Egyptian FM convenes with four Arab counterparts in Jeddah
CAIRO – 18 May 2023: The foreign ministers of Egypt, Saudi Arabia, Bahrain, Morocco, and Jordan convened Wednesday on the sidelines of the ministerial meetings held to prepare for the Arab summit taking place in Jeddah. The ministers conferred over regional and international developments, including the updates of the Saudi Arabia-Iran deal signed in March. Minister of Foreign Affairs Sameh Shokry attended Wednesday the first meeting of the Arab Ministerial Contact Group on Sudan, and that took place on the sidelines of the Council of Arab Foreign Ministers' meeting in Jeddah. The group was formed upon a decree by the Council of the Arab League during its extraordinary session on May 7, and has as members Egypt, Saudi Arabia, and the Arab League's secretary general. The group also expressed support to Jeddah Declaration of Commitment to Protect the Civilians of Sudan.
Source:Egypt Today
May 18, 2023 10:37 UTC
CBE To Discuss Fate Of EGP Interest Rate Amid Strong Expectations Of 'No Changes' - Dailynewsegypt
The committee had decided, in its meeting held on 30 March to raise the basic interest rate at the Central Bank by 2%, to reach 18.25% for deposits, 19.25% for lending, and 18.75% for the credit and discount rate and the price of the main operation at the Central Bank. Last week, the Central Bank of Egypt revealed that the basic consumer price index, prepared by its side, had recorded a monthly rate of 1.7% in April 2023, compared to 2.4% in April 2022, and a monthly rate of 2.5% in March 2023. The Central Bank indicated that the annual core inflation rate recorded 38.6% in April 2023, compared to 39.5% in March. It explained that the monthly inflation rate in cities also declined to 1.7% in April, compared to 2.7% in March. The agency indicated that the annual inflation rate for the entire republic was 31.5% in April 2023, compared to 33.9% in the previous March, 14.9% in April 2022.
Source:Daily News Egypt
May 18, 2023 09:40 UTC
Imported gold can be sold in local market at same price as Egyptian gold: expert
Gold imported from abroad can be sold in the local market at the same price as local gold, said the head of the General Division of Gold at the Federation of Chambers of Commerce Hani Milad. He advised Egyptian expatriates to bring in gold bullion from abroad because it does not have charging fees, adding that the global price of gold globally has reached US$1,970, which caused the decline of gold prices in the Egyptian market. The Egyptian government approved a decision cancelling customs fees, except for VAT, on gold imported by Egyptian expatriates for a period of six months. The Ministry of Supply proposed an initiative to exempt Egyptians coming to Egypt from fees when they buy gold from abroad. The proposal aims to find a mechanism to provide gold supplies in the Egyptian market in order to stabilize prices, he added.
Source:Egypt Independent
May 18, 2023 08:56 UTC
Egypt’s Environment Minister, German company discuss reducing the reliance on single-use plastic bags
Egypt’s Minister of the Environment, Yasmine Fouad; held a meeting with representatives of a German company specialising in extended product liability systems to discuss ways to create a supportive climate for moving forward in preparing a national system for extended product liability and reducing the use of single-use plastic bags. This came in the presence of Ali Abu Sunna, the Chief of the Environmental Affairs Agency, Tariq Al-Arabi, the Head of the Waste Management Regulatory Agency, and a number of representatives of the Ministry of Environment and experts. During the meeting, Fouad reviewed one of the models of the extended product liability system proposed in the field of plastic waste and packaging and the circulation of single-use plastic bags. For his part, the representative of the German company confirmed that the climate in Egypt is promising for implementing the policy of extended product liability, especially with the steps taken by the Egyptian state recently in developing the waste management system. The minister added that the planning, regulatory and oversight role of the Waste Management Regulatory Agency includes studying the most appropriate ways and mechanisms to implement the extended product liability policy in a way that benefits the producer, the consumer and the environment at the same time.
Source:Daily News Egypt
May 18, 2023 07:01 UTC
CBE’s EG-FinCIRT acquires accreditation, membership of FIRST
The Computing Incident Response Team for the Financial Sector (EG-FinCIRT) of the Central Bank of Egypt has successfully obtained the accreditation and membership of the Global Forum Incident Response and Security Teams (FIRST), after fulfilling all technical and organizational requirements within a short period of time, to become the 1st internationally recognized sectoral CIRT in Egypt. The accreditation and membership of the (FIRST) Forum aim to enhance and expand the collaboration and coordination through exchanging the expertise among member teams towards combating cybercrimes, facilitating rapid responses, supporting the development of common means of data exchange among members, and facilitating effective handling and responding to cyberthreats. FIRST forum also supports cooperation and strategic partnerships between countries and global institutions, links incident response teams from all member countries together and facilitates the exchange of technical expertise and cybersecurity intelligence. EG-FinCIRT membership in FIRST Forum comes in line with CBEs strategy, which aims to enhance the participation of the Computer Incident Response Center for the financial sector in implementing the national cybersecurity strategy efficiently and effectively; while improving the ability of state institutions and authorities to respond in a timely manner, cooperate and coordinate in preventing cyber-attacks. FIRST is a global leader in cyber incident response, bringing together a diverse group of cyber incident response teams from government entities, businesses, and educational institutions, with currently over 600 members from around the globe.
Source:Daily News Egypt
May 18, 2023 07:01 UTC
High-Level Egyptian-Russian Consultations On Multilateral Issues - Dailynewsegypt
The role of the UN in addressing international and regional issues, as well as international peacekeeping and peacebuilding efforts in various countries were also discussed. The two sides discussed issues related to the challenges facing the multilateral work system, including the work entrusted to specialized international agencies. They also discussed UN efforts for nuclear disarmament and non-proliferation, including efforts to denuclearize the Middle East region, as well as efforts to prevent an arms race in outer space. During the consultations, ambassador Badawi reviewed the determinants of the Egyptian position in connection with the UN system's handling of the current regional situations and crises. The two sides also discussed the prospects of the UN role in the settlement of disputes and conflicts witnessed by the countries of the region, in order to achieve peace and establish stability in the region as a common goal of the two countries.
Source:Daily News Egypt
May 18, 2023 06:02 UTC
Hollywood Star Chris Hemsworth Returns in Sequel to Netflix’s “Extraction”
Chris Hemsworth returns to the big screens as Tyler Rake in the upcoming sequel to the popular Netflix action thriller “Extraction” on June 16. In the first film, Rake narrowly escaped the horrors of his mission. Fans of the original film are eagerly anticipating the sequel, hoping that it lives up to the high expectations set by the first film. Given the talent behind the camera, along with the star power of Hemsworth, it seems likely that the sequel will not disappoint. In summary, the sequel to “Extraction” promises to be an action-packed film that is sure to thrill fans of the original and action enthusiasts alike.
Source:Egypt Independent
May 18, 2023 04:16 UTC
High-level Egyptian-Russian consultations on multilateral issues
Ambassador Ehab Badawi, Assistant Foreign Minister for Multilateral Affairs and International Security, received Ambassador Sergei Vershinin, Deputy Foreign Minister of the Russian Federation for Multilateral Affairs, and his accompanying delegation, as part of the delegation’s visit to Cairo to consult on the most prominent issues of mutual interest related to international multilateral work. The role of the UN in addressing international and regional issues, as well as international peacekeeping and peacebuilding efforts in various countries were also discussed. The two sides discussed issues related to the challenges facing the multilateral work system, including the work entrusted to specialized international agencies. They also discussed UN efforts for nuclear disarmament and non-proliferation, including efforts to denuclearize the Middle East region, as well as efforts to prevent an arms race in outer space. During the consultations, ambassador Badawi reviewed the determinants of the Egyptian position in connection with the UN system’s handling of the current regional situations and crises.
Source:Daily News Egypt
May 17, 2023 21:18 UTC
Egypt's Exports Record Significant Increase In 2022: Trade Minister - Dailynewsegypt
Samir discussed the development of trade exchange between Egypt and these countries during 2022. The minister said that the volume of trade exchange between Egypt and Germany in 2022 amounted to approximately €5.5bn. Egyptian commodity imports from Saudi Arabia increased by 16%, reaching roughly $3bn in 2022 compared to about $2.58bn in 2021, according to Samir. The minister pointed out:“Egyptian exports to the French market increased by 136% in 2022, reaching €2.16bn, compared to about €917m in 2021. Egyptian exports to the United Kingdom achieved unprecedented growth during 2022, with an increase of 83%, amounting to £1.686bn, compared to about £921m in 2021.
Source:Daily News Egypt
May 17, 2023 20:20 UTC
Jinu Johnson Appointed As CEO Of Tanmeyah For Microenterprise Services - Dailynewsegypt
Aladdin ElAfifi, Chairperson of Tanmeyah, commented:“I am pleased to announce Jinu Johnson's appointment as Tanmeyah's new CEO and to welcome him on board our NBFI platform's leadership team. He joined Tanmeyah from Mashreq Bank Egypt, where he was Senior Vice President & Acting Head of the Retail Banking Group. He continuedthe bankingjourney with Commercial Bank Qatar in multiple roles before moving to Egypt with Barclays Bank Egypt and Attijariwafa Bank Egypt. Jinu Johnson, CEO of Tanmeyah, commented:“I'm truly humbled to be appointed Tanmeyah's Chief Executive Officer and to be joining the EFG Hermes Holding group. Tanmeyah has proven to be an integral part of the Egyptian microfinance industry and the wider NBFI space.
Source:Daily News Egypt
May 17, 2023 19:42 UTC
Sultan of Oman to start two-day official visit to Egypt Sunday
CAIRO – 17 May 2023: Oman's Sultan Haitham bin Tarik will start a two-day official visit to Egypt on Sunday as per an invitation by President Abdel Fattah El-Sisi. During his visit, Sultan Haitham will discuss all aspects of cooperation between Egypt and Oman in order to boost their relations to a level that fulfills the desired goals in all fields and serves the two countries’ joint interests. The visit will also see discussions on regional and international developments between the two sides, the statement added. Deputy Prime Minister for Defence Affairs Sayyid Shihab bin Tarik Al Said, Minister of the Royal Court Khalid bin Hilal Al Busaidi, Minister of the Royal Office Sultan bin Mohammed Al Nu'amani will accompany the sultan during his trip. Also, Oman’s Foreign Minister Sayyid Badr bin Hammad Al Busaidi, Minister of Finance Sultan bin Salem Al Habsi, Minister of Trade Qais Al Youssef and Oman’s Ambassador to Egypt Abdullah bin Nasser Al-Rahbi will be among the delegation.
Source:Egypt Today
May 17, 2023 16:00 UTC
A global umbrella comprises 200 universities in the Islamic countries
The conferees adopted the issuance of an educational guide for Islamic curricula on all academic levels, and the issuance of another guide for intellectual fortification, as well as an encyclopedia of Islamic values. Sheikh Al-Issa explained that the League of Universities is the most important and strongest academic focal point in the Islamic countries, pointing out that the League of Universities assumes qualitative global responsibilities in a new horizon. It was announced that the participants in the scientific committees recommended that the League of Islamic Universities is to issue an educational guide for Islamic curricula on all academic levels, a guide for intellectual fortification, as well as an encyclopedia of Islamic values. His Excellency Prof. Nabil Muhammad Tawfiq Al-Samalouti; Assistant Secretary General for Academic Affairs. The General Conference blessed what His Excellency; the President had decided, and asked Allah the Almighty for success for all of them.
Source:Egypt Today
May 17, 2023 14:05 UTC
HDB Achieves Remarkable Growth In Mobile, Internet Banking Services: CEO Hassan Ghanem - Dailynewsegypt
The volume of financial transactions through the InstaPay application also increased significantly, since the bank joined the service in December 2022. Ghanem said that the bank adopted an ambitious expansion strategy in the field of digital transformation, by developing and modernizing the bank's technological structure and providing it with the latest digital systems through growing investments to meet the rapid and successive digital transformation, in order to enhance the policy of the state and the central bank to transform into a cashless society as the most secure, accurate and flexible way. He added that the bank was able, within a short period of time, to achieve clear achievements and steady steps towards digital transformation, with the aim of reaching the largest customer base and providing various banking services and products to meet their needs to support financial inclusion and enhance the culture of electronic payment. He affirmed the bank's keenness to launch many applications and electronic services, which are considered a breakthrough in the field of digital services such as the electronic wallet, the Internet and mobile banking, which provide more than 50 services directly to facilitate customers through these applications such as transferring money inside and outside the bank and opening accounts online, linking new certificates, managing customer cards, paying credit card debts and many other services, in addition to the InstaPay application, cash in & cash out services, and expanding the number of ATMs, which reached 440 machines in various governorates of the Republic, noting that the Bank has initiated huge investments to develop and update these applications and provide them with the latest digital systems to meet the rapid and successive digital transformation. In conjunction with the start of his new term as CEO, Ghanem stressed the continuation of implementing the digital transformation strategy during the next stage and adopting all developments in the field of financial technology, which supports the bank's vision and strategy to become one of the largest commercial banks in the Egyptian banking market.
Source:Daily News Egypt
May 17, 2023 13:21 UTC
Egypt's Investment Council Announces New Economic Incentives, Administrative Reforms - Dailynewsegypt
Moreover, the council agreed to expand the issuance of the golden license and not limit it to companies working on strategic or national projects. They also agreed to amend the articles regulating the golden license to ensure that companies established before the investment law of 2017 may be granted the golden license. To address the difficulty of importing production requirements, a draft decision was approved to amend Law No. Within the framework of efforts to create a stable tax legislative environment, a draft decision was approved to accelerate the release of Egypt's tax policy document for the next five years. This includes agricultural, industrial, and energy sectors with regard to green hydrogen production, in addition to the housing sector, real estate developers and investment projects in new cities, as well as the transportation sector.
Source:Daily News Egypt
May 17, 2023 13:21 UTC
FM meets Tunisian official in Jeddah
Foreign Minister Sameh Shoukry met on Wednesday with Tunisian Minister of Foreign Affairs, Emigration and Tunisians Abroad Nabil Ammar before the start of the ministerial meeting that is held in preparation for an Arab summit in Jeddah, Saudi Arabia. Spokesman for the Foreign Ministry Ahmed Abu Zeid tweeted that there is a deep and constant cooperation to boost bilateral relations between Egypt and Tunisia
Source:Egypt Independent
May 17, 2023 10:51 UTC