Egypt's central bank issues LE 20.2B in T-bonds, bills Wednesday
FILE - CBECAIRO – 20 May 2020: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued LE 20.2 billion in treasury bonds and bills on Wednesday, May 20.The T-bills are at a value of LE 20.5 billion. They will be offered in two installments; the first installment is valued at LE 10 billion with a 182-day term and the second is worth LE 10.5 billion with a 357-day term.While the T-bonds will be offered at a value of LE 3.7 billion with a three-year term.For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided May 14 to keep the overnight deposit rate, the overnight lending rate, and the rate of the main operation at 9.25 percent, 10.25 percent, and 9.75 percent, respectively. Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.Earlier, CBE decided in March to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.Egypt's 2020/2021 draft budget aims to reduce public debt of GDP to 82.7 percent by end of June 2021, up from earlier target of 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.
Source:Egypt Today
May 20, 2020 12:33 UTC
Mogamma el-Tahrir: Renovated landmark in Tahrir Square shines like Paris
Mogamma el-Tahrir shines in Tahrir SquareMogamma el-TahrirThe Egyptian Museum in Tahrir SquarePrime Minister Mostafa Madbouli and Tourism and Antiquities Minister Khaled el-Anany at the Egyptian Museum in Tahrir Square May 17, 2020CAIRO – 18 May 2020: The iconic Tahrir Square was originally constructed in 1865 in the French style of the time because Khedive Ismail loved Paris. After a lot of renovation work in 2020, the Khedive’s wish is today closest to reality.Soon, the final look of the square will be revealed when the newly-transferred Karnak rams are uncovered. But on Sunday, the star of the square was Mogamma el-Tahrir, a massive building that hosts numerous government services.The Gamal Abdel Nasser-era structure overlooks the square, attracting thousands of visitors a day to finish paperwork. It became greyish and did not represent a pleasant tour for citizens.It has now been painted and illuminated in a modern technique that flatters its artistic design and to match the beauty of its surroundings as the square is being renewed into an open museum.An obelisk has been planted in the square, which is now surrounded by the covered rams. Palm trees, olive trees, and plants that represent the ancient Egyptian civilization have been grown in the square.A three-tier fountain around the obelisk will operate and benches will be available for passersby to watch the scenery.Prime Minister Mostafa Madbouli and Tourism and Antiquities Minister Khaled al-Anany visited Tahrir Square Sunday night to inspect the renovation work amid great care from the government to show the famous Tahrir Square in a truly beautiful look.The square, which is close to the Nile Corniche, leads to several landmarks, including the Egyptian Museum, the Khedive-era downtown, Qasr el-Nil Bridge, and other areas that are all important tourist attractions.
Source:Egypt Today
May 18, 2020 00:33 UTC
Inertia: Building New Realities By Making The Impossible Possible
Inertia: Building New Realities By Making The Impossible PossibleWho said that realities could not be changed? The next phase showed the three figures posing with the scattered letters of the word Inertia and taglines such as “They Told Me It Would Never Work”. In addition to being told that their dream was impossible, unachievable, same as the three figures they have chosen in “New Realities We Build”. In every project, Inertia ensures estimable developments with immaculate designs, overlooking scenic vistas, and a warm, vibrant community. Today, Inertia’s properties are peerless, guaranteeing their residents quality of design, service, and ambiance.
Source:Egypt Today
May 17, 2020 14:15 UTC
7 university dorms renovated in case needed to become quarantine venues
FILE - Cairo UniversityCAIRO – 17 May 2020: In fulfillment of the commands of President Abdel Fatah al-Sisi, the Egyptian Armed Forces' Engineering Authority renovated the dorms of seven universities so they become suitable to quarantine COVID-19 patients, if needed.The dorms belong to University of Cairo, University of Ain Shams, University of Helwan, University of Alexandria, University of Mansoura, University of Suez Canal, and University of Asiut.The renovation included engineering works, rehabilitation of building fronts and main entrances, landscaping, restoration of furniture, kitchens, and toilets, replacement of flooring, and painting of ceilings, internal and external walls.Egyptians repatriated from Kuwait are being quarantined in the dorms of Cairo University free of charge for 14 days. The number of those is 5,300, and they are still being flown home in batches.491 people have tested positive for coronavirus in Egypt on Saturday, bringing the total number of cases to 11719, the Health Ministry said in its daily briefing.The ministry also reported 20 deaths due to the novel virus, bringing the total number to 612.Also, the test results of 3,526 people turned from positive to negative, the ministry said, including 2,950 people who totally recovered. It added that 151 patients left hospitals.
Source:Egypt Today
May 17, 2020 13:52 UTC
Egypt world's top exporter of frozen strawberry with 20% global share in 2019
Strawberry- PixabayCAIRO – 17 May 2020: The International Trade Center revealed in a statement issued Saturday that Egypt ranks first in the world as frozen strawberry exporter with a global share of 20 percent of the crop's exports in 2019.The amount exported is 140,000 tons and worth $165 million, which is a jump of 40 percent in value and 39 percent in quantities compared to 2015. In 2010, Egypt's strawberry exports did not surpass $11 million. The surface area cultivated in strawberry in Egypt is 22,400 feddans. The production of each is 18 tons per season.The Egyptian Agricultural Bank raised the amount of funding per feddan to LE60,000 from LE15,000.The crop is cultivated mainly in the governorates of Qalyoubiyah, Beheira, Ismailiyah, and Sharqeya as well as lands lying on the banks of Nubariyah canal northwestern the country.The Ministry of Agriculture and Land Reclamation pointed out that Egypt also exports 20,000 tons of fresh strawberry and four million strawberry seedlings per annum.
Source:Egypt Today
May 17, 2020 12:33 UTC
EgyptAir gets $2B supportive loan to face COVID-19 pandemic
EgyptAir jet - Official websiteCAIRO – 17 May 2020: EgyptAir Holding Company will receive LE 2 billion as a supportive loan to confront the repercussions of Coronavirus pandemic, Minister of Finance Mohamed Ma’it said Saturday.Ma’it added that the state treasury will bear the loan’s burden until the company achieves operating rates equivalent to 80 percent of the operating volume in 2019.The minister added that the suspension of air traffic globally as a result of the pandemic had a great impact on EgyptAir and its subsidiaries, as the revenues were completely stopped while continuing to bear the fixed expenses of workers wages and others.“This loan is part of the supportive procedures that the government has adopted to back the affected economic, social and service sectors because of the coronavirus outbreak in order to set the balance between keeping the people’s health safe, pursuing the production wheel, retaining the workforce, providing the domestic market needs, sustaining public services provided for citizens, and alleviating the harsh impacts of the crisis on the national economy,” Ma’it said.He pointed out that there are several facilities in support of the affected sectors, in respect of which Law No. 24 of 2020 was implemented, which has been in operation since the end of last March, including the financial rules required to deal with the repercussions of the coronavirus pandemic.The International Air Transport Association (IATA) announced in April that Egypt’s airline revenues were anticipated to decline by $1.6 billion, and the number of passengers to drop by 9.5 million in 2020 due to coronavirus pandemic.The aviation sector contributes to the Egyptian national economy with $2.4 billion and has created 205,560 jobs.On March 16, the Egyptian government decided to suspend air traffic at the Egyptian airports, from next Thursday to the end of March 2020. "Egypt will bear great losses, especially in the national aviation sector, after suspending air traffic until the end of March," Prime Minister Mostafa Madbouli said then.Madbouli added that the losses of the National Aviation Company, EgyptAir, will reach LE 2.250 billion as a result of the decision, explaining that the state will bear these losses.Finance Minister announced earlier the allocation of about LE 10 billion out of LE 100 billion allocated to counter the negative repercussions of coronavirus pandemic to sectors affected by the coronavirus, most notably tourism and aviation.
Source:Egypt Today
May 17, 2020 11:15 UTC
La Liga clubs given permission to expand into group training
FC BARCELONA/AFP / Miguel RUIZLa Liga have told clubs they will be able to increase training to involve groups of up to 10 players on Monday as teams take another step towards the planned resumption of the season next month.The Spanish government has announced protocol that will allow training sessions to be expanded by all clubs, even those belonging to areas that are further behind in the country's de-escalation programme.It means teams like Real Madrid, Barcelona and Aletico Madrid will be able to train in groups of 10, a source at La Liga told AFP, despite both Madrid and Catalonia remaining in 'phase 0' as two of Spain's worst-hit regions by coronavirus.Espanyol, Leganes, Getafe and Real Valladolid will also be given special permission to do training in larger groups.The move comes as a boost to La Liga's hopes of restarting the season in the middle of June and following the lead of Germany's Bundesliga, which staged games behind closed doors on Saturday.Teams in the top two divisions in Spain have already returned to their training grounds this month, with players working individually as part of La Liga's staggered programme, which includes regular testing and strict medical protocol.La Liga president Javier Tebas has circled June 12 as the ideal date for matches to return but admitted the exact timing will depend on the health authorities in Spain and the trajectory of the virus.According to an official statement by the government on Saturday, professional sports clubs "may carry out complete training sessions" while "complying with the corresponding prevention and hygiene measures".The statement puts the maximum number at 14 for group training but La Liga have informed clubs the limit will be 10 on Monday.La Liga first suspended fixtures on March 14 and Tebas has estimated that failing to complete the season would cost clubs around 1 billion euros.
Source:Egypt Today
May 17, 2020 09:11 UTC
Egypt's Health Ministry denies applying full curfew
The newly appointed minister of health and population Hala Zayed – cc Egypt TodayCAIRO, May 17 (MENA) - The Health Ministry denied on Sunday a fabricated statement attributed to Health Minister Hala Zayed and being circulated in social media claiming that a full curfew will be applied on Tuesday til the third day of Eidul Fitr.These are groundless reports, Health Ministry spokesman Khaled Megahed said.Such decisions are taken by the government and not the Health Ministry after considering the best interests of Egyptian citizen, he said.He urged all media outlets not to spread any information until verifying their authenticity to avoid disrupting public order, especially in such a critical stage the country is passing through.
Source:Egypt Today
May 17, 2020 09:11 UTC
480 Egyptians stuck in Kuwait brought home over 3 flights on 1 day
Cairo International Airport - CC cairo airport transferCAIRO – 17 May 2020: Three exceptional flights operated by Jazeera Airways brought home 480 Egyptians stuck in Kuwait on Saturday evening. Those are being quarantined in university dorms free of charge.On May 6 and May 10, 450 and 490 returned, respectively. On each of those days, three flights were operated.An exceptional flight operated by Kuwait Airways and carrying 195 Egyptians whose residency expired in the Gulf country landed in Cairo International Airport on May 12.Aviation suspension in Egypt began on March 19, except for domestic and cargo flights. Also, tourists who had arrived before the date were allowed to complete their program, and leave on dates scheduled beforehand.A number of tourists requested to remain in Egypt as COVID-19 outbreak took its toll on their countries. Hence, Egyptian authorities approved as long as they go through coronavirus tests instructing the travel agencies to ensure the visitors' visas duration is extended by the Ministry of Interior, and informing their respective countries of their desire.
Source:Egypt Today
May 17, 2020 09:11 UTC
Brazil passes Italy, Spain in confirmed coronavirus cases
Youth in Hurghada have organized an initiative to help clean and sterilize streets and facilities, to face the spread of the novel coronavirus – Egypt TodayBRASILIA, May 17 (MENA) - Brazil's confirmed cases of the novel coronavirus rose on Saturday past those of Spain and Italy, which was once the epicenter of the pandemic, making Brazil's outbreak the fourth largest in the world, according to official figures.Brazil's Health Ministry registered 14,919 new confirmed cases in the prior 24 hours, taking the total to 2,33,142, behind the United States, Russia and the United Kingdom, France 24 channel reported.The ministry also reported 816 new deaths related to the virus, bringing the total to 15,633.
Source:Egypt Today
May 17, 2020 09:11 UTC
WB approves $50M for Egypt within new Fast Track COVID-19 Facility
"We acknowledge the efforts undertaken by the World Bank Group at these unprecedented times. This project supports the preparedness efforts and governance of Egypt's healthcare system. Increased coordinated action to expedite healthcare spending and pave the way for an inclusive post-COVID economic recovery is a national priority," Minister of International Cooperation Rania Al-Mashat said. "The World Bank is quickly mobilizing to help Egypt strengthen its pandemic response and health care systems. This phase of our support aims to protect the poorest and most vulnerable households and help the country implement emergency health operations and strengthen economic resilience," Marina Wes, World Bank Country Director for Egypt, Yemen and Djibouti, said.MoIC continues to discuss future cooperation and support opportunities to mitigate the short term crisis implications on the poor and the most vulnerable, and to support the recovery.The Cabinet recently approved to carry out the necessary measures to obtain WB financing to support the universal health insurance worth $400 million.
Source:Egypt Today
May 17, 2020 08:37 UTC
China's ambassador to Israel found dead in Tel Aviv home: police
FILE PHOTO: Du Wei speaks during a news briefing in Kiev, Ukraine August 30, 2019. REUTERS/Valentyn Ogirenko/File PhotoJERUSALEM (Reuters) - China’s ambassador to Israel was found dead in his home in a Tel Aviv suburb on Sunday, an Israeli police spokesman said.He did not comment on the cause of death of ambassador Du Wei, who was 57 years old and became ambassador to Israel in February, according to the embassy’s website.“As part of the regular procedure, police units are at the scene,” the spokesman said.Israel’s Channel 12 TV, quoting unidentified emergency medical officials, said initial indications were that Du died in his sleep of natural causes.
Source:Egypt Today
May 17, 2020 08:15 UTC
7k stranded Egyptians arrived in Marsa Alam over 60 days: sources
FILE - Marsa Alam International AirportCAIRO – 16 May 2020: Sources at Marsa Alam International Airport told Al watan newspaper that the airport has received over the past 60 days around 7,000 passengers who are citizens who were stuck abroad and returned on exceptional flights.The sources pointed out that the airport has never received such huge numbers of passengers over a short period of time since its establishment which proves its capabilities. Those are being quarantined in university dorms free of charge.On May 6 and May 10, 450 and 490 returned, respectively. On each of those days, three flights were operated.An exceptional flight operated by Kuwait Airways and carrying 195 Egyptians whose residency expired in the Gulf country landed in Cairo International Airport on May 12.Aviation suspension in Egypt began on March 19, except for domestic and cargo flights. Also, tourists who had arrived before the date were allowed to complete their program, and leave on dates scheduled beforehand.A number of tourists requested to remain in Egypt as COVID-19 outbreak took its toll on their countries. Hence, Egyptian authorities approved as long as they go through coronavirus tests instructing the travel agencies to ensure the visitors' visas duration is extended by the Ministry of Interior, and informing their respective countries of their desire.
Source:Egypt Today
May 16, 2020 15:11 UTC
3rd Chinese medical aid to Egypt weighing 30 tons arrives amid COVID-19 crisis
FILE - Egypt received a shipment of preventive medical supplies and coronavirus testers as a gift from China - Egypt TodayCAIRO – 16 May 2020: The third batch of medical aid provided by China to Egypt amid COVID-19 outbreak arrived on Saturday. The shipment is larger than the two previous ones as it weighs 30 tons.The Ministry of Health and Population revealed in a press statement that the third aid consists of a million masks, 150,000 N95 masks, 70,000 COVID-19 test kits, 1,000 temperature screening devices, 70,000 protective medical suits, and 70,000 medical gloves.The first shipment – which arrived in April - weighed four tons and included 20,000 N95 masks, 10,000 protective medical suits, and 10,000 COVID-19 testing kits. The second – which was delivered on May 10 – weighed the same but was composed of 70,000 COVID-19 testing kits, 10,000 N95 masks, and 10,000 protective medical suits.Minister Hala Zayed thanked the government and people of China for their third gift to Egypt affirming the strength of bilateral relations between both countries.The ceremony of the shipment arrival was attended by Deptuty Minister Mohamed Shawki, Chinese Ambassador to Cairo Liao Liqiang, and Assistant to Minister of Foreign Affairs for Asian Affairs Hani Selim.Shawki stated that the equipment will be distributed among quarantine, respiratory diseases, and fever hospitals across the country. As such, the stock of protective equipment will be enlarged given that the factory's daily output of masks will be half million, Liqiang underlined.Responding to a question on whether the pandemic is having its toll on Chinese-Egyptian business partnerships, the Chinese ambassador stated that the negative impact is limited and can be contained.Liqiang added that delegations of Chinese companies can visit the New Administrative Capital and SCzone to follow-up on the updates of partnerships between both countries there.The ambassador stated that in 2019, Chinese direct investments in Egypt rose by 40 percent, which is $104 million stressing his confidence that cooperation between both countries will exceed previous levels after the pandemic is over.In February, Egypt sent 1 million medical masks to China. The Minister of Health Hala Zayed flew to Beijing, China delivering ten tons of medical equipment.
Source:Egypt Today
May 16, 2020 11:26 UTC
Barcelona legend expects the club to sign Lautaro as Messi gives the green light
File- Luis SuarezCAIRO_16 May 2020: Barcelona and Inter Milan legend, Luis Suarez, believes that Lautaro Martinez is ready to join Barcelona after the club captain, Lionel Messi, expressed his approval for the move. "Messi knows Lautaro well because he plays for the Argentinan national team. If he says yes, it means he's comfortable with Lautaro, just as he's comfortable with the Uruguayan Luis Suarez." I know he was very good in the last league season and he scored goals. He's a very interesting player, if so many teams want him.
Source:Egypt Today
May 15, 2020 17:26 UTC