Egypt reiterates rejection of Palestinian displacement, Shoukry
CAIRO -21 May 2024: Egypt’ Foreign Minister Sameh Shoukry affirmed during a phone call held with his Dutch counterpart Hanke Bruins Slot Egypt's total rejection of displacing Palestinians from their lands and liquidating the Palestinian cause. During the phone conversation, Shoukry underlined the importance of rallying international efforts to put an end to this war and launching a political process, which mainly aims to the establishment of an independent Palestinian state, said Foreign Ministry Spokesman Ahmed Abu Zeid. The two ministers also exchanged the latest Israeli plans to launch a military operation in the Palestinian city of Rafah, added the spokesman. For her part, the Dutch minister appreciated efforts exerted by Egypt to resolve the crisis in the war-ravaged Gaza Strip. She further affirmed her country's support of the two-state solution, which allows the establishment of a Palestinian state alongside the Israeli state.
Source:Egypt Today
May 21, 2024 23:47 UTC
Finance Ministry announces EGP 8bn disbursement for export subsidy initiative by 6 June
The Egyptian Finance Ministry is set to disburse EGP 8bn to exporters as part of the lump-sum export subsidy payment initiative. The upcoming fiscal year’s budget allocates EGP 40.5 billion for these initiatives, including EGP 23bn to address export-related challenges promptly. Over the past four years, the government has provided EGP 55bn in support to exporters, with an additional EGP 8bn slated for disbursement. The Ministry of Finance, in collaboration with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund, has successfully implemented previous initiatives to clear export support arrears. Export support payments are processed through the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Export Development Bank of Egypt (EBank).
Source:Daily News Egypt
May 21, 2024 19:15 UTC
Finance Minister addresses economic challenges, initiatives amidst global uncertainty
Finance Minister Mohamed Maait has announced the commencement of a corrective phase in Egypt’s economy, aimed at mitigating the severe impacts of both domestic and international challenges. This initiative seeks to minimise potential risks, particularly in response to the ongoing conflicts in Ukraine and Gaza, as well as the broader instability across the Middle East, including tensions in the Red Sea region. During a seminar titled “Policy Making in Times of Increased Risk and Uncertainty,” Maait highlighted the government’s approach to managing public finances under these challenging conditions. He projected a significant drop in Suez Canal revenues, by approximately 60%, due to the Red Sea tensions, leading to increased public spending. The state is dedicated to attracting greater investment and has allocated EGP 120bn in financing facilities to support productive activities.
Source:Daily News Egypt
May 21, 2024 11:40 UTC
Divided we stand: Israeli leadership clashes over Gaza’s future
Netanyahu has retorted that the priority should be eliminating remaining Hamas fighters in Rafah. They demand that Netanyahu choose between leaving Gaza under Israeli military control or establishing a Palestinian alternative to Hamas with international support. At the height of the Israeli counteroffensive in December, around 28 IDF brigades were operating in Gaza. Such a move would likely necessitate Israeli withdrawal from the West Bank and the dismantling of illegal settlements, alienating his right-wing coalition partners. Many Israelis believe Netanyahu is prolonging the Gaza conflict to maintain power, with the war’s conclusion potentially triggering elections.
Source:Daily News Egypt
May 21, 2024 11:32 UTC
Suez Canal revenues to decline by 60% amid regional tensions
CAIRO – 20 May 2024: Minister of Finance, Mohamed Maait, has revealed projections for Suez Canal revenues, to decline by around 60 percent due to tensions in the nearby Red Sea. In a statement, Maait highlighted the impact of global and regional crises on Egypt's economy, particularly through soaring inflation. This rise can be attributed to the global price hike, escalating shipping costs, and the fluctuation in the exchange rate against the dollar. Maait confirmed that the increase in public expenditures has accompanied the decline in Suez Canal revenues. Earlier in April, Minister of Planning and Economic Development, Hala El-Said announced that Suez Canal revenues witnessed a decline of 50% due to Red Sea tensions.
Source:Egypt Today
May 21, 2024 03:35 UTC
Explainer: Implications of Raisi’s death for Iran’s leadership
Raisi’s death is poised to have profound implications for the trajectory of one of the Middle East’s most influential roles, as he was once seen as a possible heir to the 85-year-old Supreme Leader, Ayatollah Ali Khamenei. What’s the difference between Iran’s Supreme Leader and President? The Supreme Leader, referred to as the “Guardian Jurist” within Shia Islam, wields absolute authority in Iran, overseeing all pivotal state decisions. Iran’s Constitution mandates that the First Vice President assumes interim leadership following a President’s death. For legitimacy, the next Supreme Leader must resonate with the populace that endorses the prevailing religious governance.
Source:Daily News Egypt
May 20, 2024 18:28 UTC
15% of global agenda for achieving SDGs is on track for fulfilment by 2030: Mohieldin
He presented the stark realities with statistics: only 15% of the global agenda for achieving the Sustainable Development Goals (SDGs) is on track for fulfilment by 2030, while a significant 55% is severely off track. Mohieldin pointed out that current growth rates are insufficient for achieving the Sustainable Development Goals. She stressed the importance of providing concessional development financing, direct investments, and technical advice and consultations to enable sustainable financing. Al-Mashat pointed out that achieving sustainable financing demands unity among all stakeholders and global collaboration to tackle the issues facing the world economy. She underlined that the Ministry is diligently working on the implementation of 11 sustainable development goals.
Source:Daily News Egypt
May 20, 2024 18:25 UTC
Azhar Grand Imam mourns Iranian President Ebrahim Raisi, FM Hossein Amir Abdollahian
CAIRO -20 May 2024: Egypt’s Al-Azhar Al-Sharif and its scholars mourned on Monday Iranian President Ebrahim Raisi, along with Foreign Minister Hossein Amir Abdollahian, and their companions, who passed away following the helicopter crash accident that took place, Sunday. Egypt’s Presidency and the Ministry of Foreign Affairs also mourned the late Iranian President and his Foreign Minister Hossein Amir Abdollahian. Sisi also prayed to God Almighty that the deceased Iranian President and the departed may rest in God’s mercy, and grant their families patience and solace. Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir Abdollahian have died in a helicopter crash in the northwestern province of East Azarbaijan, Iranian Press TV confirmed, Monday. Funeral ceremony for the late Iranian President Ebrahim Raisi is to be held, Tuesday in the city of Tabriz.
Source:Egypt Today
May 20, 2024 16:54 UTC
Egypt’s urban inflation sees significant slowdown to 32.5% in April 2024: CBE
The Central Bank of Egypt (CBE) reports that annual urban headline inflation decreased to 32.5% in April 2024, down from 33.3% in March. April’s annual food inflation rate slowed to 40.5%, the lowest since December 2022, following a peak of 73.6% in September 2023. Annual core inflation decelerated to 31.8% in April from 33.7% in March, reflecting a reduced impact from core food prices. Monthly core inflation was recorded at 0.3% in April, a decrease from 1.7% in the same month of the previous year. , adding to monthly headline inflation, primarily due to clothing, footwear, and personal care products.
Source:Daily News Egypt
May 19, 2024 20:43 UTC
MSMEDA committed to supporting innovative, technological projects: CEO Rahmi
Basil Rahmi, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), expressed the agency’s dedication to supporting innovation and entrepreneurship. Further, Rahmi detailed MSMEDA’s collaboration with various state bodies to extend financial and technical support to entrepreneurs, aligning with the Prime Minister’s directives. A notable initiative is the inaugural venture capital program, established in partnership with the World Bank Group. The program also aids new and seasoned investment funds experienced in venture capital and bolsters high-growth potential companies and innovative ventures. This included projects that benefited from MSMEDA’s services, particularly those aimed at increasing employment for women in Upper Egypt, supported by the Spanish Agency for International Development Cooperation.
Source:Daily News Egypt
May 19, 2024 20:16 UTC
Egypt's exclusion from ILO's observations list reflects commitment to workforce welfare: Minister
The exclusion from the list, which will be discussed during the 112th Session of the International Labour Conference (ILC) in June, demonstrates Egypt's commitment to global labor standards, he added. During this period, the Conference Committee on the Application of Standards (CAS) will convene to discuss the 2024 Report of the Committee of Experts on the Application of Conventions and Recommendations. The report addresses observations on the implementation of ratified Conventions by specific member states, covering topics such as freedom of association, forced labor, and child labor elimination. CAS will examine a list of 40 cases compiled by social partners to possibly provide recommendations for governments to address the identified issues. The proposed legislation aims to enhance job security for workers and foster investments, as stated by the Ministry of Labor.
Source:Egypt Today
May 19, 2024 12:58 UTC
CEC forecasts increased investment in chemicals, fertilisers in upcoming period
Additionally, the government supports locally manufactured goods that can compete with foreign products in terms of quality and price. Chief among these challenges is the persistent scarcity of certain essential raw materials required for production in the market. Despite the availability of currency, importing raw materials still poses numerous obstacles due to the absence of the final product in the local market. Aboulmakarem advocates for streamlining the import process for raw materials and promoting the establishment of factories dedicated to producing these materials. Additionally, he stressed the urgency of expediting export support procedures and ensuring timely disbursement of support to exporters.
Source:Daily News Egypt
May 19, 2024 09:41 UTC
Egypt's FM to visit Greece for enhancing relations, discussions on Gaza war resolution efforts
CAIRO – 19 May 2024: Foreign Minister Sameh Shoukry will travel to Greece on Sunday to strengthen Egyptian-Greek relations and engage in discussions on regional and global matters, especially efforts to resolve the ongoing Gaza war. According to Ahmed Abu Zeid, the spokesperson for Egypt's Foreign Ministry, Shoukry's visit to Greece reaffirms the strategic ties between the two countries. It also underscores the mutual commitment of Egypt and Greece to further enhance their robust and growing relationship, he added. During his visit, Shoukry will hold extensive discussions with Georgios Gerapetritis, the Greek Minister of Foreign Affairs, to monitor the progress and bolster the bilateral cooperation program. The Copelouzos Group is responsible for constructing and operating the renewable energy sources in Egypt generating 9.5 GW of power.
Source:Egypt Today
May 19, 2024 08:34 UTC
Environment min., WB mission discuss developing environmental curricula in universities
This came within the framework of the meetings of the WB’s mission to review the project. Fouad said that the meeting tackled accrediting environment experts to link it with the system of accreditation and registration of the Ministry of Environment, adding that this comes within the framework of upgrading the system of qualification and appointment of individuals.
Source:Egypt Today
May 18, 2024 23:49 UTC
Health Minister emphasises state’s commitment to developing nursing sector
Egypt’s Minister of Health and Population, Khaled Abdel Ghaffar, underscored the state’s dedication to creating a comprehensive strategy for advancing the nursing sector. This commitment extends to supporting and training medical personnel, ensuring their seamless integration with the state’s healthcare efforts for citizens. During his speech at an event hosted by the Egyptian General Nursing Union to celebrate International Nurses Day, Minister Abdel Ghaffar highlighted the irreplaceable role of nurses. To sustain nursing services, the Ministry of Health and Population has devised equitable plans for distributing new appointments within nursing bodies. Minister Abdel Ghaffar emphasized integrated plans to enhance nursing efficiency and build the capabilities of nursing cadres.
Source:Daily News Egypt
May 18, 2024 20:58 UTC