Monday 23 October 2017
(Xinhuanet 10/19/17)
Ministers of Water and Irrigation of Ethiopia, Sudan and Egypt on Wednesday discussed on ways to continue the two commissioned studies on the Grand Ethiopian Renaissance Dam (GERD), which are not progressing at the required level. Egyptian Irrigation Minister, Mohamed Abdel-Aty, Sudanese Minister of Water Resources, Irrigation and Electricity Affairs, Muataz Musa, and Ethiopian Minister of Water, Irrigation and Electricity, Sileshi Bekele, have on Tuesday visited the dam's construction site in Ethiopia's Benishangul-Gumuz regional state on the Blue Nile River, located some 40km east of Ethiopia's neighboring country Sudan. Since the commencement of the construction of the dam, the three countries agreed to conduct an assessment by an International Panel of Experts (IPoE) so as...
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008 and offers accommodation ranging from single bedrooms to whole homes in 65,000 cities in 191 countries. The company announced Tuesday that it would invest $1 million (850,000 euros) in Africa by 2020 to "promote and support community-led tourism projects". "For...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...
(Reuters (Eng) 10/11/17)
CAIRO (Reuters) - Uber is committed to Egypt despite challenges presented by sweeping economic reforms and record inflation, the company said on Tuesday as it announced $20 million of investment in its new support center in Cairo. The Egyptian pound has lost half its value and fuel prices have jumped by up to 50 percent since the North African country floated the currency in November as part of reforms demanded by the International Monetary Fund in exchange for a $12...
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(APA 10/05/17)
APA- Cairo (Egypt) - Egypt will sign a $500 million loan agreement with the African Development Bank (AfDB) before the end of 2017, which is a part of a $1.5 billion agreement reached in 2015 to support economic development, the Minister of Investment Sahar Nasr said on Wednesday. During a meeting with AfDB officials, Nasr discussed the bank’s proposal to fund the Abu Rawwash water treatment plant in Giza with $150 million. For his part, Vice President of the bank,...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(Reuters (Eng) 10/02/17)
CAIRO (Reuters) - Egypt aims to raise its revenues from taxes imposed on tobacco by 7 billion Egyptian pounds ($397.50 million) in the 2017-18 fiscal year that began in July, a government document said. The country is targeting around 54.545 billion Egyptian pounds ($3.10 billion) in revenues from tobacco taxes, according to a document released by the finance ministry on Monday. Egypt has been increasing taxes and cutting subsidies to narrow its budget deficit as part of economic reforms tied...
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Egyptian Streets 09/28/17)
The Minister of Investment and International Cooperation (MIIC) Sahar Nasr signed eight economic cooperation agreements worth $US 121.6 million with Direct of the US Agency for International Development (USAID) Sherry Carlin. The cooperation agreements are in the fields of investment, education, health, agriculture and water. Nasr said that the newly signed agreements included a grant agreement worth $US 6 million dedicated to improving health “in favor of the Ministry of Health, given that the total contribution of the US side...
(Egyptian Streets 09/28/17)
Amid surging inflation and many Egyptians finding it difficult to make ends meet, the International Monetary Fund (IMF) said in a new report on Tuesday that Egypt “is off to a good start” in implementing its new economic reform program. Despite having fallen short on cutting fuel subsidies and balancing its fiscal budget, the country is making progress at curbing public spending, boosting confidence among investors, and addressing the increased inflation rate generated by the new economic measures. The promising...
(The Associated Press 09/28/17)
International trade unions are urging Egypt to release at least seven labor leaders they say have been unjustly imprisoned recently on terrorism-related charges. The Brussels-based International Trade Union Confederation, and Public Services International, which represent over 200 million workers worldwide, said Wednesday they sent a letter to President Abdel-Fattah el-Sissi last week. They say that the blocking of legitimate sit-ins and strike action, as well as the arrest of trade unionists on security and anti-terrorism grounds, are a violation of...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(The Associated Press 09/26/17)
The International Monetary Fund on Tuesday welcomed Egypt's economic reforms, saying the Arab world's most populous nation has made a good start at reining in public spending, boosting investor confidence, and addressing the surging inflation generated by the new policies. In its first review since Egypt secured a $12 billion, three-year bailout loan in November, the IMF said Egypt's performance has been on track, allowing it to release a new $1.25 billion disbursement. That brings the total payout so far...
(Middle East Monitor 09/26/17)
The UK Trade Envoy to Egypt, Sir Jeffrey Donaldson, arrived in Cairo on Saturday with a delegation of UK companies seeking to explore various business opportunities in Egypt, the UK’s Foreign and Commonwealth Office (FCO) announced yesterday. The delegation consists of 14 multi-sector British companies, including infrastructure, defence, healthcare and agriculture. The companies include London International Patient Services, Rolls Royce and Bombardier, with 70 per cent of those involved being new investors in Egypt. The delegation is due to meet...
(Middle East Monitor 09/26/17)
Moroccan yesterday hosted a two-day workshop to discuss the establishment of a joint electricity network for North African countries including representatives from the Maghreb region and Egypt. Economic Affairs Officer at the Arab Maghreb Union (AMU) Reda El Merini said: “The meeting aims to determine the current status of the electricity grid in North Africa, to get a clear vision ahead of implementing any regional networks to transfer power.” The size of trade in the field of electric power is...
(APA 09/26/17)
Egypt will pay $5.2 billion to the African Export–Import Bank (Afreximbank) before the end of December, the Governor of the Central Bank of Egypt (CBE) Tarek Amer said on Monday. Amer added that repaying the bank’s dues will highly contribute to decreasing foreign liabilities. The Afreximbank is cooperating with the CBE, National Bank of Egypt and Banque Misr to provide $500 million in facilities to small and medium enterprises (SMEs) and their supply chains. The total portfolio of Afreximbank for...
(Reuters (Eng) 09/26/17)
Israel’s Elbit Systems Ltd said on Tuesday it won a contract worth $240 million to provide a wide array of defense electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder fired missiles, based on passive infrared systems, and includes missile warning systems, radio and communication systems, land systems, mini-unmanned air systems and helicopters upgrade.
(AfricaNews 09/25/17)
A United Nations project in Egypt aims to enhance best agricultural practices among local farmers. The Food and Agricultural Organization project educates farmers on the best harvesting practices as well as promotes modern techniques. The programme mainly targets women and youth in five governorates. “The most important thing is the marketing. They have to guarantee to me as a farmer that my right is preserved. I do not want the big trader and exporter to take what is my right,”...
(Euronews 09/25/17)
Egypt’s economy has started to improve but has yet to recover from the country’s 2011 uprising and the years of unrest that followed – according to the Ratings Agency… Egypt’s economy has started to improve but has yet to recover from the country’s 2011 uprising and the years of unrest that followed – according to the Ratings Agency Moody’s. One of the top reforms on the agenda concerns small and medium enterprises (SMEs). A new law is expected to come...

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