India marks 75th Republic Day amid unprecedented momentum in Indian-Egyptian relations
“Our bilateral trade was approximately $6bn during fiscal year (FY) 2022/23, thereby making India Egypt’s sixth largest trading partner,” according to the Ambassador. The Ambassador added that the bilateral trade has grown more than 5 times in the last ten years. The bilateral trade expanded by 75% to record an all-time high of $7.26bn in FY 2021/22. This was the first time ever that the President of Egypt was visiting India as Chief Guest for Republic Day. All these Ministerial visits laid the foundation for the unprecedented momentum in India-Egypt bilateral relations witnessed in 2023,” he continued.
Source:Daily News Egypt
January 30, 2024 01:23 UTC
Three US troops killed in drone attack in Jordan, more than 30 injured
CNN —Three US Army soldiers were killed and more than 30 service members were injured in a drone attack overnight on a small US outpost in Jordan, US officials told CNN, marking the first time US troops have been killed by enemy fire in the Middle East since the beginning of the Gaza war. US Central Command confirmed in a statement Sunday that three service members were killed and at least 34 injured in a one-way drone attack that “impacted at a base in northeast Jordan.” Eight injured service members were medically evacuated to receive higher-level care, CENTCOM said. The number of wounded is expected to rise as service members seek treatment for symptoms consistent with traumatic brain injury, two US officials said. The statement, posted to the Islamic Resistance’s Telegram channel, came before the US announced the death of the three service members. Wider conflictSpeaking at a church in South Carolina later Sunday, Biden asked for a moment of silence to honor the service members.
Source:Egypt Independent
January 29, 2024 20:19 UTC
Egypt eyes bonds in UAE dirhams, rupees, dollars to diversify debt portfolio
The Egyptian government is exploring the issuance of bonds denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars, in a bid to broaden its financing options and attract global investors. Egyptian Finance Minister Mohamed Maait announced the potential move on the sidelines of the Asian Financial Forum in Hong Kong. He told UAE’s government-owned news agency WAM that the ongoing discussions with Hong Kong’s financial chief, Christopher Hui, regarding the possibility of issuing bonds in Hong Kong dollars. “These issuances will contribute to diversifying our debt portfolio and attracting investors worldwide at competitive rates,” Maait stated, citing recent successful offerings of green bonds worth $750m and sovereign sukuk (Islamic bonds) worth $1.5bn. The Minister also emphasized Egypt’s desire to strengthen cooperation with the United Arab Emirates, particularly in taxation, economic, financial, and investment spheres across all sectors.
Source:Daily News Egypt
January 29, 2024 16:22 UTC
CBE, FRA prepare draft law for alternative financing, fintech activities
The Central Bank of Egypt (CBE), in collaboration with the Financial Regulatory Authority (FRA), has finalized the technical settings for the draft law that regulates alternative financing activities and fintech services related to banking. According to the economic magazine recently released by the CBE, the law aims to provide legislative coverage for regulating alternative financing activities and fintech services linked to banking. It seeks to establish regulatory and supervisory boundaries for both the CBE and the FRA, defining the scope of their jurisdiction. The law also aims to establish general rules for the activities and services outlined in the law to ensure the protection of the interests of all participants. Furthermore, the law aims to tighten control over fintech activities to ensure compliance with the state’s financial and monetary policies, enhancing financial and monetary stability.
Source:Daily News Egypt
January 29, 2024 15:03 UTC
S&P predicts LE to adjust closer to black market rates, believes IMF to release tranches post-adjustment
Cairo – January 29, 2024: Subject to an exchange rate adjustment, Standard & Poor believes that the IMF could release the postponed tranches of its $3 billion loan to Egypt, projecting that a future devaluation of the Egyptian pound could place the LE more in line with the unofficial black market rate. According to its report, S&P expects that the LE, which currently has an official exchange rate of LE 30.96 per USD, will be adjusted closer to the black market rate of LE 60. The report notes that the Egyptian pound is pressured by a sustained foreign currency shortage. “We think more clarity on exchange rate policy would benefit trade and economic growth and trigger an increase in remittance inflows,” S&P wrote in its report. As of 11 am on January 29, Egypt Today confirmed that the Egyptian pound was trading at 69-73 against the USD in the black market.
Source:Egypt Today
January 29, 2024 12:31 UTC
Sisi, German chancellor discuss regional developments over phone
CAIRO – 29 January 2024: President Abdel Fattah El Sisi received on Monday a phone call from German Chancellor Olaf Scholz who praised Egypt's constructive role in the region. The official spokesperson for the presidency Counselor Ahmed Fahmy stated that the call addressed the regional situation and the circle of tension in the region. They also discussed ways to enhance the distinguished bilateral relations between Egypt and Germany at various levels, the spokesperson said. The Egyptian president also asserted the necessity for the international community to move towards implementing relevant United Nations resolutions, the spokesperson noted. Both sides agreed on the importance of the two-state solution as a basis for restoring peace, security, and stability in the region, Fahmy added.
Source:Egypt Today
January 29, 2024 12:10 UTC
What we know about Israel’s allegations against UN staffers in Gaza
The main UN agency in Gaza is in turmoil after Israel accused some of its staff members of involvement in Hamas’ October 7 terror attacks. The United Nations Relief and Works Agency (UNRWA) fired several employees in the wake of the allegations, which have not been made public. At least 152 UNRWA staffers have been killed in Gaza since the Israel-Hamas war began, according to the agency. Neither Israel nor UNRWA have specified the nature of the alleged involvement of UNRWA employees in the events of October 7. Several Western countries announced the suspension of funding for UNRWA in the wake of the allegations.
Source:Egypt Independent
January 29, 2024 01:33 UTC
Scan Pyramids Project led to some important discoveries
The modern technology used in the ongoing Scan Pyramids Project at the Giza Pyramid Complex led to some important discoveries, former Minister of Higher Education and Scientific Research Hani Hilal said. Up till now, there is no well-established theory explaining the pyramids were built, Hilal told MENA on the margins of a symposium titled: “Will modern technology unveil the secrets of Pyramids?” on Saturday 27/01/2024. The Scan Pyramids project, which began in 2015, an international program that uses scans to look at unexplored sections of the ancient structure. — is one of three pyramids that make up the Great Pyramids at Giza complex. The Egyptian pyramids are the only one of the ancient Seven Wonders of the World that have survived to this day.
Source:Egypt Independent
January 28, 2024 20:18 UTC
Where to Start When You Feel Lost in Life
When one feels lost in life, one begins to question so many things and delve into deeper questions about life in general. Feeling lost in life is a state, though not commonly communicated by people, is one that many among us can get and experience. While it can give a sense of relief to know you are not alone and that many might have experienced the same, it is crucial to know why one can feel lost. When we feel lost we feel a rush of emotions including:• Inability to take decisions, even when it comes to the smallest things. So, coming to the most important part, what to do when you feel lost in life?
Source:Egypt Today
January 28, 2024 16:50 UTC
Israel’s attacks on Gaza continue despite ICJ’s resolution, international condemnation
The Ministry of Health in Gaza reported on Saturday that Israeli forces killed 174 people and injured 310 more in 18 massacres against families in the Gaza Strip in the past 24 hours. The ministry warned that some victims were still trapped under the rubble or on the roads and that Israeli forces were blocking the access of ambulance and civil defence teams to them. The Palestinian Red Crescent said on Saturday that Israeli forces had targeted Al-Amal Hospital in Khan Yunis for the sixth consecutive day, amid ongoing shelling and shooting in the area. The Brigades said that it had targeted an Israeli tank and a troop carrier west of the city of Khan Yunis, south of the Gaza Strip. The Al-Quds Brigades fighters also targeted an Israeli Merkava tank and a troop carrier with RPG shells, west of the city of Khan Yunis.
Source:Daily News Egypt
January 28, 2024 12:48 UTC
‘Herafi’ programme: Supporting handmade, heritage products makers
The Ministry of Social Solidarity, in cooperation with the Central Bank of Egypt (CBE) and several banks, launched the “Herafi” programme to support small makers of handmade and heritage products. The programme is part of the presidential initiative to support irregular workers. Minister of Social Solidarity Nevine El Kabbaj said that the programme targets members of productive cooperative societies, productive families, and small entrepreneurs. Mervat Sabreen, Assistant Minister of Social Solidarity for Protection and Social Safety Networks, indicated that the first phase of the programme aims to train 1,000 small-scale producers in 2024 in various fields of handicrafts, such as jewelry, ceramics, shells, textiles, and traditional fashions. She said that the training also covers how to classify their projects and benefit from the CBE’s initiatives to support small projects, the laws that support small projects, and how to price their products in a way that ensures their marketing without exaggeration.
Source:Daily News Egypt
January 28, 2024 10:38 UTC
Egypt offers all incentives to support entrepreneurs: Finance Minister
Minister of Finance Mohamed Maait stated that the state is keen to support startups in various technological fields, such as finance, industry, and services. He made this statement during a meeting with representatives of “Cyberport,” the largest technology business hub in Hong Kong. Maait said that Egypt offers all incentives to encourage entrepreneurs, helping to create a digital economy that enables individuals, sectors, and companies to enhance productivity and maintain growth. He also explained that the digitization of the tax system has improved collection efficiency and integrated the informal economy into the formal economy. This helps to increase spending on developmental needs, which ultimately affects the lives of citizens and the services they receive.
Source:Daily News Egypt
January 28, 2024 07:57 UTC
Over 2 million women benefited from “care for maternal and fetal health” initiative
Egypt’s Ministry of Health and Population announced that 2 million and 438,000 women were examined, as part of the president of the republic’s initiative to “care for maternal and fetal health”, under the slogan of the initiative “100 Million Health.”Hossam Abdel Ghaffar, the official spokesperson for the Ministry of Health and Population, indicated that the initiative aims to detect early detection of diseases transmitted from the mother to the fetus and provide free treatment and health care. It also targets early detection of infection with Hepatitis B, HIV, and syphilis for pregnant women. Fathi added that the initiative guarantees the confidentiality of the analyzes and the accuracy of the test, by selecting reagents with international quality standards. It also includes advice on disease prevention and requires the woman’s approval and acceptance of the service. Nutrients are also provided to the mother during pregnancy.
Source:Daily News Egypt
January 28, 2024 03:31 UTC
Egypt engages in intensified efforts to secure captive deal and pause Gaza fighting: CNN
CAIRO - 27 January 2024: According to CNN, Egypt is currently engaged in intensified global efforts to secure the release of captives held in Gaza and negotiate an extended ceasefire amidst ongoing fighting, CNN reported on Friday. The upcoming meetings between Director Burns and key figures, including the Israeli intelligence chief, Egyptian officials, and the Qatari prime minister, signify progress in the ongoing negotiations as the White House pushes for a resolution. The meetings between Director Burns and Mossad director David Barnea, Egyptian officials, and Qatari Prime Minister Mohammed bin Abdulrahman Al Thani are expected to occur in France over the weekend. Egypt has continued working towards reaching a ceasefire in Gaza. However, the Egyptian Foreign Ministry has recently highlighted that Israel's imposition of "unreasonable conditions" has made it currently unachievable.
Source:Egypt Today
January 27, 2024 21:43 UTC
Photos: Egyptian-Indian military drill "Cyclone-II" kicks off
CAIRO - 27 January 2024: The Egyptian-Indian joint military exercise "Cyclone-II" kicked off with the participation of personnel of the Egyptian Special Forces of Thunderbolt and Airborne Corps as well as Indian Special Forces. The several days' drill is carried out on the combat fighting fields of the Egyptian Airborne Corps. The exercise entails implementing a set of training activities with the aim of exchanging combat expertise and skills between both sides. It falls within the framework of the Armed Forces' joint training activities with counterpart forces of sisterly and friendly nations.
Source:Egypt Today
January 27, 2024 21:07 UTC