ABE receives first batch of locally produced wheat
The Agricultural Bank of Egypt (ABE) has received the first batch of locally produced wheat in 2023, amounting to about 277,000 tonnes in the first month of the season, which started in early April, with a total value of about EGP 2.8bn. This is an indication of a successful season compared to the quantities supplied during the same period last year. Samy Abdelsadek, Deputy Chairperson of the ABE, said that the bank is keen on supporting small wheat farmers and suppliers through an integrated system supported by the bank. Abdelsadek followed up on the progress of wheat supply in the bank’s store in Tamiya town in Fayoum governorate, in the presence of a number of the bank’s leaders. In addition to that, the bank provides supply to facilitate for the customers the process of warehousing.
Source:Daily News Egypt
May 14, 2023 06:50 UTC
Egyptian Central Securities Depository Launches Bond Clearing Activity - Dailynewsegypt
Last Thursday, the ECSD signed a memorandum of understanding (MoU) with the Egyptian Tax Authority to set the rules governing the application of agreements to avoid double taxation on bond returns for non-residents in Egypt. The MoU comes within the framework of the intensive preparations that the company is making to launch the first phase of its activity, which includes transferring all transactions related to treasury bonds to the company. He added that the most important goal of establishing the company is to organize the tax revenue resulting from the operations of bonds and treasury bills and to combine all these financial instruments under one umbrella. The ECSD was established with the aim of managing the deposit and settlement operations for all government debt instruments through a unified legal entity operating in accordance with international standards. The authorized capital of the ECSD, which is 70% owned by the Central Bank of Egypt (CBE) and 30% owned by the Finance Ministry, amounts to EGP 1bn, and the issued and paid-up capital recorded EGP 100m.
Source:Daily News Egypt
May 14, 2023 06:07 UTC
Egypt, Malaysia Discuss Cooperation In Financial Affairs, Experience Exchange - Dailynewsegypt
During the meeting, the two sides discussed ways to enhance economic cooperation between the two countries, and the serious endeavour to double joint efforts and exchange constructive and diverse experiences between the governments of the two countries, and discussed opportunities for concluding a free trade agreement to facilitate the movement of import and export and increase trade exchange during the coming period between the two countries. Maait said that the historical relations between the two countries extend for many decades, stressing that we are looking forward to concluding a joint agreement between the ministries of finance of the two countries to discuss public finance affairs, exchange experiences periodically, discuss economic conditions, discuss and study the double taxation agreement between the two countries and re-update it to keep pace with best practices and developments on the scene. For his part, the Malaysian Deputy Minister of Finance praised the Egyptian state's development in various economic activities, stressing his country's aspiration for joint cooperation in areas with a developmental dimension such as education, tourism, renewable energy and medical supplies. He referred to the study of the exchange of commodities of interest to the two countries. For example, Egypt imports palm oil in return for exporting pharmaceutical raw materials in a way that contributes to providing the basic needs of goods for the two countries in light of the current crises.
Source:Daily News Egypt
May 14, 2023 06:02 UTC
Egypt, Malaysia discuss cooperation in financial affairs, experience exchange
Minister of Finance Mohamed Maait met on Saturday Ahmad Maslan, Deputy Minister of Finance of Malaysia, on the sidelines of their participation in the annual meetings of the Islamic Development Bank Group (IsDB) in Saudi Arabia. Maait said that the historical relations between the two countries extend for many decades, stressing that we are looking forward to concluding a joint agreement between the ministries of finance of the two countries to discuss public finance affairs, exchange experiences periodically, discuss economic conditions, discuss and study the double taxation agreement between the two countries and re-update it to keep pace with best practices and developments on the scene. For his part, the Malaysian Deputy Minister of Finance praised the Egyptian state’s development in various economic activities, stressing his country’s aspiration for joint cooperation in areas with a developmental dimension such as education, tourism, renewable energy and medical supplies. He referred to the study of the exchange of commodities of interest to the two countries. For example, Egypt imports palm oil in return for exporting pharmaceutical raw materials in a way that contributes to providing the basic needs of goods for the two countries in light of the current crises.
Source:Daily News Egypt
May 13, 2023 21:47 UTC
Egyptian Central Securities Depository launches bond clearing activity
Yasser Zaazaa, Managing Director of the Egyptian Central Securities Depository (ECSD), has revealed to DNE that the bond clearing and settlement activity was launched on Sunday after all regulatory procedures were completed. Last Thursday, the ECSD signed a memorandum of understanding (MoU) with the Egyptian Tax Authority to set the rules governing the application of agreements to avoid double taxation on bond returns for non-residents in Egypt. The MoU comes within the framework of the intensive preparations that the company is making to launch the first phase of its activity, which includes transferring all transactions related to treasury bonds to the company. He added that the most important goal of establishing the company is to organize the tax revenue resulting from the operations of bonds and treasury bills and to combine all these financial instruments under one umbrella. The ECSD was established with the aim of managing the deposit and settlement operations for all government debt instruments through a unified legal entity operating in accordance with international standards.
Source:Daily News Egypt
May 13, 2023 21:47 UTC
Amideast and Boeing announce the winners of the STEM for Sustainability start-up competition in Egypt
Amideast and Boeing announce the winners of the STEM for Sustainability start-up competition in EgyptAmideast and Boeing teamed up to host the 2023 STEM for Sustainability competition in Cairo on May 12, 2023. The competition aimed to support Egypt's green transition by investing in the country's growing young population and empowering start-ups and young entrepreneurs. The finalists participated in a boot camp that covered topics including business modeling, business planning, and pitch deck development. Amideast and Boeing's STEM for Sustainability competition in Egypt nurtures the country's next generation of leaders, driving innovation and protecting the environment. Since 2007, Boeing invested $2 million in community engagement in Egypt which benefitted more than 22,000 young people in the country.
Source:Egypt Today
May 13, 2023 16:25 UTC
Over 81K people crossed into Egypt from Sudan as of May 10: UNHCR
File- Flights carrying 700 people from 40 countries after being evacuated from Sudan in cooperation with Egypt- the photo from the German embassy in CairoCAIRO – 13 May 2023: A total of 81,172 People has crossed into Egypt from Sudan, including 76,135 Sudanese and 5,037 third-country national as of May 10 according to data from the Ministry of Foreign Affairs, announced the UNHCR Egypt in a statement on Thursday. “The Egyptian Ministry of Foreign Affairs (MFA) has reiterated its commitment to keeping the border open and to not implementing an encampment policy. They have also highlighted the support required for host communities across Egypt, who are receiving the large number of recent arrivals,” the statement read. In the first days of the clashes, the number of displaced Sudanese through the southern land crossings between Egypt and Sudan, led by the Al-Qastal and Arqin crossings, exceeded 14,000, according to the Egyptian Ministry of Foreign Affairs. These services included psychological support services, medicines, snacks, and telephone and electronic means of communication.
Source:Egypt Today
May 13, 2023 15:41 UTC
Guardiola confident City can withstand fatigue with end of season in sight
"I think definitely (Arsenal) are going to win their three (remaining) games," Guardiola said on Friday. There are four games left in the Premier League and it's really important to be there and keep our destiny in our hands." When asked how his players bounce back from Tuesday's physically and mentally draining draw, Guardiola said winning helps. His team have won 10 successive Premier League games. The Norway international has scored a record 51 goals in all competitions for City this season, and a Premier League single season record of 35 goals.
Source:Egypt Today
May 13, 2023 05:22 UTC
Saudi Arabia provides e-visa for Egyptians starting Thursday
The Saudi embassy in Egypt announced the launch of its e-visa service for Egyptians on Thursday. The Saudi Foreign Ministry launched a new initiative to cancel the visa sticker on the holder’s passport, switching to e-visa. The Saudi Foreign Ministry launched the service in January, which allows for issuing a transit visa for tourists coming by air electronically. It aims to encourage travel to Saudi Arabia for any purposes and facilitate the procedures for obtaining an entry visa. The transit visa allows individuals to pass through Saudi Arabia and is applicable for short stays of over 12 hours.
Source:Egypt Independent
May 13, 2023 03:22 UTC
Egypt, Germany collaborate on innovation support project for General Administration
The German International Cooperation Agency (GIZ) and the Ministry of Communications and Information Technology met to discuss current digital transformation cooperation projects between Egypt and Germany. Among these initiatives are the General Administration's objective to support innovation and a collaboration to establish a lab for developing government applications. They also addressed the Ministry of Communications and Information Technology's executive intentions to promote the information technology industry and provide an enabling environment for outsourcing investment. Egypt has made major advances in digital transformation and information technology. Egypt has also been aggressively seeking international alliances and partnerships to strengthen its capabilities and speed its digital transformation efforts.
Source:Egypt Today
May 12, 2023 20:09 UTC
Egypt welcomes Jeddah Declaration of Commitment to Protect the Civilians of Sudan
Take all feasible precautions to avoid and minimize civilian harm, with an aim to vacate urban centers, including civilian houses. Allow and facilitate the rapid and unimpeded passage of humanitarian relief, including medical and surgical equipment, and ensure relief personnel the freedom of movement required for their functions. Adopting simple and expedited procedures for all logistical and administrative arrangements necessary for humanitarian relief operations. Refraining from interference with principal humanitarian operations and never accompany side by side humanitarian personnel carrying out humanitarian activities, in conformity with the Amended Directives and Procedures for Humanitarian Action in Sudan. Protect and respect humanitarian workers, assets, supplies, offices, warehouses, and other facilities.
Source:Egypt Today
May 12, 2023 17:21 UTC
Egyptian expat customs-free car import initiative to expire on Sunday
REUTERS/Stringer/File PhotoCAIRO – 12 May 2023: Egypt’s initiative allowing its expats to import cars free of taxes and customs duties will expire on Sunday 14 May, the Ministry of Finance announced in a statement. Citizens can then withdraw their deposits after the end of the five-year period but in Egyptian currency. The ministry noted that the initiative has brought in around $835 million with daily registrations amounting to 6,000. More than 167,000 Egyptians living abroad have registered to benefit from the initiative, the ministry added. The initiative allows Egyptian expats over 16 years of age, who carry valid residence permits and foreign bank accounts, to import a private car for personal use within five years of registering in the initiative.
Source:Egypt Today
May 12, 2023 14:46 UTC
Devaluation of Egyptian pound may be postponed for two months: Citigroup
Expectations about a new official devaluation of the Egyptian pound before the end of the current fiscal year have declined, according to a report issued by the US leading bank Citigroup. Contrary to expert expectations, which suggest that the interest rate in Egypt will be raised and the Egyptian pound will be devalued against the US dollar, Citigroup’s Wednesday report stated that this step may be postponed for a month or two. This means it may not take place during the current fiscal year, ending on June 30. “In comparison, the pound’s 12-month contract was at 43.3 per dollar, signaling expectations of a steep devaluation eventually,” Bloomberg stated. The Egyptian pound price has been officially fixed in Egypt at about LE30.9 since March 20, after losing about half of its value since March 21, 2022.
Source:Egypt Independent
May 12, 2023 09:42 UTC
Scenarios for CBE decision on interest rate in Egypt
Many citizens and investors are awaiting the Central Bank of Egypt’s meeting to settle the interest rate in Egypt, especially after the US Federal Reserve’s recent decision to raise the interest rate by 25 basis points. The next central bank meeting is scheduled on May 18. The first expected scenario for the Central Bank meetingEconomic researcher Yassin Ahmed expects the central bank to fix the interest rate at its next meeting, saying that the general budget does not bear the burden of raising interest rate. He explained that every one percent increase in the interest rate causes the state’s general budget to bear an additional debt burden of about LE32 billion, which leads to an increase in the interest cost in the state’s general budget, and thus impacts the debt and the budget deficit. Ahmed told Al-Masry Al-Youm that raising interest rates will not bear fruit, as raising interest rates in the past did not achieve the desired results nor did it reduce inflation rates.
Source:Egypt Independent
May 12, 2023 09:41 UTC
The Egyptian Cabinet passes decision on customs reductions publication lists to AfCFTA
The Egyptian Cabinet approved a draft decision regarding the publication of lists of customs reductions and appendices to the African Continental Free Trade Area (AfCFTA) in its weekly meeting. The AFCFTA includes African Union member states, and is a comprehensive agreement that governs areas of cooperation in issues of, trade in services and investment, competition regulations, liberalization of commodity trade, intellectual property rights protection, and provisions for dispute settlement. During the meeting, The Egyptian Cabinet also approved an agreement between Egypt and Qatar that aims to eliminate double taxation on income taxes and prevent tax evasion and avoidance. The agreement aims to eliminate double taxation applies to residents in one or both countries, and it also applies to a collective investment vehicle established in one of the two countries, and obtaining income that originates in the other country.
Source:Egypt Today
May 12, 2023 09:27 UTC