Sunday 19 November 2017
(Cnbc Africa 09/05/17)
The Asian Infrastructure Investment Bank (AIIB) has announced as much as $210 million in debt financing in order to "tap" the renewable energy potential of Egypt. In a statement on Tuesday, the Beijing headquartered AIIB said the project would comprise 11 solar power plants with an "aggregate" capacity of 490 megawatts and would help the country to meet its pledges under the Paris Climate Agreement. "Investing in clean, renewable energy is a big part of our strategy to promote a sustainable and low-carbon future for Asia," D.J. Pandian, the AIIB's vice president and chief investment officer, said. "We are supporting this project because it contributes to Egypt's renewable energy capacity, and it will help position the country as a regional...
(Reuters (Eng) 09/05/17)
Egypt’s tourism revenues jumped by 170 percent in the first seven months of 2017, reaching $3.5 billion, a government official told Reuters, in welcome news for an economy heavily reliant on the sector for foreign currency and jobs. The number of tourists visiting Egypt rose by 54 percent in the same seven-month period on an annual basis to reach 4.3 million, he said, attributing the increase to visitors from Germany and Ukraine. That number is still well below the 14.7 million who visited Egypt in 2010, ahead of the 2011 uprising that toppled long-time autocrat Hosni Mubarak and ushered in a prolonged period of political and social upheaval. Europeans made up 75 percent of visitors while Arabs made up 20...
(Xinhuanet 09/05/17)
The Asian Infrastructure Investment Bank (AIIB) announced Tuesday that it would provide up to 210 million U.S. dollars in debt financing to tap renewable energy in Egypt. The project will consist of 11 greenfield solar power plants with an aggregate capacity of 490 MW, according to an AIIB statement. "We are supporting this project because it contributes to Egypt's renewable energy capacity and will help position the country as a regional energy hub, which will have economic benefits for the entire region," said D.J. Pandian, AIIB vice president and chief investment officer. This solar power project will increase Egypt's power generation capacity, reduce the country's dependence on gas and fuel for electricity generation, and will help the country meet its...
(AfricaNews 09/05/17)
Egypt and Italy have decided to restore diplomatic ties after over a year since the murder of 28-year-old Italian graduate student Giulio Regeni in Egyptian capital Cairo. Italian and Egyptian ambassadors in both countries will resume work on September 14 after they were withdrawn in April 2016, Egyptian news agency MENA reports. Italian foreign minister Angelino Alfano announced on Monday the decision to reinstate Ambassador Giampaolo Cantini to Cairo. The Italian news agency ANSA quoted the minister as saying the reinstatement is intended to find the truth behind the killing of the student. The day the body of Giulio Regeni was found, bilateral relations suffered a big blow ... Egypt is an inextricable partner of Italy, and also Italy is...
(Reuters (Eng) 09/05/17)
Egypt signed on Tuesday a memo of understanding with China worth about $739 million for an electric train to a new capital the north African country is building, the Egyptian investment minister said. Egypt also signed during President Abdel Fattah al-Sisi’s visit to China an agreement for funding worth $45 million for a satellite project, Minister Sahar Nasr said.
(Xinhuanet 09/05/17)
Egypt said 54 Egyptian pilgrims died in Hajj pilgrimage due to various reasons mainly from stress, heart diseases in Saudi Arabia's Mecca, state-run news agency MENA reported on Tuesday. Head of Egypt's Medical Hajj Mission Ahmed el Ansary said that the age of the dead pilgrims varied between 60 to 85. Saudi Arabia started Wednesday the Hajj pilgrimage in 2017, with more than 2 million pilgrims, including 1.8 million foreigners, expected to participate. Hajj is the most important ritual among Muslims in the world, as almost all Muslims should perform it at least once in a lifetime. The Hajj-related worships will continue until next week. Saudi Arabia announced tight security during the Hajj season, as it banned over 400,000 illegal...
(Bloomberg 09/05/17)
A surge in agriculture has helped lift Africa’s biggest economies out of their slumps, but the recovery may be weak. Gross domestic product in Nigeria, the continent’s largest crude producer, advanced for the first time in six quarters in the three months ended June from a year earlier, growing 0.55 percent, the statistics agency said. In South Africa, GDP expanded 2.5 percent from the previous quarter, ending the second recession in almost a decade. Both economies had agriculture largely to thank: in South Africa, a bumper corn harvest following the worst drought in more than a century saw the sector surge 34 percent from the prior quarter, while in Nigeria, where farming vies with industries as the second-biggest contributor to...
(Andalou Agency 09/04/17)
Newspaper reportedly raised questions about convicted ex-interior minister’s ability to escape punishment. The Egyptian authorities have banned publication of the Sunday edition of a pro-government newspaper for questioning the security apparatus’s failure to arrest a former government minister convicted of corruption. According to a statement released by private daily Al-Bawaba, publication of the paper’s Sunday edition was banned because it featured a news report on the failure of Egypt’s security apparatus to arrest Habib al-Adly, a former interior minister who served under autocratic President Hosni Mubarak. Mubarak was forced to step down as president following an 18-day popular uprising in early 2011. After having played a central role in Mubarak’s repressive regime from 1997 to 2011, Al-Adly was slapped with...
(Bloomberg 09/04/17)
The worst may be over for Africa’s two largest economies as they likely emerged from a slump in the second quarter. Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century. South Africa and Nigeria together account for almost half of sub-Saharan Africa’s GDP and their recoveries may boost trade and production across the region. The reasons differ: while Nigeria, the continent’s biggest oil producer, is benefiting from a rebound in crude output, stronger retail sales may help drive growth in...
(AFP (eng) 09/01/17)
The cattle traders in the Ashmun market, north of the capital Cairo, jostled to lure customers into buying a buffalo or a sheep for Eid al-Adha, the annual Muslim holiday when custom requires a sacrifice. But this year, with inflation in Egypt hitting record highs, customers seemed more interested in gawking at the cattle than buying any ahead of Friday, the first day of Eid al-Adha. "Last year there was more business. This year, no one wants to buy cattle because of the increased prices," said one trader, Mohammed Masoud. The cost of everything has gone up in Egypt since the country floated the pound late last year
(AfricaNews 08/31/17)
Egypt and Kenya have been invited to the 2017 Brazil, Russia, India, China and South Africa (Brics) summit hosted by China. The two African countries are among five countries – including Tajikistan, Mexico and Thailand – invited as guests to the annual conference. The September 3 to 5 summit to be held in Xiamen city was described by the Chinese Foreign Minister Wang Yi in March as the BRICS Plus conference due to the invitation of non-members. He explained that the invitation is not an attempt to expand the group, but to broaden their discussions, local media report. We want to broaden the discussion to non-BRICS countries as well. I am confident that the dialogue this year will also be...
(The Washington Times 08/31/17)
Only by easing the crackdown on dissent can el-Sisi defeat extremism. News broke last week that Secretary of State Rex Tillerson will deny Egypt almost $95 million in aid, two-thirds of which will come from its military aid package. This is an encouraging move — no previous administration has cut military aid to Egypt. The State Department also announced that it will suspend an additional $195 million until “we see progress from Egypt on key priorities.” These priorities should include lifting restrictions on Egypt’s civil society, stopping attacks on human rights defenders, and ending prison abuse. An Egyptian human rights activist recently released from prison described for me what he saw there. “Many in the cells with me had been...
(AL Jazeera 08/31/17)
Rights experts say Egypt's blocking of some 130 websites looks 'more like repression than counter-terrorism'. UN human rights experts have raised "grave concern" over a widening "assault on freedom of expression" in Egypt, condemning the blocking of scores of news websites and the unlawful detention of journalists. Some 130 websites may have been banned by the Egyptian government on allegations of "supporting terrorism" and "spreading lies", David Kaye and Fionnuala Ni Aloain said in a statement on Wednesday. The blocking appears to be based on "overbroad counter-terrorism legislation" and a lack of any form of transparency, the UN's rapporteurs said, adding that most of the websites were banned without warning. "Limiting information as the Egyptian government has done, without any...
(Al-Monitor 08/31/17)
Hamas and Egypt are moving forward quickly on projects to aid the Gaza Strip. A delegation from the National Islamic Committee for Social Solidarity, along with officials from Egypt and the United Arab Emirates, will work with experts from both countries to oversee funding. A solidarity committee source told Al-Monitor on condition of anonymity, “The Emirati-Egyptian committee will fund projects in the Gaza Strip and oversee them [at a total] of $15 million a month, paid by the Khalifa Bin Zayed al-Nahyan Foundation [in the UAE] for humanitarian work." The source noted that several sectors will be targeted, such as health (buying medication and treatment abroad), housing (building residential apartments) and electricity. Hamas political bureau member Salah Bardawil told Al-Aqsa...
(Xinhuanet 08/31/17)
Cooperation between China and Africa has seen remarkable progress in renewable energy, showing the determination of developing countries to harness the huge potential of clean energy and combat climate change. China-Africa Renewable Energy Cooperation and Innovation Alliance, a coalition of financing institutions, smart grid providers and core manufacturers, on Thursday signed a Memorandum of Understanding (MOU) on cooperation with Africa Renewable Energy Initiative (AREI). "Africa has the highest potential for renewable energy, but the least access to it," said Seyni Nafo, chairman of AREI endorsed by the African Union Assembly. The MOU will enable the two parties to cooperate in renewable energy generation in Africa, with Chinese smart grid providers and core renewable energy manufacturers providing technological and financial support...
(The Associated Press 08/30/17)
The foreign ministers of Romania and Egypt on Tuesday met to discuss ways to manage the flow of migrants, fighting terrorism and resolving conflicts in Syria and Libya. Romanian Minister Teodor Melescanu said that “Romania opposes all forms of terrorism and fundamentalism” after talks with Egyptian Foreign Minister Sameh Shoukry in Bucharest. Shoukry said his country has made efforts “to ensure security and stability in the Mediterranean region.” It was the first visit by an Egyptian foreign minister to Romania in seven years. Egypt is an important strategic partner for the European Union in countering terrorism
(Haaretz 08/30/17)
Cairo airport officials say that the Israeli diplomatic staff, which left amidst security concerns, has returned. The Israeli Foreign Ministry has refused to comment Israel's ambassador to Egypt has returned to his post, eight months after he and his small staff returned home because of unspecified security threats, The Associated Press reported on Tuesday. The Israeli Foreign Ministry refused to comment. Citing Cairo airport officials, the news agency reported that the ambassador, David Govrin, flew back to Cairo on Tuesday with eight staff members. The airport officials spoke on condition of anonymity because they were not authorized to speak to the media, AP said. Since the embassy was stormed by demonstrators in 2011, the Israeli presence there was reduced until...
(APA 08/30/17)
Egypt is willing to further contribute to cooperation within the BRICS framework, Egyptian President Abdel Fatah al-Sisi told Chinese media before his trip to China for a BRICS summit. Our participation in the meetings with the BRICS countries is of great importance, especially as Egypt enjoys promising economic capabilities and provides an outstanding strategic location that can help it effectively support the BRICS community and its priorities," Sisi said as being quoted Xinhua news agency. Noting that the BRICS countries contribute about 22 percent of the gross world product and make up 40 percent of the world's population, Sisi said that the group enjoys great political weight on the world stage, which gives importance to the upcoming BRICS summit. The...
(APA 08/30/17)
The Egyptian Exchange (EGX) indices closed on Wednesday on a positive note with wide purchases by investment funds and foreign institutions. The market capitalisation gained about EGP 5.7 billion to close at EGP 705.012 billion during the session today. Meanwhile, medium stock index EGX 70 rose by 0.38% to reach 692.5 points، and EGX 100 rose by 0.40% to reach 1564 points. Gold prices declined on Wednesday as against the prices on Tuesday. The 21 carat is sold for EGP 647.9 per gram while 24 carat is sold for EGP 740.43 per gram and 18 carat sold for EGP 555.33.
(Reuters (Eng) 08/30/17)
Egypt is pushing to educate people in rural areas on birth control and family planning in a bid to slow a population growth rate that President Abdel Fattah al-Sisi said poses a threat to national development. The country is already the most populous in the Arab world with 93 million citizens and is set to grow to 128 million by 2030 if fertility rates of 4.0 births per thousand women continue, according to government figures. In 2016, Egypt saw the birth of 2.6 million babies, the country's statistics agency CAPMAS said last month. "The two biggest dangers that Egypt faces throughout its history are terrorism and population growth and this challenge decreases Egypt's chances of moving forward," Sisi told a...

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