The Release of the first economic Constitution in the history of Egypt

On Saturday 14th January 2012 the Federation of Egyptian Chambers of Commerce (FEDCOC) released the first economic constitution in the history of Egypt. This came just one day to the planned visit of the IMF to the country where a possible loan of $3 billion from the IMF to Egypt was to be discussed.

New fund for RE Projects in Egypt

According to H.E. Hassan Younes, Minister of Electricity and Energy, Egypt plans to set up in the coming phase a new cabinet affiliated fund for renewable energy projects.

Egypt transforms its desert into a renewable powerhouse

This year the 10th edition of the World Wind Energy Conference & Renewable Energy Exhibition (WWEC 2011) will take place in November in Egypt. Focus of the event is to promote the development of renewable energy and the acceleration of wind energy deployment in the MENA region: for this reason, the theme is “Green Energy: Changing Deserts in to Power Houses”.

Meanwhile, the host country is progressing well regarding its ambitious plans to increase substantially the share of wind and other renewable energies.

Germany swaps 240 euros of Egyptian debt to support Egypt's economic and political development

Germany will roll over 240 million Euro in Egyptian debt into development aid. The newly installed Egyptian foreign minister Mohamed Kalem Amr met his German counterpart Guido Westerwelle on Friday in Berlin during his first trip to Europe. According to the deal approved by both sides, the outstanding loans will be swapped in order to finance projects to support the stagnating economy and ease democratic reforms. These €240 million come on top of the €150 million which have already been pledged by Germany for Egypt for the period between 2011 and 2013.

The Dii and the DESERTEC Foundation launch DESERTEC Thesis Award

The industry initiative Dii, the DESERTEC Foundation and its University Network proudly announce the launching of the DESERTEC Thesis Award this year. The award shall recognize outstanding research papers. Students and young academics from the Middle East, North Africa and Europe who work or have worked within the framework of a university or research center are very welcome to apply. Relevant are all papers related to the implementation of the DESERTEC vision: power generation from sun and wind energy in the deserts, electricity transmission over long distances, renewable energy project financing as well as regarding socio/economic effects of the implementation of the DESERTEC vision in producing countries. The deadline is September 16th 2011.

ITMA - The International Exhibition of Textile Machinery

The International Exhibition of Textile Machinery will take place from 22nd until 29th September 2011 in Barcelona, Spain. ITMA is held every four years in a different European country, the last time it took place in Munich, Germany. This year it will be celebrating its 60th birthday together with leading names in the textile and garment machinery manufacturing.

Since 1951 the International Exhibition of Textile Machinery has been successfully providing a showcase for the whole textile-making process. It offers an excellent opportunity for all kind of textile market agents to exchange, learn and network. The last ITMA 2007 in Munich/ Germany attracted 118,000 trade visitors from 149 countries. In total 1, 451 companies from 38 countries presented the latest developments and technical innovations for the entire textile chain to visitors and competitors.
 

Egypt accepts $2 billion from the World Bank

The Ministry of International Cooperation has accepted US$2 billion in grants and loans from the World Bank under the Partnership for Development Program.

Egypt's exports to France rise by 40 percent

According to statistics of the Commercial Representation Authority, the overall trade balance between Egypt and France increased by 36.4 percent to one billion euros from January to April 2011 compared to the same period previous year. Egyptian exports to France rose by 40 percent to add up to 466 million euros in 2011. While oil exports shot up by 52 percent to reach 261.3 million, non-oil exports increased by 27.3 percent to reach 205,1 million euros. Imports from France went up by 33.3 percent to 532 million euros compared to 400 million last year. Main Egyptian export items included perfume essences, vegetables, cotton and ready-made garments.

Egypt first African Country to compete in European Solar Competition

The American University in Cairo is the first African and Middle Eastern university competing in a European competition in Madrid, Spain, this September. Solar Decathlon Europe 2012 is a worldwide contest where 20 universities compete for the design and construction of a self-sufficient house. The AUC intends to build a home which is energy-efficient and environmentally sustainable, naming the project Sustainable Living Interactive Design SLIDES.

Barroso visits Egypt to confirm EU's committment to Egypt

José Manuel Barroso, President of the European Commission, visited Egypt last week. He was accompanied amongst others by Philippe Maystadt, EIB Chairman, Marcus Cornaro, Director of EuropeAid, and Catherine Ashton, General Director of European External Service EEAS. They talked to the Egyptian Prime Minister Essam Sharaf and to Mohamed Hussein Tantawi, Egyptian Minister for Defense and Military Production, Commander-In-Chief of the Armed Forces. The European Delegation had lunch with the Civil Society and Intellectuals. Afterwards they met with Ali Gomaa, Grand Mufti of Egypt, as well as with Shenouda III, the Coptic Pope of Alexandria. Further, Barroso made the effort to go to Tahrir Square in order to listen to the protesters and to understand their points of view.

Following Maystadt's visit to Egypt: EIB wants to loan 1,5 billion Euros to Egypt, and diversify its portfolio to better reflect Egyptian government's needs and priorities

The European Investment Bank (EIB) plans to offer 6 billion Euros in loans to the Arab region in the coming years, of which €1.5 billion are expected to go to Egypt. Much of this financing has already been “identified in pipeline projects”, says Maystadt, EIB president, during his visit to Cairo last week. The EIB has traditionally focused on projects in Egypt’s energy sector. However, Maystadt stressed the money would also flow into other sectors and projects, which are in line with the priorities of the new government.

Economic Update on Egypt and on the EU

Egypt has always been interesting for investments. After Jasmine Revolution the country has been granted even more financial assistance for an ample range of programs. Although the European Union has become weakened due to the Euro crisis, stronger countries as Germany or Denmark support Egypt financially. Egypt is on its way of stabilization and therefore, its economy has recovered slightly in comparison to the previous months.

You can view the new version dating from the 10th of July here.

610 million Euros from EIB to support Egyptian electricity

The European Investment Bank EIB is willing to continue to support electricity projects in Egypt with 610 million Euros. The money will be invested in the projects of the wind farm of Gebel Zeit and the North Giza plant (1 and 2). Moreover, it is under discussion that the North Giza plant (3) and a wind plant in the Gulf of Suez could also be funded by the EIB in the future.
www.eib.org
 

Ethiopia plans power exports to Egypt

Ethiopia plans to produce 20,000 Megawatts of electricity in the next ten years. This will enable the country to sell power to Sudan, Yemen, Kenya and Egypt. Therefore, it is about to become the major power exporter on the continent. Currently, Ethiopia is building a 5,250 Megawatts dam and six more projects are planned or under construction, adding 5,000 Megawatts. Among them is a project which links Ethiopia with Sudan and Egypt with a 3,000km 500kV line. Officials estimate that the hydropower potential of the country has a capacity of around 45,000 Megawatts. Thus, these projects will boost the economies on the African continent and give more power balance in the region through the regional interconnection.

DAAD offers Scholarships for German Master Programmes

The German Academic Exchange Service (DAAD) is an independent organization of higher education institutions in Germany and has just started a new initiative to attract young qualified employees and young executive managers for master programmes in Germany.

IMF grants $3 Billion support for Egypt

Deputy Director of the IMF’s (International Monetary Fund) Middle East and Central Asia Department, Ratna Sahay, announced the draft for the $3 billion support to Egypt. The 12-month stand-by arrangement shall support Egypt’s transition towards democracy.

G8 countries will give $20 billion to post-revolution governments in the Arab World

Last weekend the G8 countries USA, Canada, Japan, Germany, Russia, France, Great Britain and Italy meet in the French town Deauville. The summit was also attended by representatives from African countries such as Tunisia and Egypt for a fair and cooperative dialogue.

EU Breakfast on Economic relations with South Med Countries

On the 25th of May 2011 the European Parliament will hold a working breakfast on “EU Economic Relations with the Southern Mediterranean Region - Working together to help revive and restructure economic activity in the Southern Mediterranean”. Dr. Alaa Ezz, Secretary General of CEEBA will be one of the speakers at the event which is hosted by two Members of the European Parliament, Mario David and Daniel Caspary
 

EU increases financial assistance to nearby countries

The EU made a U-turn in its policy to its nearby countries by releasing the document “A New Response to a Changing Neighbourhood”. Among the 16 listed EU neighbours are Algeria, Azerbaijan, Egypt, Georgia, Israel, Jordan, Morocco or the Palestinian Territories. They offer to give more aid to those moving faster towards democracy.

Europe development bank considers Arab potential

After financing the former soviet states over the past two decades the European Bank for Reconstruction and Development EBRD intends to expand its operations to North Africa.

Egypt and Italy sign mutual cooperation agreements

Egypt and Italy met the first time after the 25th January Revolution and signed several contracts such as the Memorandum of Understanding on a debt for development swap deal.

Study: European Union and Egypt - Beyond Investments

The study called “European Union and Egypt – Beyond Investments” by Dr. Alaa Ezz, CEEBA Secretary General and Niveen El Shafei, GAFI vice chairperson, is now available online.

France allocates 20% of aid for democracy in Egypt and Tunisia

According to the French Foreign Minister Alain Juppe, 20% of France’s foreign aid should be used to establish democracy in Egypt as well as Tunisia.

EU announces new plan for trade stimulation for North Africa

Brussels confirmed an agreement which will enable countries in North Africa, the Middle East and the Balkans to export goods to the EU at lower tariffs, in order to provide incentives for bilateral trade.

No stipulation on European support to Egypt

Foreign Minister of Egypt, Nabil Al-Araby, stated on Monday, that Europe has not set any conditions in order to support the economy of Egypt yet.

French foreign minister promises assistance to Egypt

On his recent trip to Egypt, the newly designated French Foreign Minister Alain Juppe, met with the head of the Supreme Council of Armed Forces, Hussein Tantawi, and Secretary General of the League of Arab States.

New Finance Minister of Egypt asks EU for relief on loans

In a meeting with British Trade and Investment Minister Lord Stephen Green, Egypt’s new finance minister, Samir Radwan, asked the EU to depreciate debts, or at least to forgive interest on these loans.

EU grants 72 Mio. Euros for the project implementation of the Union for the Mediterranean

During the summit in Paris in July 2008, where the Union for the Mediterranean was officially launched, a list of projects was created to cover regional projects in six different sectors. The EU recently started supporting this Union by financing the projects with a grant of 72 Mio. Euros.