Browsing: Egypt

Egypt is among the top ten emerging economies worldwide, Egypt’s Minister of Planning and Economic Development Hala Al-Saeed said on the sidelines of the UK-Africa Investment Summit 2020 in London.

Saeed claimed that now is the best time to invest in Egypt, adding that the economic reforms undertaken by the Egyptian government are what helped the country to make the list of the world’s top-ten emerging economies.

She explained that Egypt has a very large market, with 60 per cent being the youth and the whole world is looking at investment in human capital.

Saeed added that Egypt has embarked on a wide range of reforms to invest in infrastructure, such as the development of the road network and the energy and electricity sectors, as well as the development of Suez Canal Economic Zone (SCZone).

Also Read: Italy funds agri-business development in Egypt and Iran

“The Suez Canal economic zone …

Israel began exporting natural gas to Egypt on Wednesday being one of the most important deals the countries have been signed since they made peace decades ago.

Dolphinus Holdings, a private firm in Egypt will purchase 85 billion cubic meters (bcm) of gas, worth an estimated $19.5 billion, from Israel’s Leviathan and Tamar offshore fields over 15 years.

Yossi Abu, CEO of Israel’s Delek Drilling, one of the partners in Leviathan and Tamar, said the landmark arrangement “marks a new era in the Middle East energy sector.”

two Egyptian industry sources said that Israel will initially export 200 million cubic feet of gas per day to Egypt,
According to Delek, by the second half of 2022 gas from Leviathon will be supplied to Dolphinus at a rate of 2.1 billion cubic meters per year, increasing to 4.7 billion cubic meters per year.

Also Read:Ethiopia, Egypt, and Sudan set for

The United Kingdom and Egypt announced the establishment of an economic partnership to implement Egypt’s Vision 2030 initiative.

Egypt and the United Kingdom are seeking to improve education and health care as well as promote trade and investment.

According to the partnership, the UK announced it would provide Egypt with £13 million to help accomplish comprehensive economic growth, empower youth, social development, support the neediest groups and develop the business environment.

Also within the framework of this partnership, to support financial inclusion, the Uk will grant Egypt £3 million and about £8 million to increase employment opportunities for young people through developing capacity building programs and supporting the development of the higher education system.

Also Read: UK-Africa Investment Summit 2020

The statement also said that the two countries will work together to prepare technical studies and feasibility studies to implement a number of sustainable infrastructure projects to increase private sector …

Orange Egypt signed an agreement with the Administrative Capital for Urban Development (ACUD) to build and operate the new administrative capital’s data centre and cloud computing platform.

The data centre is an infrastructure milestone that seeks to establish the concept of the ‘smart capital’ and is considered to be one of the key technological hubs in Egypt and in Africa.

Orange Egypt was awarded the contract to build and operate the data centre according to the latest international standards based on ACUD’s multinational expertise in providing innovative technologies and solutions in collaboration with key international players in the ICT sector.

Also Read: ENGIE to run Orange Group’s mega West Africa data center

Orange Egypt will provide the main infrastructure to establish and operate the data centre, according to the agreement. This will allow the Administrative Capital to exploit smart technologies to provide various services including providing IoT solutions, cloud computing, …

The giant hydropower dam on the Blue Nile (Grand Ethiopian Renaissance Dam-GERD) agreement is set to be finalized later this month in Washington-USA by ministers from Egypt, Ethiopia, and Sudan, who came to an agreement on Wednesday, Reuters reveals.

The hydropower project caused a rather serious diplomatic crisis between Cairo (of which relies on the river for its freshwater supply) and Addis Ababa.

According to Reuters, the ministers agreed to fill the $4 billion project in stages during the wet season, taking into account the impact on downstream reservoirs, the U.S. Treasury Department, which hosted the meeting, said in a joint statement with the countries and the World Bank.

Further, the statement highlighted that the initial filling of the dam set to commence in July will aim for a level of 595 meters above sea level and early electricity generation while providing appropriate mitigation measures for Egypt and Sudan during …

The world top-notch technology firm Microsoft and African Development Bank (AfDB) have launched the digital training platform for African youth, named –Coding for Employment.

The platform is expected to provide digital skills to youth.

According to the a statement from the AfDB, the platform was launched during the 2019 African Economic Conference in Sharm El Sheikh- Egypt, with the sole aim of promoting a continuous learning culture among young people and build their capacity to share the future of the continent.

Africa has nearly 420 million youth, which almost one-third of them are unemployed and 10 to 12 million youth enter the workforce every year to find only 3.1 million jobs created, hence—AfDB data show that, by 2050 youth in Africa will double to 830 million.

The African Development Bank Group is Africa’s premier development finance institution, with a rather strong foothold in supporting African nation’s development initiatives. It …

Egypt is Germany’s third-largest trade partner in the Middle East, with a trade exchange worth $3.6 billion.

According to a report by the Ministry of Trade and Industry, trade between the two countries increased by $43 million during the first nine months of 2019 to $3.622 billion, compared to about $3.579 billion recorded during the same period in 2018.

In 2017, the trade exchange between Egypt and Germany reached its highest level at 5.8 billion euros.

Germany’s total investment in Egypt currently stands at about $7.4 billion across various fields, including construction, industry, tourism, the service sector, agriculture, and information and technology.

In German investment guarantees, Egypt also ranks among the top ten recipients with 18 guarantees worth 1.4 billion euros.

During Mostafa Madbouly, Egyp’st Prime Minister visit to Germany last June, he signed a memorandum of understanding with Bosch to build a factory in an area of 120,000 square …

Egypt’s foreign trade in the fiscal year (FY) 2018/19 reached $95.024billion from $88.93billion in year 2017/18, an increase of $6.094 billion according to the Central Bank of Egypt (CBE).

According to a report by the Central Bank of Egypt, the country’s imports reached about $66.53 billion against $35.560billion, while its exports reached $28.495billion against $16.347billion, in the same period.

According to the CBE report, 14 countries accounted for 62.3% of Egypt’s foreign trade, with the value of trade exchange between Egypt and those countries amounting to $59.245billion.

The bank pointed out that Egyptian exports to these countries reached $17.091billion which is equivalent to 60% of total exports. Its imports from these 14 countries reached $42.153billion, which is about 63.4% of total imports between July 2018 and June 2019.

China was Egypt’s largest trade partner with a $6.505billion trade exchange, including $6.012billion worth imports and $493.2m worth exports. The United States…

Ethiopia will soon start importing cheaper refined oil from South Sudan to cover the more expensive product from the Middle East.

Ethiopia’s State Minister for Mines and Petroleum, Koang Tutlam announced on Wednesday that the move will save Addis Ababa 15 per cent to 20 per cent on the $3.4 billion it spends importing an estimate of four million tonnes of refined products.

While speaking to the media attending South Sudan Oil and Gas Conference in Juba, Mr Tutlam said, “We import almost all of our oil and other refined products from the Middle East, but owing to the proximity of about 200km between the oilfields of Pagak and Adar and the Ethiopian border, we stand to save so much.”

Mr Tutlam further added that Ethiopia exports hydroelectric power to South Sudan and will soon export about 400MW to Kenya.

The oil and gas conference was organised by South Sudan’s …

Ethiopia rejected a proposal by Egypt to operate on the $4 billion hydropower dam Ethiopia is building on the Nile.

This rejection is further deepening the disputes between the two nations over the project being conducted by Ethiopia.

In a press conference in Addis Ababa Ethiopia’s capital, Sileshi Beleke, minister for water, irrigation and energy described Egypt’s plan, which includes the volume of water it wants the dam to release annually as “inappropriate”

He further said that the proposal from Egypt was unilaterally decided and did not consider their previous agreements.

“We can’t agree with this…we will prepare our counter-proposal.”

In 2011, the Grand Ethiopian Renaissance Dam (GERD) was announced, it is designed to be the centrepiece of Ethiopia’s bid to become Africa’s biggest power exporter, generating more than 6,000 megawatts.

The dam has been the center of disagreements between Ethiopia and Egypt as the two countries disagree over the …