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| ROUND UP: The month at a glance |
Palm trees denied travel permits
The Ministry of Agriculture & Land Reclamation’s decision
to cancel a decree permitting the export of palm trees for commercial
purposes means that some 140 exporters will have to content themselves
with the local market. Sending palms abroad for scientific purposes
had been permitted since 1992, upon ministry approval, but a decree
issued earlier this year aimed at opening new commercial markets
in Spain, China and Italy.
Misr Exterior Bank to merge with Banque
Misr
The Central Bank of Egypt (CBE) has formed an ad hoc committee to
supervise the merger of Misr Exterior Bank (MEB) into the larger
Banque Misr. Under the decision, all MEB liabilities and obligations
will be undertaken by Banque Misr to ensure that the rights of MEB
clients and depositors and any other creditors are ensured.
October negotiations for Egypt-U.S. FTA
The Ministry of External Trade & Industry has announced a new
round of Egyptian and American negotiations on a proposed free trade
agreement (FTA) and means of boosting the currently operative trade
and investment framework agreement (TIFA). The US this year signed
FTAs with Bahrain and Morocco.
OPEC proposes membership for Egypt
The Egyptian cabinet is scheduled to discuss an invitation from
OPEC for Egypt to join the cartel. OPEC, which next meets in early
December in Cairo, cited the country’s key role in the region
and its well-developed oil and gas sector, as the reason behind
the invitation.
finance for SMEs
The World Bank has signed an agreement with the Commercial International
Bank (CIB) for a special unit to finance small and medium scale
enterprises (SMEs). According to CIB chairman Mohamed Ashmawi, the
new unit will offer loans at 7-percent interest to enable SMEs to
manage their business with the most up-to-date technologies. Export-oriented
SMEs will be given priority for credit lines.
Metro extension planned
The Ministry of Transport has announced plans to extend the metro
line from Shobra Al Kheima to Kalioub. Phase one of the project
will extend from Shobra Al Kheima to Mit Nama at a cost of £E
500 million. The £E 600 million second phase, from Mit Nama
to Kalioub, is scheduled for completion in 2007.
Arab stock market planned for 2005
Officials have unveiled plans for an Arab stock exchange comprised
of Egypt, Tunisia, Kuwait, Lebanon, Jordan and Oman, to be headquartered
in Cairo. The new bourse, to be called the “United Arab Stock
Exchange,” is expected to be operational in 2005, utilizing
a single currency – either the euro or the dollar. Arab stock
markets have a combined market capitalization of over $360 billion.
Egypt ranks 95 on economic index
Egypt, with a per-capita GDP of $1,221, ranks 95th, behind such
nations as Sri Lanka and Burkina Faso, on the Index of Economic
Freedom compiled by the Heritage Foundation and the Wall Street
Journal. The index measures property rights, trade and monetary
policy, and overall government intervention in the economy.
Inflation down as oil exports climb
The third quarter of fiscal year 2003-04, according to the Central
Bank of Egypt (CBE)’s monthly report, witnessed a marked decline
in the inflation rate with oil exports reaching $1,148 billion,
from $874 million in 2002. The foreign currency reserve increased
by the end of May to $14.419 billion against $14.305 billion in
April, according to the report. The monthly inflation rate declined
in May to 0.1 percent against 0.5 percent in April.
Gov’t allocates funding for civil
society
The Ministry of Insurance & Social Affairs has announced the
allocation of £E 4.6 million to non-governmental organizations
(NGOs) and civil society institutions. Ministry officials said the
funds will be divided among NGOs that have a proven track record
in social development.
PM notes positive economic performance
Prime Minister Ahmed Nazif, inaugurating a meeting of Arab central
bank governors and representatives of monetary institutions, said
that Egypt achieved a 4.1-percent growth rate in the 2003-04 fiscal
year compared to 3.1 percent the previous year. Nazif also noted
that Egypt’s positive economic performance reflected on the
trade balance with a surplus of $3.7 billion in the 2003-04 fiscal
year compared to $1.9 billion the previous year.
56-year Olympic draught ends
Egyptian athletes at the Athens Olympics won the most medals in
an Olympics in 56 years. Egypt won five medals – a gold, silver
and three bronze – finishing 46 out of the 202 countries that
participated. The five medals earned in wrestling, boxing and tae
kwon do were the most won since the 1948 Olympic Games in London.
Gov’t inks deals for IT development
The Ministry of Communications & Information Technology has
inked a $15 million investment deal with CISCO Systems International
for the establishment of a regional e-learning and IT training center
in Egypt’s Smart Village. Another agreement was signed with
Telecom Egypt targeting small and medium-sized companies affiliated
to the business sector as well as supporting civil society as part
of the government’s program to expand e-learning services and
IT training.
‘Advantage Certificates’ offer
12-percent interest
The National Bank of Egypt (NBE) and Banque Misr have placed what
they refer to as “Advantage Certificates” on the market,
offering a generous 12-percent interest rate – 2 percent above
the rates of other savings certificates and deposits.
Egypt a leading source of Internet threats
The Middle East leads the world as the source of Internet threats
per capita, although the US is once again the source of the most
attacks by volume, receiving 37 percent of all attacks. When the
attack per capita rates are examined, Egypt is ranked 6th, Turkey
7th, Kuwait 15th and Oman 17th.
Port Said factories get rent reduction
The governor of Port Said, Mustafa Kamel, has announced a rental
reduction in industrial areas, state newspapers reported. The annual
rent for factory space per square meter will be £E 20. The
minister was quoted as saying investors would have the option of
purchasing land for their enterprises.
Devices installed to monitor Israeli nuclear
emissions
Egypt has installed advanced detectors at its border to monitor
any radiation coming from Israel’s Dimona reactor, according
to Egyptian officials. Seventeen stations were reportedly installed
along the eastern Sinai peninsula section of its border with Israel
in an effort to monitor radiation from the reactor, said to be the
production facility for Israel’s nuclear weapons.
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