reflects a 25% increase compared to April and a modest 2% rise year-on-year. Debt financing accounted for only 9% of the total investment, with the bulk of capital directed towards equity deals. Egypt regained its position as the region's leading recipient of funding, largely thanks to Nawy 's notable US$75 million round. According to Wamda, seven other Egyptian startups collectively raised US$50 million, marking activity levels not seen since July of the previous year. The UAE followed with US$86.7 million raised across 14 deals, while Saudi Arabia trailed closely behind with US$69 million from 15 deals. Meanwhile, Kuwait made a rare appearance on the investment radar, with two startups securing a combined US$6 million, positioning the often-overlooked GCC nation in fourth place. AI remained a hot topic in the Gulf, especially following a high-profile visit by US President Trump and prominent Silicon Valley AI executives. The diplomatic event prompted both Saudi Arabia and the UAE to announce major plans to enhance their local AI ecosystems. However, despite the political attention and media excitement, investment in AI startups fell short of expectations. The sector drew only US$25 million across two deals, underscoring the disconnect between the narrative and actual funding activity. Fintech continued to lead in sectoral funding, attracting US$86.5 million through 14 rounds. Proptech followed closely, buoyed by Nawy's large raise, while mediatech companies brought in a total of US$32 million from two deals. Construction technology also made a notable contribution, with WakeCap raising US$28 million. There was a marked absence of late-stage funding activity in May. Just one pre-Series C round was recorded, amounting to US$12 million. Early-stage investments dominated, accounting for US$161 million of the total capital raised. Investor preference continued to lean towards business-to-business (B2B) models. B2B startups attracted US$157 million across 29 deals, while hybrid B2B/B2C companies brought in US$79 million. In contrast, business-to-consumer (B2C) startups received significantly less attention, with nine companies raising a combined US$53 million. The gender gap in startup funding remained pronounced. Startups founded exclusively by men secured 82% of the total capital. Female-founded ventures garnered just 7%, while teams comprising both male and female founders attracted nearly 11%.
Zawya
2 days ago
- Zawya
Egypt's net foreign assets retreat in April after March jump
Egypt's net foreign assets (NFAs) fell by $1.5 billion in April, central bank data showed on Wednesday, retreating from March, when the approval of the fourth review of the country's IMF programme sparked a jump. NFAs slid to the equivalent of $13.54 billion, from $15.08 billion at the end of March, according to Reuters calculations based on official central bank currency exchange rates. In March, NFAs jumped by $4.9 billion after the International Monetary Fund approved the disbursement to Egypt of $1.2 billion after completing its review of the country's $8 billion economic reform programme. The IMF also approved a request for a $1.3 billion arrangement under the IMF's resilience and sustainability facility. The approvals led to an inflow of foreign investment in Egyptian pound treasury bills, bankers said. Egypt had been using foreign assets, which include assets held by both the central bank and commercial banks, to help prop up its currency since as long ago as September 2021. Net foreign assets turned negative in February 2022 and only returned to positive territory in May last year. Foreign assets increased in April at both the central bank and commercial banks, while foreign liabilities fell at both as well. (Reporting by Patrick Werr; Editing by Alex Richardson)
Middle East Eye
2 days ago
- Middle East Eye
Turkey delivers T129 Atak helicopters to Somalia
Turkey has ramped up its defence support to Somalia in its fight against al-Shabab militant group this week, following a phone call between Turkish President Recep Tayyip Erdogan and his Somali counterpart on Saturday. Sources familiar with the issue told Middle East Eye that Ankara delivered three T129 Atak attack helicopters to the Somali government this week. Ankara also simultaneously handed over two utility helicopters to the Somali navy, as part of a defence agreement signed between the two governments in February 2024, which mandated Ankara to establish a naval force for Mogadishu. Turkey has been training several Somali pilots to operate Atak helicopters for the past year. The shipment of the helicopters was delivered after the pilots completed their final stage of training. Open-source data shows that around six Turkish A400M and Qatari C-17A transport aircraft have arrived in Mogadishu over the past week, potentially transporting the helicopters. MEE has reached out to Turkey's defence ministry for a comment. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters 'The delivery of the Atak helicopters to Somalia is an indication that Ankara is not only aiming to transfer weapons but also to build up an integrated war capacity for Somalia,' said one of the sources familiar with the shipment. During the phone call on Saturday, Erdogan told Somali President Hassan Sheikh Mohamud that Turkey supports Somalia's vision of development through democracy. Erdogan also affirmed that Turkey's support to Somalia in counter-terrorism efforts would continue and be further expanded, according to a statement released by the Turkish presidency. The timing of Turkey's military aid suggests it aims to stabilise Somalia ahead of elections planned for 2026, which would be held through direct voting instead of tribal electoral system. Somalia has faced a resurgence of al-Shabab attacks in recent months. The group, which aims to topple the government, has intensified its militant campaign in the country. Al-Shabab has made significant gains in central Somalia, notably capturing villages south of the capital Mogadishu last month. However, the group made similar advances in previous years, later abandoning its positions due to military pressure from Somali forces. Unprecedented military support Middle East Eye reported in April that Ankara has boosted its military presence in Mogadishu, doubling its troop numbers in the country to over 500. These forces are tasked with protecting and maintaining the Turkish military base, Turksom, as well as operating armed drones and securing Mogadishu's ports. How Somalia-Turkey defence deal torpedoed a rival UAE agreement Read More » Although Turkish TB2 Bayraktar drones were already in operation, Ankara has recently transported two Akinci drones to Somalia. These drones, capable of flying at high altitudes for extended periods, are considered more effective against al-Shabab due to their advanced night vision and 24-hour operational capabilities. Turkey's unprecedented increase in military support - at a time when the US is scaling back its assistance to Somalia - signals Ankara's intent to prevent a power vacuum in the country. While the US has doubled its air strikes targeting Islamic State affiliates in Somalia this year, it also cut funding in March to the country's elite Danab unit, a force that has played a crucial role in the fight against al-Shabab. Turkey has maintained a significant presence in Mogadishu since Erdogan's first visit to Somalia in 2011, which was conducted as part of a humanitarian mission. Since then, the relationship has deepened into a comprehensive commercial and security partnership. Last year, Ankara also signed an energy exploration and drilling agreement with Somalia, which has led to Turkey sending technical exploration ships to the Somali coast. The exploration data has not yet been publicly revealed. However, during televised remarks on Monday, Erdogan said that 'good news' on energy would be forthcoming in due time. This has led to speculation in Ankara that the announcement may be related to Somalia's energy resources.
