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


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


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


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