|
| ROUND UP: The month at a glance |
CBE MAKES PAYMENTS:
In response to negative criticism from a Fitch Rating report, the Central Bank
of Egypt announced that it would pay its debts in a timely fashion, Al Akhbar
reported January 24. The bank said it had paid $349.1 million to the Paris Club
of creditor nations that month, in addition to a transfer of $157 million into
Egypt’s account at Banque de France.
EGYPT-U.S. TRADE RISES
BEFORE SEPTEMBER:
Ministry of Foreign Trade officials announced that trade between Egypt and the
United States amounted to $3.21 billion for the nine months ending September 30
of last year, 1.7 percent more than for the same period the previous year. The
Egyptian press reported that Egyptian exports to the United States increased by
8.9 percent over the nine-month period, while US imports to Egypt increased
incrementally.
EGYPT-CANADA TRADE ALSO
GROWS:
According to the Trade Representative Agency, Egypt’s exports to Canada logged a
30-percent increase over the 11-month period that ended in November 2001. In
terms of dollars, exports to Canada rose to $26 million, up $6 million from the
previous year, Al-Ahram reported on February 8.
FUNDS ALLOCATED FOR SMALL
BUSINESS:
The government announced on February 10 that $400 million earmarked
for the Social Development Fund during the Sharm Al Sheikh donors’
meeting would be used in projects to encourage small-scale industrial
businesses. The announcement also said that the government was considering
amending Law 203 (which regulates public-enterprise activities)
in order to jump-start privatization.
PRIVATIZATION RUN AFOUL:
A dispute between Misr Hotels EGM and the Ministry of Finance over £E 180
million in tax arrears has led to a delay in efforts to privatize the company
until the issue is resolved. With news of the postponement on January 27, the
company’s shares did poorly, decreasing by 1.33 percent to close at £E 80.06.
LAKAH CALLED ON CHECKS:
Ramy Lakah, CEO of the Lakah Group, has been sentenced in absentia for writing
bad checks. The former member of parliament was sentenced to two years, with
bail set at £E 2,000. Lakah had written two checks to an insurance company for
£E 16,000 each in April and May of 2000, both of which bounced.
CEMENT ACTION STUCK:
The Capital Markets Authority (CMA) announced on February 4 that trading would
be stopped on Alexandria Portland Cement and that negotiations over the sale of
the company would remain suspended due to lack of transparency on the part of
the company. The CMA said it was suspending an offer to buy all remaining
free-float shares until the company disclosed its 2001 financial results.
TURKISH PROJECTS ANNOUNCED:
Prime Minister Atef Ebeid at the beginning of February announced a series of
projects to be started in Egypt by prominent Turkish entrepreneurs. The projects
will include setting up an industrial zone for modern industries as well as a
natural-gas liquefaction plant, with total investments amounting to $100
million.
EDKU GAS PORT ANNOUNCED:
Minister of Petroleum Sameh Fahmy announced at the end of January that Egypt’s
natural-gas reserves had reached 55 trillion cubic meters, and that a new port
would be established at Edku, east of Alexandria, to export natural gas. He also
said he expected total investments in the natural-gas sector to reach $2,300
million over the coming four years.
TELECOM AGREEMENT SIGNED:
Minister of Communications & IT Ahmed Nazif signed an agreement on February 17
between Telecom Egypt and multinational telecom firm Ericsson. Ericsson will
invest †200 million ($174 million) in Egypt over the next five years and will
establish a regional telecommunication center
serving 21 African countries.
AL-AHRAM OPENS CD FACTORY:
Media giant Al-Ahram has opened a new factory to produce CDs and
DVDs. The state-owned company’s flagship Al-Ahram newspaper
said the factory, built at a cost of £E 7 million, was the largest
of its kind in Egypt and was set to produce some 36 million discs
annually. There are plans to further increase capacity to 60 million
discs a year.
Submit your comment
Top
|
