Egypt, Sudan to boost economic cooperation in 4 areas

President Sisi meets with Sudanese counterpart Omar al-Bashir in Cairo - Press photoCAIRO – 20 March 2018: Egypt and Sudan will see increased cooperation in four fields: leather, food industries, cable industry, and electricity over the coming period, member of the Sudanese Egyptian Business Council Mohamed Harbi said.Harbi revealed that Egypt's economic presence will expand throughout Sudan, Ethiopia and Tanzania over the next few years.Harbi added that Tanzania has asked for Egypt to construct factories on its land, which Tanzania will facilitate.Harbi expected that the Sudanese Egyptian Business Council would hold a meeting after the visit of Sudanese President Omar al-Bashir to Egypt, in order to discuss the prospects for expanding investment and trade cooperation between Egypt and Sudan over the next few years.In light of Egypt's tendency to move towards Africa and operate an industrial zone there, Harbi has anticipated that increased support for economic movements across the African nations will come in the following years.Statistics showed that Egypt has recorded 273 projects in Sudan, with a total investment of $2.6 billion as of July 2016.Moreover, trade exchange between Egypt and Sudan left Egypt with a trade surplus of nearly $1 billion.This is due to the rise of exports from food industries, as well as building materials and textiles industries. On the other hand, Egypt imports live animals, sesame and other products.President Bashir arrived in Egypt on Monday for a one-day visit to discuss outstanding issues between the two countries, based on the agreement reached at the recent Addis Ababa tripartite summit.The one-day visit of the Sudanese president also focused on facilitating cooperation across various fields.

Source:Egypt Today

March 20, 2018 11:29 UTC

Yields of Aman Certificates rise to LE 105M in 2 banks

FILE- Casual workers holding their Aman certificatesCAIRO – 20 March 2018: Yields of the Aman Certificate for temporary and seasonal workers have been raised in the National bank of Egypt and the Agriculture Bank to record LE 105 million ($ 5.95 million) since the issuance of the certificate, according to recent statements.Chairman of the Agriculture Bank of Egypt al-Sayed al-Kosair said that the bank issued 44,000 Aman certificates with a total yield of LE 796 million.Kosair referred that a number of companies have applied to buy 76,000 certificates with a total value of LE 150 million.On Sunday, Kosair said that his bank issued certificates with a total yield of LE 20 million in two weeks amid awareness campaigns about the Aman Certificate across Egypt.Moreover, Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank issued 16,000 Aman Certificates, with a total yield of LE 26 million.The Aman Certificate is available at four Egyptian banks, which are the National Bank of Egypt, Banque Misr, Banque Du Caire and the Agriculture Bank of Egypt.The segments of Aman Certificates are LE 500, LE 1,000, LE 1,500, LE 2,000 and LE 2,500. The duration of the certificate is three years at a rate of 16 percent, and it can be redeemed at any time.At the beginning of March, President Abdel Fatah al-Sisi ordered the completion of an insurance policy for temporary and seasonal workers within 15 days.In response to Sisi's directions, Prime Minister Sherif Ismail affirmed that the Aman Insurance Certificate for temporary employment has no procedures or administrative documents, adding that it is worth LE 500 and can be increased until it reaches LE 2,500.Ismail clarified that the Aman Certificate’s monthly installment starts from LE 4, and its highest monthly installment is LE 20, with a benefit period of 5 years or 10 years.

Source:Egypt Today

March 20, 2018 08:48 UTC