Search Results for: egypt

EGYPT GOVT. PARTNER WITH JBIC TO HELP RENEWABLE ENERGY

Posted on by Gambeta News

The Minister of International Cooperation (MOIC) and The Japan Bank for International Cooperation (JBIC)’s Global President and Head of the Environment and Infrastructure Finance Group met to discuss mechanisms for the strategic partnership for economic and financial cooperation and discuss efforts to empower the private sector. Both parties signed a non-binding agreement to explore cooperation in renewable energy and green fuels including ammonia and hydrogen. The agreement also includes other areas of cooperation such as…

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EGYPT SIGN MoU WITH GLOBAL FIRM TO ENHANCE CLIMATE INVESTMENT

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The General Authority for Investment and Free Zones (GAFI) signed Saturday an MoU with Talal Abu-Ghazaleh Global for Professional Services (TAG Global) to cooperate on developing the mechanism of founding regional bureaus in Egypt, investment promotion, enhancement of the investment climate, including the drafting of legal amendments, and digital transformation.   GAFI Chairman Hossam Heiba noted in the signing ceremony that the protection of the intellectual property is essential for investments the government wanted to…

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EGYPT GOVT. ANNOUNCED WIND FARM PROJECT WORTH US$680M

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The Egyptian Cabinet announced that the Red Sea Wind Energy Consortium signed a financial closing agreement worth $680 million for a project to establish a wind farm in the Gulf of Suez with a capacity of 500 megawatts. The cabinet added in a statement that the agreement was signed by representatives of the Red Sea Wind Energy Company and financing entities, the Japan Cooperation Bank, and the European Bank for Reconstruction and Development (EBRD). The…

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PRESIDENT SISI INAUGURATE WASTEWATER TREATMENT PLANT IN EGYPT

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President Abdul Fattah El-Sisi has inaugurated the first phase of the wastewater treatment plant in New Minya. The new sewage treatment plant in New Minya City operates with a capacity of 20,000 cubic meters/day (the first phase). The sewage will be treated with dual and tertiary treatment, to be used in irrigating the city’s tree forests and green area. The project includes the following: The wastewater treatment station consists of inlet and filters, primary sedimentation…

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EGYPT PRESIDENT BRIEF ON CURRENT PROJECT DEVELOPMENT BY OFFICIALS

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President Abdel Fattah Al-Sisi held on Tuesday two meetings to follow up on current and future projects to develop Egypt’s sea, dry and land ports. The first meeting was attended by Prime Minister Mostafa Madbouly, Minister of Finance Mohamed Maait, Minister of Transportation Kamel Al-Wazir, Minister of Trade and Industry Engineer Ahmed Samir, and President of the Armed Forces Engineering Authority Ahmed Al-Azazi. President Al-Sisi was briefed on the development of the Salloum land port,…

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HOW EU €550M GRANT HAS HELP EGYPT WATER DIFFICULT FOR 15YEARS

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Head of the European Union Delegation to Egypt, Ambassador Christian Berger, has said that the EU co-funded existing programs that cover 16 governorates in Egypt, providing jobs, mainly in rural areas. This shall help improve the quality of life for nearly 20 million people in Egypt. Berger’s remarks came on the sidelines of the celebration of World Water Day 2023. The European Union and the Ministry of Water Resources and Irrigation marked World Water Day…

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EGYPT GOVT. DISCUSS ENVIRONMENTAL INVESTMENT PROJECTS WITH MSMEDA

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Egypt’s Minister of Environment Yasmine Fouad has met with the CEO of the Small, Medium, and Micro Enterprises Development Agency (MSMEDA) Basil Rahmi to discuss issues related to financing environmental investment projects. The Ministry of Environment has established a unit for environmental and climate investment that undertakes the task of facilitating the procedures for obtaining environmental approvals, instead of waiting for the investor for nearly 60 days to obtain environmental approval, as approvals now take…

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FIRST PHASE OF EGYPT’s ARISH PORT DEVELOPMENT TO BE READY THIS YEAR

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Egyptian President Abdel Fattah al-Sisi spoke about the development of the port of Arish, the first phase of which is expected to be inaugurated in 2023. After its development, the Egyptian army was able to send aid ships to Syria and Turkey. “We can say today that there will be a large size of land capable of entering production by the end of this year in Sinai,” commenting: “Our plan is not a modest plan,” Sisi…

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PRESIDENT SISI INAUGURATE EGYPT PETROLEUM SHOW

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President Abdel Fattah Al-Sisi inaugurated the sixth session of the Egypt Petroleum Show (EGYPS). The opening ceremony was attended by Prime Minister Mostafa Madbouly, Minister of Petroleum and Mineral Resources Tarek El-Molla, and several ministers and senior officials. Major CEOs of the energy, oil, and gas sector participated in EGYPS, in addition to a group of energy ministers, government representatives, high-ranking officials of the European Union, secretaries of major international energy organizations, business leaders, and…

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HOW EGYPT SUCCED TO IMPLEMENT STRATEGIC PLAN ON TRANSPORT SECTOR

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Minister of Transport Kamel El Wazir asserted that Egypt’s success in implementing strategic projects and its great achievements in the various transport sectors over the past phase amounted to EGP 2 trillions from June, 2014, till June 2024, in addition to establishing the new Suez Canal to allow ships’ transit in both ways and decrease the passage time to 11 hours only. Addressing the 2nd Dakar Financing Summit for Africa’s Infrastructure Development (DFS-2) on Thursday…

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EGYPT AND SUDAN DISCUSS BILATERAL WATER COOPERATION

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Egypt’s Minister of Water Resources and Irrigation Hani Sweilam arrived in Sudan on Saturday on an official two-day visit to discuss bilateral relations with his Sudanese counterpart Daw Al-Bayt Abdel Rahman. It’s Sweilam’s first visit to Sudan since he assumed his position in August 2022.  Sweilam stressed the strength and depth of the eternal, historical and fraternal relations that bind the two brotherly countries, referring to the long and joint history of cooperation between the…

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EGYPT HEALTH MINISTER ANNOUNCED DEVELOPMENT OF NATIONWIDE HEALTH SYSTEM

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Egypt’s Minister of Health and Population Khaled Abdel Ghaffar directed the intensification of follow-up and evaluation work for plans to develop the health system nationwide. This came during the weekly meeting of the ministry’s leaders, heads of sectors and agencies, and with the participation of all the ministry’s undersecretaries in the governorates via videoconferencing, to follow up on the progress of work and to identify challenges and obstacles to overcome them, to ensure the continuation…

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EGYPT GOVT. SIGN DEAL FOR SOLAR AND WIND POWER PROJECT

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Renewable energy company AMEA Power Ltd. has announced the financial close for the two major clean energy projects in Egypt, making way for construction to begin.  The two projects, the 500MW Abydos solar plant located 600km south of Cairo in Aswan governorate and the 500MW Amunet wind farm 318 km south of Cairo in the Red Sea governorate will be built, owned, and operated by the fully owned subsidiaries of the United Arab Emirates-based AMEA…

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EGYPT AND SOUTH KOREA SIGN MOU FOR URBAN DEVELOPMENT

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The National Agency for Administrative City Construction of the Republic of Korea (NAACC) and the Administrative Capital for Urban Development of the Arab Republic of Egypt (ACUD) virtually signed a memorandum of understanding (MoU) for cooperation in urban development on 28 December. Korea’s Ambassador in Cairo Hong Jin-Wook and Egypt’s Ambassador in Seoul Khaled Abdelrahman participated in the event. The objective of the MoU is to strengthen bilateral cooperation in the construction of the Administrative…

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EGYPT REAL ESTATE DEVELOPER PROPOSING NEW FINANCIAL MECHANISM

Posted on by Gambeta News

The Board of Directors of the Real Estate Development Chamber at the Federation of Egyptian Industries presented the most prominent successes achieved by the chamber during 2022. These successes were based on the continuous follow-up of market developments, cooperation with the Housing Committee in the House of Representatives, and government support to discuss the most important challenges facing the real estate market. In a press conference held last week, Tarek Shoukry — Chairperson of the…

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VALORE EL THAWRA PROJECT LAUNCHED IN EGYPT

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El Riyad Castle Development launched the Valore El-Thawra project in an event that was attended by the company’s founder, Member of the House of Representatives Ahmed Abdel Mageed, along with several officials and community celebrities. Tarek Eid — a Member of the Board of El Riyad Castle Development — stated that the Valore El-Thawra spans 28,800 sqm and comprises residential, administrative, and commercial units, along with serviced apartments and entertainment properties located in the best…

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EGYPT SIGNED US$15BILLION DEAL AT COP27 CLIMATE CONFERENCE

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Egypt has signed agreements to carry out projects at a value of around US$15 billion at the recent United Nations climate conference (COP27), said Environment Minister Yasmine Fouad. Speaking to the DMC TV channel, she reiterated that the projects inked at COP27, whose activities lasted until Saturday in Sharm El Sheikh, will be carried out to counter the negative impacts of climate change. The minister highlighted the importance of the launch of the Africa waste…

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EGYPT GOVT. AGREEDS TO LAUNCH EWIS WITH GREECE

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Egypt has agreed to launch an electrical wiring interconnection system (EWIS) between Egypt and Europe via Greece with €3.56bn investment. The project will export clean energy from Egypt to Europe via Greece, and Greece will use part of the energy, and export the bulk to European countries. The project comes as part of the plan to develop long-term renewable energy sources to feed the electric interconnection project with green energy. The plan is to consist…

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UAE AND EGYPT SIGN DEAL TO CONSTRUCT WORLD LARGEST WIND FARM

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UAE and Egypt have agreed to jump in the race in building one of the world’s largest onshore wind farms in Egypt. The project once completed will see Egypt have the world’s largest wind farm whereby overtaking the current one at Gansu, China. The agreement was made in COP27 with UAE President H.H Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President Abdel Fattah El Sisi who had overseen the signing between Masdar based in Abu Dhabi and Egypt’s Infinity Power and…

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HOW EGYPT PLANS TO BRIDGE ITs FINANCIAL GAPS

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The Central Bank of Egypt (CBE) decided to liberalize the exchange rate and raised the interest rate by 2% in an exceptional meeting of the Monetary Policy Committee (MPC). Over the past two days, the prices of Egypt’s bonds offered in euros and dollars in foreign markets increased, and the price of dollar-denominated bonds due in 2047 rose to 59.7% at the end of trading on Friday, compared to 59.07% at the end of Wednesday’s…

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