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El-Arabi meets with EBRD’s Hildegard Gacek to discuss economic co-operation

Ashraf el-Arabi, minister of development and international cooperation discussed economic support to Egypt with Hildegard Gacek, managing director of the European Bank for Reconstruction and Development (EBRD) for the southern and eastern Mediterranean region on Wednesday. It was reported that the Egyptian government seeks to attract the EBRD to carry out operations in Egypt beside …

Islam Serour

Government studies new law to regulate foreign capital

By Ibrahim El-Masry Minister of Planning and International Cooperation Ashraf Al-Arabi said the government is considering drafting a new law to regulate the flow of foreign capital to Egypt whether in investments or funding for non-governmental organisations (NGOs). Speaking during a public session of the Shura Council that tackled the issue of foreign grants and …

Daily News Egypt

Rights organisation condemns assault on Egyptian doctors in Kuwait

The Egyptian Organisation for Human Rights (EOHR) condemned an attack on two Egyptian doctors working in Kuwait on Monday. According to the EOHR, the Egyptian government has failed to provide sufficient security for Egyptians working overseas by not properly investigating or seriously pursuing crimes against Egyptian migrant workers. The attack happened at Jahra Hospital, in …

Luiz Sanchez

Central Bank to issue more bonds and treasury bills

The Ministry of Finance announced the Central Bank of Egypt is to issue treasury bills and bonds, amounting to EGP 52 billion during September, state-owned news agency MENA has reported. The government will issue 91 day, 182 day, 273 day and 364 day treasury bills, amounting to EGP three billion, EGP eight billion, EGP 15 …

Daily News Egypt

Government to enforce Competition Protection Act

The government plans to re-enforce article 10 of the Competition Protection and Monopoly Prevention Act (CPMPA), according to Minister of Industry and Foreign Trade Hatem Saleh. The Citizens Against Price Rise Association (CAPRA) recommended reviving article 10 of CPMPA, which stipulates that the prime minister has the right to set the price of one commodity …

Islam Serour

New fiscal measures to address state budget deficit

By Islam Zayed and Mohamed Abdel Monsef The Government has prepared a new bundle of legislation aimed at increasing national revenue and alleviating budget strain. The legislation is scheduled to be enacted by year’s end. The Ministry of Finance (MOF) will enact further legislation to collect overdue taxes. The new bill resembles the tax payment …

Daily News Egypt

Bailout request by Spain would not affect debt rating: S&P

Madrid (AFP) – Ratings agency Standard and Poor’s said Wednesday that if Spain requested a full bailout from European Union rescue funds and the IMF, this would not affect the country’s debt rating. “The sovereign ratings on the Kingdom of Spain would likely not be directly affected should Spain’s government request a bailout through official …

Daily News Egypt

Ministry of Electricity ready with third contingency plan

By Salah Elmenoufy The Ministry of Electricity (MOE) determined the new sites where it will implement its third contingency plan to meet the summer’s demand. Sources said that the plan includes establishing new power generation units in a number of already installed stations. These units will be established in Elseyuf station in Alexandria, Elmahmodeya, Damanhour …

Daily News Egypt

Reconciliation

You need utopian idealists and pragmatic realists if we hope to make something of this mess we call a country

Mahmoud Salem

Ministries to launch an Intelligent Transportation System collaboratively

By Mohamed Radwan The Ministries of Communications and Transportation plan to restructure the transportation system in Egypt by launching an Intelligent Transportation System (ITS) in a number of Egyptian governorates. Preliminary cost estimates put the project at EGP 1 billion to be implemented over two phases. A Ministry of Communications official said that the Ministry …

Daily News Egypt