7th meeting of African Union Trade Ministries kicks off Dec. 12

Afreximbank - Photo courtesy of bank websiteCAIRO – 12 December 2018: The seventh meeting of African Union Trade Ministries kicked off on Wednesday in the presence of delegations from 55 countries, representatives of various African economic blocs' secretariats and representatives of international organizations interested in African affairs.Coordinator of the Center for Trade Policy in Africa David Luke said that the member states need to face the problems and obstacles of removing customs constraints.Luke clarified that the member states agreed to liberalize 90 percent of trade movement.President of the African Export – Import Bank (Afrexim bank)Benedict Okey Oramah said that they are working with the African Union on several files, including the African Continent Free Trade Agreement.Oramah noted that the bank supports the agreement according to available resources, pointing out that the trade area allows more progress.He added that the intra-trade fair in Egypt is considered a development event in Africa, noting that the Afreximbank will provide $25 million as a trade support and that it will work on providing services to more than 500 banks until 2020 to support regional trade.“We currently have 300 banks in this project and will offer it $8 billion,” Oramah stated.He pointed out that the African bank is using a digitalized system to allow trade flows in Africa, adding that the trade platforms will increase by three folds in 2020, and that the bank will provide more than $50 billion as an informal trade, and will facilitate payments in national currencies.

Source:Egypt Today

December 12, 2018 15:11 UTC


Orascom Development signs agreement to construct residential project

Orascom building- REUTERS- Mohamed Abd El-GhanyCAIRO – 12 December 2018: Orascom Development Egypt (ODE) announced signing the final agreement with the New Urban Communities Authorities (NUCA) to co-develop a 1,000 feddan integrated community project in 6th of October City, West Cairo, based on a revenue sharing model.Orascom clarified in a filing to the Egyptian Exchange (EGX) that NUCA's share of the total residential sales is 26 percent for the first eight years.As per the agreement, NUCA is entitled to a total cash payment of LE 11.4 billion over eight years and a primary in-kind residential BUA of 130,000 square meters delivered in the eighth year, which implies a land cost of LE 1,580 per square meter on a net present value basis.The statement added that NUCA will also be entitled to another in-kind residential BUA of 150,000 square meters divided equally on years nine and ten.“Through this agreement, ODE will be responsible for all construction, development, internal infrastructure, marketing and sales activities. While, NUCA will be contributing with the land alongside all associated external infrastructure to the boundaries of the project,” the statement read.The statement added that the project is expected to comprise over 19,000 units with a residential built-up area (BUA) of approximately 3.2 million square meters, generating an estimated total residential sales value of approximately LE 77 billion over a period of eight years.According to the statement, the integrated community is a complete residential complex offering dwelling apartment buildings and standalone units complemented with all necessary functions for a full-scale town such as commercial, educational district, sports club, medical and leisure facilities.“It is a milestone for the group to witness its first foray in the first home market, Egypt. We are very happy that we were able to successfully execute our strategy that we have communicated in 2016. I am pleased to say that the level of customer interest and demand have been very positive, exceeding our expectations,” CEO of Orascom Development Khaled Bichara.Orascom Development Egypt operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.

Source:Egypt Today

December 12, 2018 15:11 UTC


Egypt fails to reach Beach Soccer World Cup

FILE - Egypt Beach Soccer teamCAIRO – 12 December 2018: Egypt lost 7-6 to Nigeria on Wednesday afternoon at the 2018 Africa Beach Soccer Cup of Nations (BSAFCON) semi-finals; the game was held at Laguna Vista BS Stadium, Sharm El-Sheikh.Egypt needed to reach the final to appear for the first time at the World Cup as only the winner and the runners-up will represent Africa at the 2019 FIFA Beach Soccer World Cup in Paraguay.Nigeria, who reached the semi-finals as runners-up in their group, had a great start in the game and scored two goals by Azeez Abu and Victor Tale but Egypt decreased the gap by Mostafa Sasa’s goal seconds before the end of the first period.At the second period, Haitham Costa equalized for Egypt but minutes later Emeka Ogbonna and Abu added two goals to make the score 4-2 for Nigeria. Mostafa Samir scored the third goal for Egypt to make the score 4-3.At the third period, Abu added the fifth goal for Nigeria to make Egypt’s mission harder but two goals from Mostafa Samir and Mohamed Abdelnaby made the score 5-5.Two minutes later, Abu added the sixth goal for Nigeria and his own fourth in the game but Egypt’s Abdel Naby equalized from a penalty.Everyone was expecting the game to go to the additional time but a late goal from Ogbonna sent Nigeria to the final and secured their spot at the 2019 FIFA Beach Soccer World Cup.Nigeria will face the winner between Senegal and Morocco at the final, while Egypt will face the loser to decide the third place winner.Egypt hosts the championship at a stadium designed especially for this tournament from December 8 to 14.

Source:Egypt Today

December 12, 2018 15:00 UTC


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