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| ROUND UP: The month at a glance |
Australia and Egypt reach barter deal:
Australia and Egypt agreed on a 10-year barter deal last month,
under which Australia will barter its wheat in exchange for Egyptian
fertilizers. Egypt has similar deals with Russia and Ukraine. The
move aims to decrease Egypt’s trade deficit.
Coca-Cola secures new investments:
Cayman Islands-based Atlantic Industries Ltd, a wholly owned subsidiary
of the US Coca-Cola Company, is planning to invest $126.8 million
into Coca-Cola Egypt to finance expansion plans and advertising
campaigns. Coca-Cola Egypt’s capital is £E 543 million.
New plan to reduce public enterprise debt:
Under a new plan to help pay off £E 29 billion in debts owed
to banks by public enterprises, the debts will be transferred into
bonds held at the banks. The government, hoping to make the enterprises
more attractive to private investors, has already reduced this debt
from £E 39 billion seven years ago.
Export subsidies for Canal passage:
Prime Minster Atef Ebeid announced on January 29 that the Export
Development Fund would subsidize 80 percent of Suez Canal fees for
ships leaving from Port Said and the Red Sea carrying exclusively
Egyptian exports. Canal fees are around $4.50 per ton.
Oil production sees slim fall:
Crude oil production reached 629,350 barrels per day in January,
declining slightly from 629,903 barrels per day in December 2002.
872 new companies established:
The General Authority for Investment & Free Zones has announced
that 872 companies, costing £E 1.2 billion, were established
in the last fiscal year. Local investors financed £E 1.126
billion of the cost, while foreign investors contributed £E
74 million.
GAFI encourages exports:
The General Authority for Investment & Free Zones (GAFI) announced
that four new export-oriented ventures would be established, one
in each of the country’s free zones. The projects – which
include a clothing factory in Amriya and a ship production plant
in Suez – will export at least 50 percent of production.
EMPC signs new contracts in Gulf:
Egyptian Media Production City (EMPC) says that during a recent
road show in the Arab Gulf, it signed contracts worth £E 65
million with Dubai Television and the Arab Company for Production
in Dubai to jointly produce 12 television series. EMPC expects to
take three more road shows around the region this year to attract
investments.
IDB increases capital:
The Industrial Development Bank’s general assembly has approved
a capital increase from £E 175 million to £E 500 million.
Egypt ranks third in industrial growth:
Egypt’s ranking on industrial growth output among emerging
markets was boosted from fifth to third, according to the latest
report by the Cabinet Information & Decision Support Center.
Egypt registered 7.8-percent growth in industrial output, following
China (14.9 percent) and Thailand (10.9 percent).
Cabinet approves bank law:
On February 18, the cabinet endorsed the latest draft of the proposed
Unified Banking Law, to be submitted to the president and the People’s
Assembly for final approval.
Stake in Bisco Misr still up for sale:
The Holding Company for Food Industries declined an offer of £E
88 million from British food company IDC to acquire the holding
company’s 34-percent stake in Bisco Misr, arguing that the
offer is below the stock’s fair value.
Kima chemical sales down:
Local chemical company Kima recorded a 35.3-percent year-on-year
drop in sales in its first half 2002/03 results. The company’s
net loss was £E 1.1 million, compared to a net profit of £E
7.5 million in the first half of fiscal year 2001-02.
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