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[l] at 1/13/22 1:02pm
In 2021 alone, an estimated 235 million people needed humanitarian assistance and protection, an increase of 40% from the previous year, according to IOM Egypt’s Chief of Mission Laurent de Boeck.  De Boeck’s comments came in a panel discussion that was held on Thursday during the World Youth Forum titled ‘The Role of International Institutions in the Post-Pandemic Recovery.’ The chief of mission said that IOM Egypt is aware of the devastating consequences of the coronavirus pandemic on countries and their population, as it threatens to put 70 million people in extreme poverty.  De Boeck noted that when the world was closing, IOM developed all means to guarantee permanent contact with the most vulnerable migrants, providing them with socio-economic, health, and mental health support during all the phases of their migration cycle. This approach has become the new normal of the IOM worldwide, with a specific approach to higher vulnerabilities and excellent cooperation with countries.  Furthermore, he thanked the Egyptian government for its role in providing support and access to social-net assistance and healthcare, including vaccination, to migrants, adding that the IOM is keen to pursue this approach with governments worldwide. The post An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt appeared first on Daily News Egypt.

[Category: Business, IOM Egypt] [Link to media]

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[l] at 1/13/22 12:52pm
The COVID-19 shock demonstrated the power of policy. The quick rebound of investment in Europe (excluding in Ireland, where real investment is lagging behind) shows that public support was crucial in softening the impact of the economic shock on firms and households. However, there are signs that the COVID-19 crisis has exacerbated existing asymmetries and inequalities. The pandemic’s impact is not being felt evenly across Europe. Regions are rebounding at different speeds. While digitisation and the green transformation of the economy are accelerating profound structural change, Europe risks becoming more unequal. These are some of the key findings of the 2022 edition of the EIB’s annual Investment Report, ‘Recovery as a springboard for change.’ The report — the most comprehensive, regular examination of investment in the EU — looks back at the impact of the pandemic on individuals, firms, and countries within the European Union. It also looks forward, at how to use the recovery as a springboard for transformation by examining investment in climate change and digitisation and the role of public support in ensuring a just recovery, preventing rising inequalities. “Public support was and remains crucial in safeguarding jobs and keeping business afloat during the pandemic. But our latest investment report shows that the different social and regional vulnerabilities that existed before the crisis are exacerbating an uneven recovery and amplifying existing heterogeneity,” said EIB Vice-President Ricardo Mourinho Félix. “That is why the EIB will consistently ensure that the opportunities offered by the transition to a greener and more digital economy are shared throughout the EU. Modernising infrastructure must be accompanied by further investment in social infrastructure — and particularly in talent, skills and training — to make this historical transition one that is just for all.” “In less than two years, real gross domestic product (GDP) and investment are back to pre-pandemic levels. Policy support has been crucial for the recovery, but the crisis is not over. Vulnerabilities and risks of asymmetries persist, while the capacity of firms and people to adapt to the new normal still have to be tested. Omicron is adding to the challenges, substantially increasing uncertainty,” said EIB Chief Economist Debora Revoltella. “This is the time to start focusing on the future. Investment needs are huge, to adapt to the new normal and reap the benefits of the green and digital transition. Public and private investment have to complement each other. This calls for continued policy focus on public investment and increased efforts to catalyse private investment.” Throughout Europe, real gross fixed capital formation — a measure of investment — declined substantially in 2020, but less than predicted. Moreover, it took just two years for investment to recover from the pandemic shock, compared to more than a decade after the global financial crisis. By the end of the second quarter of 2020, real investment in the EU fell by a dizzying 14.6% relative to the fourth quarter of 2019. It quickly rebounded, however, and returned to its 2019 level by the second quarter of 2021 (excluding Ireland). While the initial shock of the COVID-19 pandemic was largely indiscriminate and all countries in the EU were hit, the impact has now become more uneven with investment recovering at different speeds. By the second quarter of 2021, real gross fixed capital formation was above pre-pandemic levels (compared to the fourth quarter of 2019) in 20 EU members and below pre-crisis levels in seven countries. The EIB Investment Report shows that public support was widespread and targeted firms most in need, but not “zombie” firms that were already financially weak. Firms with low cash buffers were significantly more likely to receive policy support. However, indicators of long-standing financial weakness, such as excessive debt, low interest coverage or low returns on assets, had no significant effect on whether a firm received assistance. European firms now expect to increase investment this year. The proportion of firms investing in the past year was relatively low (79%), but a net balance of +18% of firms expected to increase investment in 2021, a sharp turnaround from the previous year (-28%). Sentiment indicators for the economic climate and availability of internal finance are switching back to positive as the recovery takes hold. EU firms have been digitising as a response to the pandemic, but less so than US firms. Some 46% of EU firms have responded to the pandemic by becoming more digital, versus 58% in the United States. The share of US firms that have already adopted advanced digital technologies is also higher: 66% versus 61% in the EU. Around 43% of European firms invested in climate measures to address physical and transitional risks — more than in the United States — despite some investment stalling because of the pandemic. The proportion of firms investing in climate measures is marginally below the 45% reported in 2020, but a growing number of firms expect to invest in the coming years. Overall, the share of EU firms investing and expecting to invest in the climate remains significantly higher than in the United States. Supporting innovation among firms focusing on green technologies is a key element of Europe’s net-zero emissions strategy. By lowering the cost of greenhouse gas abatement or pollution reduction, greentech innovation can ensure the EU reaches climate neutrality in a cost-efficient manner. Financing for greentech innovation has been on the rise in recent years. After a minor setback from 2013 to 2016, venture capital and private equity investments in European greentech companies increased sharply from 2017 onwards, reflecting growing societal concerns about the environment and sustainability, and the increased focus of EU policymakers on private financing as a catalyst for the green revolution. The post Investment in the European Union is recovering while social and geographical inequalities are growing: EIB appeared first on Daily News Egypt.

[Category: Business, EIB, european union] [Link to media]

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[l] at 1/13/22 12:48pm
Multilateralism is now needed more than ever to set and implement global standards and frameworks across all stakeholders, according to Minister of International Cooperation Rania Al-Mashat. Her remarks came during her participation in a high-level panel session during the third day of the World Youth Forum titled ‘The Role of International Institutions in Supporting the Post-COVID-19 Recovery from the Pandemic’ with Mahmoud Mohieldin, the Executive Director of the International Monetary Fund and Special Envoy To the Secretary-General of the United Nations; and Odile Renaud Basseau, the President of the European Bank for Reconstruction and Development. Also in attendance were Nasser Kamel, the Secretary-General of the Union for the Mediterranean; Marina Wes, the Country Director for Egypt, Yemen, and Djibouti at the World Bank; Ahmed Rizk, the Deputy Regional Director of the United Nations Industrial Development Organisation; Laurent de Boeck, the Director of the Office of the Organisation for Migration; Eric Ochlan, the Director of the International Labour Organisation in Cairo; Benedict Orama, the Chairman of the Board of Directors of the African Export-Import Bank; and Leo Zhenmin, the Assistant Secretary-General of the United Nations for Social and Economic Affairs. During the session, the minister underscored the importance of setting and implementing global frameworks that can be streamlined across all stakeholders in order to ensure transparency as well as inclusion of a variety of actors to push for inclusive and networked multilateralism, such as the private sector, civil society, and youths. The minister presented her ministry’s framework for implementing international cooperation and development financing for Egypt, which streamlines all financing under one umbrella to avoid repetition and improve the management of international development cooperation to implement projects effectively. The minister added that the strategic partnership between Egypt and international financial institutions delivered substantial results in Egypt’s own local development vision. Furthermore, Egypt was able to withstand the repercussions of the pandemic as a result of its already existing partnership with all development partners, and that the role of international cooperation goes beyond than just ensuring enough financing, but also in providing a means to impact human lives and collaborate with different stakeholders, such as youths, to respond to their challenges and tap their innovative power to support the country’s development vision. Al-Mashat also noted that the ministry’s role is focused on strengthening economic diplomacy through three principles: Multi-stakeholder platforms to streamline all development projects and bring together all stakeholders together at one table to discuss the country’s development priorities; ODA-SDG mapping, which is focused on mapping all development projects according to the SDGs to identify funding gaps and ensure transparency; and the Global Partnerships Narrative, which focuses on knowledge sharing between different countries and bridging technology gaps. Over the past two years, the Ministry of International Cooperation held 14 multi-stakeholder platforms on health, the private sector, agriculture, transportation, women’s empowerment, digitisation, food security, and small and medium enterprises. It is estimated that the ongoing development cooperation portfolio for 2021— which has not been released yet — will reach $25.5bn for 372 projects, which will aim to achieve Goal 9 for Industry, Innovation and Infrastructure, accounting for the largest percentage of financing (22.3%), with a value of $5.9bn, and Goal 6: Clean Water, which accounts for 20.3% of the development financing, with a value of $5.3 bn. The portfolio also targets Goal 7: Clean and Affordable Energy, which covers 17.5% of development financing, with a value of $4.6bn. To promote knowledge sharing between emerging economies, particularly African countries, Al-Mashat affirmed that the ministry is keen on documenting the Egyptian experience in international cooperation and development financing, which led to the publishing of the book ‘Stakeholder Engagement through Economic Diplomacy’ by the London School of Economics in 2021. Furthermore, the minister stressed that her ministry’s portfolio and the agreements that have been implemented with development partners in coordination with all concerned government agencies meet national development priorities, as the ministry’s ongoing portfolio includes 149 projects to develop investment in human capital worth a total of $5.5bn. The portfolio also includes 111 projects in various infrastructure sectors (transportation, housing, energy, irrigation, and local development) worth $18.5bn. The post Multilateralism is now needed more than ever to set and implement global standards, frameworks: Al-Mashat appeared first on Daily News Egypt.

[Category: Business] [Link to media]

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[l] at 1/13/22 12:48pm
Multilateralism is now needed more than ever to set and implement global standards and frameworks across all stakeholders in an increasingly multi-polar world, according to Minister of International Cooperation Rania Al-Mashat. Her remarks came during her participation in a high-level panel session during the third day of the World Youth Forum titled ‘The Role of International Institutions in Supporting the Post-COVID-19 Recovery from the Pandemic’ with Mahmoud Mohieldin, the Executive Director of the International Monetary Fund and Special Envoy To the Secretary-General of the United Nations; and Odile Renaud Basseau, the President of the European Bank for Reconstruction and Development. Also in attendance were Nasser Kamel, the Secretary-General of the Union for the Mediterranean; Marina Wes, the Country Director for Egypt, Yemen, and Djibouti at the World Bank; Ahmed Rizk, the Deputy Regional Director of the United Nations Industrial Development Organisation; Laurent de Boeck, the Director of the Office of the Organisation for Migration; Eric Ochlan, the Director of the International Labour Organisation in Cairo; Benedict Orama, the Chairman of the Board of Directors of the African Export-Import Bank; and Leo Zhenmin, the Assistant Secretary-General of the United Nations for Social and Economic Affairs. During the session, the minister underscored the importance of setting and implementing global frameworks that can be streamlined across all stakeholders in order to ensure transparency as well as inclusion of a variety of actors to push for inclusive and networked multilateralism, such as the private sector, civil society, and youths. The minister presented her ministry’s framework for implementing international cooperation and development financing for Egypt, which streamlines all financing under one umbrella to avoid repetition and improve the management of international development cooperation to implement projects effectively. The minister added that the strategic partnership between Egypt and international financial institutions delivered substantial results in Egypt’s own local development vision. Furthermore, Egypt was able to withstand the repercussions of the pandemic as a result of its already existing partnership with all development partners, and that the role of international cooperation goes beyond than just ensuring enough financing, but also in providing a means to impact human lives and collaborate with different stakeholders, such as youths, to respond to their challenges and tap their innovative power to support the country’s development vision. Al-Mashat also noted that the ministry’s role is focused on strengthening economic diplomacy through three principles: Multi-stakeholder platforms to streamline all development projects and bring together all stakeholders together at one table to discuss the country’s development priorities; ODA-SDG mapping, which is focused on mapping all development projects according to the SDGs to identify funding gaps and ensure transparency; and the Global Partnerships Narrative, which focuses on knowledge sharing between different countries and bridging technology gaps. Over the past two years, the Ministry of International Cooperation held 14 multi-stakeholder platforms on health, the private sector, agriculture, transportation, women’s empowerment, digitisation, food security, and small and medium enterprises. It is estimated that the ongoing development cooperation portfolio for 2021— which has not been released yet — will reach $25.5bn for 372 projects, which will aim to achieve Goal 9 for Industry, Innovation and Infrastructure, accounting for the largest percentage of financing (22.3%), with a value of $5.9bn, and Goal 6: Clean Water, which accounts for 20.3% of the development financing, with a value of $5.3 bn. The portfolio also targets Goal 7: Clean and Affordable Energy, which covers 17.5% of development financing, with a value of $4.6bn. To promote knowledge sharing between emerging economies, particularly African countries, Al-Mashat affirmed that the ministry is keen on documenting the Egyptian experience in international cooperation and development financing, which led to the publishing of the book ‘Stakeholder Engagement through Economic Diplomacy’ by the London School of Economics in 2021. Furthermore, the minister stressed that her ministry’s portfolio and the agreements that have been implemented with development partners in coordination with all concerned government agencies meet national development priorities, as the ministry’s ongoing portfolio includes 149 projects to develop investment in human capital worth a total of $5.5bn. The portfolio also includes 111 projects in various infrastructure sectors (transportation, housing, energy, irrigation, and local development) worth $18.5bn. The post Multilateralism is now needed more than ever to set and implement global standards, frameworks in an increasingly multi-polar world: Al-Mashat appeared first on Daily News Egypt.

[Category: Business, multi-polar] [Link to media]

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[l] at 1/13/22 6:57am
The Arab African International Bank (AAIB) announced on Wednesday the signing of a five-year bancassurance agreement with AXA Egypt, offering enhanced, outstanding insurance services to its customers.  The deal is in line with the bank’s strategy to deliver the best financial and non-financial services and quality products withadded-value services to meet its customers’ needs.  Under the agreement, over 20 products of AXA Life Insurance Egypt and AXA General Insurance will be available to AAIB customers in 42 main branches, enabling them to enjoy a range of AXA products, including health and life insurance as well as savings and protection plans.  “We are glad to tie up with AXA, given its international legacy and successful record in Egypt. This partnership is aligned with our main strategy pillars: Financial resilience, customer centricity, agility, and innovation. The AAIB and AXA’s partnership will offer a wide range of insurance products that are tailor made to suit our customers’ requirements and attain their satisfaction, creating a positive impact on society,” Managing Director and Vice Chairman of AAIB Sherif Elwy stated. “We are proud of this partnership which aligns with AXA’s strategy to expand in Egypt by reaching a larger customer base via new distribution channels,” said Ayman Kandeel, the Managing Director of AXA Life Insurance Egypt and Chairman of AXA General Insurance.  “I would like to extend my thanks and gratitude to the AAIB for trusting AXA Egypt to become its insurance partner,”Kandeel added, noting that the AAIB is one of Egypt’s pioneering banks, which has achieved rapid growth in a record time.  “Together, we seek to focus on meeting the needs of the AAIB’s customer base through AXA insurance protection solutions.”  Dina Zikry, the Head of Consumer Banking and Financial Inclusion at the AAIB said that the insurance plans offered by AXA through the bank’s branches are selected based on the branch’s density, as they include programmes developed specifically for our customers to help them set their plans.  “This approach will enable us to offer seamless, resilient services based on the customers choices that match their needs and plans,” Zikry said. “We also seek, through our cooperation with AXA Egypt, to achieve our goals and strategy and to continue our ongoing efforts to deliver splendid services to our customers, which are in line with the latest innovative banking and non-banking technology solutions that suit our customers, make them feel more comfortable, open up opportunities for them to meet their aspirations, and enable them to benefit from more services.” “We are committed to the fair geographic distribution of our services and products, and this partnership helps us achieve this goal. We want all our business lines to be available across the length and breadth of Egypt, providing a one-stop shop that caters to all insurance and financial planning needs under one roof. Delivering these services via partner banks adds a convenience factor for accessing insurance services,” said Omar Shelbaya, an AXA Life Insurance Egypt Board Member. The post AAIB signs five-year bancassurance agreement with AXA Egypt appeared first on Daily News Egypt.

[Category: Business, AAIB] [Link to media]

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[l] at 1/13/22 5:30am
Egypt has dispatched tonnes of medical aid to Tanzania under the directives of President Abdel-Fattah Al-Sisi, a statement by the Egyptian Armed Forces spokesperson Gharib Abdel-Hafez said on Thursday. Two military jets carrying tonnes of medical supplies from Egypts Ministry of Health took off from an east Cairo airbase to Tanzania. Abdel-Hafez added that the aid is part of Egypt’s continuous support for friendly countries, facing adversities, affirming Egypts leading role in Africa. The post Egypt sends tonnes of medical aid to Tanzania appeared first on Daily News Egypt.

[Category: Egypt, Politics, africa] [Link to media]

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[l] at 1/13/22 5:29am
If you plan to travel abroad, you must possess a visa. This is obvious, right? But it is not always easy. Egypt makes this step trouble-free as you can submit the application online and get your entry permission within a few days. Visa on arrival is still available, but it takes time. E-visa was made simple for the convenience of tourists around the world. Visa requirements The visa for Egypt comes with a number of requirements. Check if these are met before starting the application procedure. The most important Egypt visa requirements are a valid passport and an e-mail address. When filling the online form, make sure that your personal information matches this mentioned in your official documents, in terms of spelling. This will make the visa process smoother.  Within a few days you can get your e-visa at your email address. There is no need to visit the Egyptian embassy. You can enter the country with a printout of the visa and take the original one from the airport or use the printout all along. Tourism growth Since introducing Egypt e-visa in 2018, the tourism industry has grown around 124% as compared to the previous year. In 2018, around 9.8 million people traveled to Egypt, thanks to e-visa. The European visitors represented around 59%, coming from Germany, the UK, and Ukraine, while about 22% were from the Middle East region. The post Planning a trip abroad? Egypt e-visa is as simple as it can be appeared first on Daily News Egypt.

[Category: Tourism, Egypt] [Link to media]

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[l] at 1/13/22 5:29am
Tourism is the most amazing and embarrassing industry in the country, the main reason the Visa for Egypt has been made simple for the applicants around the world. You can say the Egypt visa requirements are one of the easiest visa specifications. You can get the visa, by providing simple official documents like the Passport and the Processing fee.  Most of the time the applicants get a Visa for Egypt, as the Egyptian government is welcoming the tourists in the country. The tourists are like an asset to the Egyptian government. You can feel it when visiting the country, the visa authorities are always trying to oblige you. The tourism industry occupies around 15 % of the total GDP of the country and is a main source of employment for millions of people in the country. Egypt visa on arrival is still available, but it can consume most of your precious time of the visit to this historical country. You may consider, How to get a visa for Egypt? It has made simple for the convenience of tourists around the world. Their many industries are connected and dependent on the tourism industry in the country. The tourism industry is providing around 9.5 % employment of the total workforce in the country. In this article, we are highlighting the fact, how amazing the tourism industry is for Egypt: The Tourism in Egypt: Egypt visa requirements are easy to meet, as these are just simple official documentation like your passport and a valid email address. One important thing for the applicants is to try to provide all the personal information in the same format as prescribed on the official documents. This can make the visa process more smooth and recheck the personal information in the correct spelling before submitting your personal information.  Visa for Egypt has been applied for many visitors in 2018, and the tourism industry volume has increased around 124 % as compared to the previous year. The Tourism industry is providing job opportunities to millions of people. Whatever the government is earning from the tourism industry, it is providing job opportunities in the country and one estimate says around 3.1 million people are employed in the tourism industry in the country. The tourism industry growth: In 2018, around 9.8 million people traveled to Egypt, as the Visa for Egypt is easily available to them. This has been an increase of around 48 % in tourism as compared to the previous year. The European visitors are around 59 % coming from Germany, the UK, and Ukraine. From the Middle East around 22 %. This shows how tourists love to visit this magical place on earth. Visa for Egypt can also be applied online, you can fulfill all the visa requirements online, and there is no need to visit the Egyptian embassy.  This has made visa processing easy for the people coming to the country. They can also get the online visa at their email address, and they can get a printout of the visa and can take the original visa from the airport or can use the printout as the visa. The post The most amazing industry in Egypt appeared first on Daily News Egypt.

[Category: Tourism, Egypt] [Link to media]

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[l] at 1/12/22 3:24pm
Egypt’s Minister of Water Resources and Irrigation Mohamed Abdel Aty met on Wednesday with Eve Bazaiba Masudi — the Deputy Prime Minister and Minister of Environment and Sustainable Development of the Democratic Republic of the Congo — to discuss bilateral relations between the two countries.  The meeting came on the sidelines of Masudi’s participation in the World Youth Forum in Sharm El-Sheikh and focused on ways to enhance relations between the two countries in the field of water resources and management. During the meeting, the two officials discussed the developments of a project to connect Lake Victoria to the Mediterranean, which will open up prospects for integration in all fields, achieve mutual benefit, and increase trade exchange between countries. Abdel Aty highlighted the importance of the project in achieving regional integration and linking the Nile Basin countries through a navigation corridor, a road, a railway, an electrical connection, and an internet cable connection to achieve the comprehensive development of the basin’s countries.  He also stressed that transporting goods of various types and sizes between countries through the river is one of the best means of trade due to its low cost, lower energy consumption, and higher safety rates compared to other means of transportation. The project also aims to provide job opportunities and increase the possibility of landlocked countries to connect to the world’s seas and ports as well as support the economic development of participating countries and strengthen the region’s position in the global economic system. For her part, Masoudi expressed her country’s desire to continue the process of cooperation with Egypt in the field of water, during which several projects were implemented, most notably the Flood Forecasting Centre in the Congolese capital of Kinshasa. The post Egypt, DRC discuss water cooperation during WYF appeared first on Daily News Egypt.

[Category: Egypt, Politics, DRC, water] [Link to media]

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[l] at 1/12/22 3:22pm
UN Secretary-General Adviser to Libya Stephanie Williams reiterated the importance of holding the Libyan elections by June 2022. Williams said in an interview with CNN: “The UN is working with Libyan institutions to get the electoral process back on track as soon as possible.” “These institutions face a crisis in their legitimacy that can only be resolved through elections leading to the democratic election of a president and a government,” she said. Williams stressed that the UN is not qualified to determine who can run in the Libyan elections, noting that this is a “Libyan decision.” She expressed confidence in the possibility of continuing to respond to the voices of Libyans who want to go to the polls and want to end this long transitional period, stressing that the elections will take Libya to a more permanent future, especially as it is currently living in chaos. US Ambassador and Special Envoy to Libya Richard Norland said on Tuesday that Washington supports efforts to regain the momentum of Libya’s presidential and parliamentary elections. “The United States supports efforts to regain momentum for Libya’s presidential and parliamentary elections after they were postponed in December,” Norland said. “My country supports a process that will give Libyans the strong, united, sovereign, and elected government they deserve.” All this comes after a state of uncertainty over the fate of the political process in the country in light of the failure to conduct the presidential and parliamentary elections on the agreed upon 24 December due date. The post UN reiterates need for Libyan elections to be held in June 2022 appeared first on Daily News Egypt.

[Category: Politics, Region, Libyan elections, UN] [Link to media]

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[l] at 1/12/22 3:19pm
The Ministry of Health and Population announced that the limited fire that broke out near the National Hepatology and Tropical Medicine Research Institute in Cairo has been taken care of. The fire broke out in the institute’s warehouse area that is located in the back corridor between the institute and the Central Administration for Critical and Urgent Care, according to Health Ministry Spokesperson Hossam Abdel Ghaffar. He asserted that the fire did not result in any injuries and that medical services were not affected, affirming that the institute continues to provide its services to patients as usual. The Firefighting Department’s vehicles succeeded in putting out the fire within a few minutes. Director of the Institute Bassem Issa said that the institute continues to receive patients, stressing that damages caused by the fire were minor and have been removed. The National Hepatology and Tropical Medicine Research Institute is located in Cairo and is one of the 25 units of the Hospitals and Educational Institutes Authority distributed across the country and affiliated with the Health Ministry. It provides many free services to treat Egyptian patients with hepatitis and the coronavirus. The Liver Institute is considered one of the most important institutes that played a role in combating Hepatitis C and various liver diseases in the recent health initiatives that have been implemented by the state. The post Health Ministry controls fire in National Hepatology Institute appeared first on Daily News Egypt.

[Category: Egypt, Politics, health ministry, National Hepatology Institute] [Link to media]

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[l] at 1/12/22 3:16pm
Libya has been in turmoil since 2011 after a civil war toppled long-time leader Muammar Gaddafi. The North African nation has been embroiled in conflict and violence since, which have taken a heavy toll on the country’s economy and population. The latest round of fighting left thousands of people displaced and several others without any source of income. Amid the chaos, many migrants — in a desperate bid to reach Europe — find themselves at risk of being trapped or abused. In Libya, the International Committee of the Red Cross (ICRC) is working to help families find loved ones missing due to conflict, assist returnees, and help the country’s weakened health systems during the pandemic. Daily News Egypt interviewed Jean-Nicolas Marti, the Head of the ICRC Libya Delegation, to find out about the organisation’s efforts to alleviate the suffering in the North African nation. Jean-Nicolas Marti, the Head of the ICRC Libya Delegation How does the ICRC assist people that have been displaced due to the conflict in Libya? More than 20,000 people have returned to their homes near the former frontlines in the southern neighbourhoods of Tripoli. After over a year-long displacement, families came back to destroyed homes, scarce resources, and a lack of crucial services such as electricity, water, and health. The ICRC has also been assisting displaced persons from Ain Zara; some of whom returned to the area to help cope with the situation. Years of instability and fighting has greatly affected the socio-economic fabric; many Libyans, especially returnees, are struggling in the middle of a crumbling economy. We have distributed food assistance to around 30,000 displaced people and returnees as well as provided returnees with basic household appliances. The ICRC has also provided cash transfers to many families in dire need. How does the ICRC assist with prisoner exchanges between warring parties in Libya? We have offered our services to both parties — the Libyan National Army (LNA) and the Government of National Accord (GNA) at the time — and now the Government of National Unity (GNU). However, they have not picked up our effort; so, they had other mechanisms. I think there were a few exchanges that have been made through the tribal leaders and elders that have met last year. There was also one exchange that was organised by the Joint Military Commission (JMC, 5+5), but for now, the ICRC has not been involved with prisoners exchange. In 2019, we created a tripartite mechanism between the LNA, GNA, and the ICRC. The military officers from both sides met together with the ICRC to discuss emergency humanitarian assistance, like the evacuation of the war wounded, the repatriation of remains, and providing safe passage for convoys. This continued through the conflict, but it is not active right now. We also met in November 2021 in Tunis to discuss missing persons, access to detainees, and teaching international humanitarian law to the army and security forces. This is the way we operate in Libya. What role does the ICRC play to improve health conditions in Libya, especially amid the COVID-19 pandemic? We have a substantial health programme in Libya because the health system has been suffering from 10 years of conflict and a lack of maintenance. The health system in Libya is not strong enough, and after the pandemic, it has become quite difficult to cope with. In terms of the response to the COVID-19 pandemic, the ICRC does not directly vaccinate Libyans, but we are training Libyan authorities on COVID-19 protective measures and helping distribute some protective materials to medical staff in prisons and detention centres. These programmes are active in places where the ICRC has a presence, namely, Tripoli, Misrata, Benghazi, and Sabha in the south. Wherever we are, we provide some training for medical services and some training for the volunteers of the Libyan Red Crescent Society, which is our main partner in the country. Regarding Sabha, can you elaborate on the humanitarian situation in the Libyan south and the ICRC’s role? For us, Sabha is a place where we have only Libyan nationals working for us, we also have international staff that only visit for a day, as the security situation does not allow us yet to have international staff fully based there. Therefore, we have less capacity to provide assistance. Also, access to the South is a bit difficult, the main problem there is related to criminal gangs and less control over these areas. Fortunately, Sabha and the south are not densely populated, compared to Libya’s coastal areas. How do you view the upcoming elections in Libya? This is the first ever presidential election to take place in the North African nation, we see the tension rising and we hope that these tensions can be absorbed so that no armed groups or any actors resort to violence, because civilians are going to pay the price as always. The situation is very unpredictable, the situation today is not the same as it was a few days ago, so we are watching and are prepared for any scenarios. It is in the DNA of the ICRC to talk to everybody, so we try to keep channels of communications open with all parties and actors. How does the ICRC assist with the migrant situation in Libya? We have a dialogue with the Libyan authorities, the EU, and member states on the humanitarian consequences of their migration policies. We do that bilaterally with all actors trying to demonstrate the fact that Libya is not a safe place for migrants to stay. Also, we offer migrants the possibility of using the services of the ICRC when it comes to re-establishing family links; some of them have relatives that have been missing in the Mediterranean Sea, so we try to help them retrieve the bodies. Moreover, migrants also benefit from the ICRC programmes in terms of support to hospitals and healthcare facilities. In your opinion, what are the most urgent humanitarian needs in Libya and how can the international community assist in this regard? There are two kinds of needs in Libya. Long-term needs, such as the health and water systems as well as the power network, which have been hardly maintained over the last few years. Therefore, the pressure on these systems is tremendous. The level of destruction in Southern Tripoli and downtown Benghazi is quite excessive. This will need long-term commitment from development actors to rebuild. Next to that, Libya has some urgent needs in terms of the population trying to return to their homes and people who have lost their income due to losing the breadwinner of the family. So, there are several urgent needs for the people in Libya. I think that, at the moment, the most important thing for international actors is to try to decrease the tensions and avoid another phase of violence. Violence always creates humanitarian consequences for the civilian population. Can you elaborate on the ICRC’s family reunification efforts in Libya? It is a very complex process as we have very different situations. You have migrants who have lost contact with their families back home, which means that we have to contact the ICRC or the Red Crescent Society to ensure that they find the family over there and then establish links. If it is a tracing request for people who have gone missing during the conflict, we contact the branch or Red Crescent in the specific area to try to locate them. Sometimes, we receive allegations of arrests, so we go to the detaining authorities and request information about these alleged detainees. The whole process includes efforts from the ICRC and Red Crescent and partners from the Red Cross and Red Crescent Movement all around the world who are at the receiving end of the migrant population. Can you tell us about other ICRC programmes in Libya? In Downtown Benghazi, there is a huge level of destruction. I have 25 years of ICRC experience in Afghanistan, Yemen, and many other places, but I have never seen this level of destruction. Six years on, there have been no repairs and you can still see the destroyed water sewage system. We have been working for months on a master plan to repair the sewage system in Benghazi. This sewage system will not be repaired by the ICRC alone, as it is already quite costly to draw the plan and make sure that it includes all parameters. It will be up to us to bring it to the attention of the international financial institutions and developmental actors who would be willing to implement it with the Libyan authorities. It is going to be a multiple-year project and it will be very costly; estimated at a few hundred million dollars. We started getting in touch with international financiers like the World Bank, the French Development Agency, and the African Development Bank to promote the plan and share it once it is officially launched. It is expected to be ready by the end of 2022. In your opinion, what is the biggest challenge that faces the ICRC in Libya? For us, the biggest challenge is to ensure the safety of our staff in Libya, we do not walk with an armed escort, and we do not live in fortified compounds, we rely only on the acceptance of all the parties of the conflict.  It is working well for the moment, but the ICRC does not have a very long history in Libya. Therefore, it will take some time until we have the necessary guarantees for our staff to work. The post Libya needs long-term commitment from development actors to rebuild health, water, and power systems: ICRC Libya Chief appeared first on Daily News Egypt.

[Category: Interviews, Politics, ICRC, Jean-Nicolas Marti, libya, the Head of the ICRC Libya Delegation] [Link to media]

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[l] at 1/12/22 3:06pm
The Egyptian Exchange Listing Committee has announced listing of the Macro Group Pharmaceuticals Company (Macro Capital) in the main stock market. The issued capital of Macro Capital amounted to EGP 115.4m distributed over 577.3 million shares, with a nominal value of EGP 0.20 per share. The shares will be listed on the EGX as of 13 January 2022. The company intends to offer 45% of its total shares in both IPO and private placement within a month after the registration with the Financial Regulatory Authority (FRA), which took place on 23 December 2021.  The registration shall be considered as if it did not exist in the event that the company did not offer its shares within a month from the date of its registration with the Authority and that items (1, 2, 3) of Article (7) of the listing rules are fulfilled unless this period is extended with the approval of the Authority. Meanwhile, the EGX Listing Committee also approved switching the Marseilia Egyptian Gulf Real Estate Investment Company from the small and medium-sized enterprises (SMEs) market to the main market. The post IPO, private placement of Macro Capital’s 45% stake expected within month of registration with FRA appeared first on Daily News Egypt.

[Category: Business, FRA, Macro Capital] [Link to media]

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[l] at 1/12/22 3:00pm
Chairperson of Air Supply Group Ahmed Refaat announced Wednesday signing offtake agreement with the Egyptian Chemical Industries Kima, in which the former will build, own, and operate (BOO) Air Separation Units (ASUs) producing industrial and medical gases at Kima’s premises in Aswan.  Speaking on the sidelines of the signing ceremony, Refaat said that the project with KIMA will be one of the most important national projects in Upper Egypt, covering industrial, medical, and environmental dimensions.  Refaat noted that the project embodies the implementation of President Abdel Fattah Al-Sisi’s directives to boost cooperation between the public and private sectors. This deal was the first of its kind between the private sector and state-run Kima, in which it would provide Air Supply with a plot of land to build the factory.  Furthermore, Karim Sadek, the General Director of Air Supply Group and Director of the project, stated that new ASUs will produce 170 tonnes per day (TPD) of oxygen and nitrogen.  The project will be the biggest industrial and medical gases plant in Upper Egypt, a matter that qualifies Air Supply to be an exclusive supplier for Upper Egypt, Sadek said.  He mentioned that the project’s establishment and commission will be supervised by Italy’s SIAD Macchine Impianti, adding that the supply of gas will start within eight or nine months.  Kima is expected to use from 3,000 to 4,000 NM3/hr within four years, Sadek noted. The project aims to supply Kima with its needs of industrial gases at a rate of 40-50% of the production capacity, adding that the surplus of the produced gas (estimated at 100,000 tonnes) will be provided to Upper Egypt’s hospitals and industrial sector During the same event, Managing Director of KIMA Mohamed Hussein Radwan said that his company aims to reach a loan restructuring agreement with a consortium of six banks in February.  Radwan also explained that the deal targets to reduce the percentage of the company’s interest rate payable to be 4.6% for the dollar loan instead of 6%, and 1.75% for the Egyptian pound loan instead of 3%.  The consortium includes the National Bank of Egypt, Banque Misr, the Arab African International Bank, Banque Du Caire, Blom Egypt Bank, and the Egyptian Arab Land Bank. Founded in 2011, Air Supply Group is a gas services provider group operating in Egypt and the MENA region that offers services in industrial and specialty gases, dry ice, chemicals, equipment, engineering, and logistics solutions. The post Air Supply, Kima agree to establish medical oxygen plant with EGP 260m investment appeared first on Daily News Egypt.

[Category: Business, Air Supply, Kima] [Link to media]

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[l] at 1/12/22 2:58pm
The European Centre for Counterterrorism and Intelligence Studies (ECCI) warned of terrorist and extremist organisations spreading their ideologies and recruiting new fledglings on the internet and social media websites. The warnings come amid restrictions imposed by European countries on these groups as part of the EU’s comprehensive strategy to counter terrorism and extremism adopted in 2020. A recent study by the ECCI said that the EU is on high alert, as the threat the Muslim Brotherhood, ISIS, Al-Qaeda, and their affiliates pose continues, especially on internet applications, where they spread ideas and penetrate societies. The study said that the EU is preparing to face these threats that rely on modern technologies, such as the malicious use of drones, artificial intelligence, and chemical and biological materials. The centre also warned against spreading extremist ideologies through the use of online propaganda, with the use of social media often becoming an integral part of the attack itself. In the same context, another study issued by the centre spoke of the terrorist Muslim Brotherhood’s efforts to spread their extremist agendas on applications such as ‘Fatwa’ and in closed groups in messaging apps like Telegram and Signal. The centre also said that these extremist organisations have also successfully used the internet for logistical support, such as buying weapons and equipment. This was facilitated by the use of these group servers and internet engines and anonymising applications such as the application ‘Tor’ to access the dark web and transfer funds using cryptocurrency that are difficult for governments to monitor. The post Extremist organisations spread their ideologies through social media: ECCI appeared first on Daily News Egypt.

[Category: Egypt, Politics, extremist, social media] [Link to media]

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[l] at 1/12/22 2:55pm
Google has revealed the list of start-ups that will participate in the third edition of the Google for Startups Accelerator in the Middle East and North Africa, a three-month digital acceleration programme targeting technology start-ups still in the seed and initial investment stages in the region. The companies were selected based on a set of criteria, such as the problem each company is trying to solve and how it enhances the user experience, as well as their willingness to use machine learning techniques to solve industry challenges and achieve long-term success.  Here is an overview of the start-ups selected to participate in the third edition of the program, including five companies that were co-founded by a group of women: ● Jomlatti (Saudi Arabia): An application for buying wholesale consumer products for individuals. ● Mindtells (UAE): A digital platform that helps diagnose, track, and manage mental health. [Business co-founded by a group of women] ● Omniful (Saudi Arabia): A platform for managing express commerce operations for retailers and cloud store operators to help them process and ship incoming orders online within a few minutes from available retail stores. ● Orcas (Egypt): A platform that provides high-quality services, educational materials, and assessments to students, in addition to allowing educational service providers to generate additional profits. [Business co-founded by a group of women] ● PalletPal (UAE): A digital platform for freight forwarding, designed to meet the needs of shippers and improve freight and logistics operations. ● Qawafel (Saudi Arabia): a B2B marketplace concerned with linking chocolate and sweets manufacturers with different points of sale around the kingdom. ● Sawah (Jordan): a platform that promotes authentic tourism experiences offered by local communities. This platform aims to promote local tourism around the world. [A business headed by a group of women] ● SgharToon (Tunisia): The telemedicine service helps specialists treat children with learning difficulties by monitoring children’s early signs, connecting parents with specialists, and facilitating all steps using games. [Business co-founded by a group of women] ● Trippal (UAE): A digital platform that offers customised plans for local holidays in the UAE, and rewards customers by providing future plans, tokens, or gift vouchers. ● Zida (Egypt): Zida supports local F&B businesses to enhance their relationships with customers by offering a seamless online ordering and delivery experience. ● Mums 360 (Jordan): Brings unprecedented new resources to mothers in the MENA region by providing forums with information and educational materials prepared by subject matter experts, as well as amazing offers from trading partners. These resources are available on the website and mobile app.  Commenting on the third edition, Salim Obaid, the Regional Director of Developer Relations for the Middle East and North Africa at Google, said: “Google for Startups Accelerator has evolved in the MENA region over the past years thanks to the efforts of 22 talented start-ups who joined us from all over the region in the first two editions of the programme, along with hundreds of experts who contributed to the success of the accelerator. We look forward to applying all the lessons learned in the next edition and helping start-ups improve their solutions to approach local challenges using various advanced technologies.” The activities of the programme will start this week in a virtual platform and will continue until the end of March. The selected companies will receive a series of mentorship sessions via video calls on machine learning, the cloud, digital marketing, product design, user experience design, customer acquisition, and leadership development. The programme is run by a group of Google mentors, Google developer experts, and representatives from the emerging business sector. The post 2 Egyptian enterprises join Google for Startups Accelerator appeared first on Daily News Egypt.

[Category: Business, Egyptian enterprises, google, Startups Accelerator] [Link to media]

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[l] at 1/12/22 2:48pm
The National Telecom Regulatory Authority (NTRA) has issued the regulatory framework for providing Internet of Things (IoT) services in Egypt.  IoT is deemed one of the most important mainstays of Industry 4.0, operating major systems as well as digital services of smart cities, including smart home, smart meter, and smart transportation.  In fact, this step comes in line with the state’s strategy to foster digital transformation across its different sectors and polarise as well as increase investments in this field.  Moreover, it aims to support the state’s future plans to establish further smart cities. To this end, the NTRA studied the optimum international modules and practices with respect to IoT services. Additionally, meetings and hearing sessions are currently being arranged by the NTRA with a number of local as well as global organisations operating in the field to figure out the best regulatory policies applicable in international markets as well as fitting Egypt’s telecom market.  Such a framework was actually prepared and approved to act as a regulatory tool facilitating IoT service procedures.   Furthermore, Hossam Al-Gamal, the Executive President of the NTRA, has declared that the new regulatory framework aims to polarise investments to establish IoT networks and sophisticated app platforms.  It also helps with enforcing the state’s policy of Industry 4.0 and foster digital information by establishing a large number of sophisticated systems operated via IoT technologies across different sectors.  These technologies would also contribute to mechanising business cycles and providing sophisticated e-services to citizens. Al-Gamal, has further pointed out that the regulatory framework to provide IoT services was adopted and approved by the NTRA in conjunction with Egypt’s 2030 Vision, which entails the foundation of a number of cities similar to the New Administrative Capital.  Such a framework seeks to allow the creation of a number of modern smart systems in smart cities and communities. It also helps with the transformation from traditional to modern smart systems to expedite and facilitate the process of e-service provision.    IoT services is a term that refers to all equipment interconnected via telecom networks, where data is exchanged to fulfil the requirements and needs of citizens in all life aspects. IoT apps are also diversified according to different aspects of usage, including end-user, commercial, and industrial infrastructure, as well as government activities. The post NTRA issues regulatory framework for IoT services in local market appeared first on Daily News Egypt.

[Category: Technology, NTRA] [Link to media]

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[l] at 1/12/22 2:44pm
The Information Technology Industry Development Agency (ITIDA) has cooperated with the Centre for the Promotion of Imports from developing countries (CBI) to support Egyptian IT outsourcing (ITO) exports to the European market. The CBI of The Netherlands’ Ministry of Foreign Affairs offered a three-year programme to support Egyptian IT small- or medium-sized enterprises (SMEs) in their export journey to the EU by offering technical assistance through a practical business export coaching project. The programme also prepares Egyptian companies with the skills and knowledge needed to enter the European market.  The beneficiary SMEs will receive three years of company coaching provided by international and local experts, and assistance with the creation of an international market strategy.  Additionally, the programme will provide guidance, advice, and coaching to the companies on the type of certification suitable for their market entry strategy. It will also help improve the company’s corporate social responsibility (CSR), in addition to offering market orientation support and finding export business opportunities.  ITIDA CEO Amr Mahfouz said: “CBI’s export coaching programme is among a set of actions that help achieve our ambitious strategy that is aiming to triple the size of Egypt’s BPO and ITO exports over the next five years.”  The programme targets SMEs and Women-led companies in Egypt that offer ITO services that are interested in an improved market position in the EU and want to contribute to an enhanced ecosystem for SMEs, Mahfouz explained. The CBI detailed a number of requirements for applying companies, including that the SME must be at least 50% or more locally owned or has a local management structure, and that the SME employs at least 10 full time equivalents (FTEs) and a maximum of 250 FTEs.  SME applicants should also have been active in the ITO industry for at least three to four years, have no joint venture with a company based in a non-developing country, and no licensing commitments that prohibit or limit the export of products to the European Union. Management of applying companies should also be able to communicate in English.  The deadline for completing the application form is 31 January 2022. The CBI will finance most project costs. Participants will only bear the cost of travel expenses for European market entry activities, investment in product offers, employees, and certification.  The programme comes within the framework of the cooperation agreement signed by the CBI of The Netherlands’ Ministry of Foreign Affairs with the ITIDA, the Chamber of Information Technology and Communications, Eitesal Association, and Nile University to launch its comprehensive programme to develop the export capabilities of Egyptian IT SMEs. The post ITIDA, CBI collaborate to help Egyptian SMEs increase IT outsourcing exports to Europe appeared first on Daily News Egypt.

[Category: Business, CBI, Egyptian SMEs, ITIDA] [Link to media]

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[l] at 1/12/22 2:40pm
The Egyptian version of the United Nations’ ‘Generation Unlimited’ initiative was launched under the name ‘Country’s Youths’ during the ongoing World Youth Forum (WYF) in Sharm El Sheikh under the auspices of Egyptian President Abdel Fattah Al-Sisi.  The international initiative is the first partnership between the government sector, the private sector, and global youths to provide skills training and connect the 1.8 billion 10- to 24-year-old youngsters from around the world with employment, entrepreneurship, and positive social impact opportunities. Minister of International Cooperation Rania Al-Mashat affirmed that “the platform is a unique cooperation between international agencies represented in the United Nations and other developmental partners who support the initiative, the government, young people, civil society, and the private sector.”   She added that the new platform endorsed Egypt’s 2030 Vision, which targets empowering young people by creating training and educational opportunities and to provide them with the skills necessary for the labour market as well as encourage them to become entrepreneurs and active participants in society. “I call on the private sector, civil society, and youths to join hands and actively participate in the Country’s Youths platform. Uniting efforts and directing investments will achieve the country’s youth development goals as part of Egypt’s 2030 Vision.” The original global initiative, Generation Unlimited, was launched at the 73rd session of the United Nations General Assembly in 2018, to bring together world leaders, public, private and youth-led institutions to partner, finance, and provide scalable solutions for young people; thus, contributing to the operationalisation of the United Nations Strategy on Youths and progress in achieving the sustainable development goals. The initiative adopts the concept of “learning to earn” as a way to align youths’ capabilities with the needs of the labour market. In a recorded speech where she praised the WYF, UNICEF Executive Director Henrietta Fore said the global initiative “has an audacious goal — to have every young person in the world have a chance to go to school, learn, train or have an appropriate job by 2030.”  “Our youths — or as you say in Arabic, “Shabab Al-Balad” — are the most critical agents for positive change. Their creativity and innovation are already helping to create solutions to the problems we face.” In his keynote speech at the launch of the Country’s Youths platform, Kevin Frey, the CEO of the International Initiative, said: “We are proud of everything we have collectively accomplished in our first three years. In just such a short time, the international platform has reached 220 million young people along with more than 3,000 partners, operating in over 50 countries, with opportunities for skills acquisition, employment, entrepreneurship and social impact.” “The platform aims to put young people at the heart of everything we do,” said the United Nations Resident Coordinator in Egypt, Elena Panova.  “Egypt is a regional power that has strong partnerships with the rest of the world. We strongly believe that through the meaningful engagement of all stakeholders, the Country’s Youths platform will have a tremendous impact on youths in the entire country.” Jeremy Hopkins, the UNICEF’s Representative in Egypt, said that “Egypt’s strong vision for 2030, specifically with regard to education, entrepreneurship, and employment, provides the basis on which the platform can play an important role in supporting and motivating the progress of the country’s youths.” He added that “the platform is not just a programme, but rather a movement that includes the entirety of society.” “The United States is the single largest donor to UNICEF’s work globally. Our $4 million ‘Creating an Enabling Environment for Adolescent Girls’ project in Egypt helps girls gain job skills, supports their health, and helps civil society and local governments provide the necessary services. We look forward to our continued partnership with UNICEF, as well as international and local public and private sector counterparts, to advocate for the lives of Egyptian youths,” said Jonathan Cohen, the US Ambassador to Egypt. “Egypt’s young population offers huge potential. Investing in young people and empowering them is indeed a shared priority,” said Gareth Bayley, the UK’s Ambassador to Egypt.  The post Egyptian version of UN’s ‘Generation Unlimited’ initiative launched in World Youth Forum appeared first on Daily News Egypt.

[Category: Business, Generation Unlimited, World Youth Forum] [Link to media]

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[l] at 1/12/22 2:37pm
The eighth consultative meeting of the Arab Ministers of Mining and Mineral Resources, held in Riyadh, unanimously agreed to a proposal by Minister of Petroleum and Mineral Resources Tarek El-Molla to prepare a joint Arab initiative for clean energy. The initiative will include all Arab countries and will be presented at the United Nations’ Conference of Parties on Climate Change (COP27), which will be hosted in Sharm El-Sheikh this year. The participants recommended assigning a working team from the Arab Industrial Development and Mining Organisation to prepare for the initiative. The meeting also agreed to launch the first Arab digital platform for requests and offers for industrial and mining products and to prepare a mining indicative system for Arab countries. Also in attendance in the meeting were Bandar Al-Khorayef, the Minister of Industry and Mineral Resources of Saudi Arabia; Suhail Al-Mazrouei, Minister of Energy and Infrastructure of the United Arab Emirates; and Adel Al-Sager, the Director of the Arab Organisation for Industrial Development, Standardisation, and Mining. The meeting was held on the sidelines of the International Mining Conference hosted in Riyadh with the participation of more than 100 countries. In his speech, El-Molla stressed that Egypt is implementing an ambitious programme to develop its mining industry based on Egypt’s 2030 Vision — which considers the optimal exploitation of natural resources as one of its most important goals — explaining that the programme developed by his ministry succeeded in implementing comprehensive reforms to advance the Egyptian mining system after studying all local and international challenges. This is because there are tremendous opportunities to benefit from Egypt’s strategic location and the rich geological nature of Egypt as part of the Arab-Nubian Shield, which requires real investment attractions to be achieved by adjusting the legislative system and introducing contracting systems similar to international mining markets as well as digital transformation and key principles for serious investment such as the financial system, licensing system, and sector governance. Furthermore, El-Molla reviewed the most prominent measures that have been applied to develop the Egyptian mining sector, foremost of which is the amendment of the mining law to reflect the new legislative reforms and available opportunities and to provide transparency and flexibility in a manner that addresses many obstacles to attracting the necessary investments.  He stressed that the mining sector in Egypt is reaping the fruits of the reforms implemented, pointing to the success of the first global bid — which was launched in 2020 — in attracting unprecedented global and local participation in the field of gold mining in the Eastern Desert and the Red Sea, despite the global challenges of the coronavirus pandemic. He also pointed out that these positive results encouraged a second auction for gold. Additionally, he announced that work is underway to implement the first approved gold refinery in Egypt in Marsa Alam in the Eastern Desert to maximise the added value of gold resources and to complete the value chain for gold production by maximising local production. He explained that the vision of developing the mining sector aims to increase its contribution to the GDP from about half a percent currently to 5% during the next two decades, provide a large number of job opportunities, and maximise mining activities by issuing more than two hundred research and exploration licenses annually. The minister also stressed the importance of the mining industry in serving vital goals, as the modern industry will not be able to achieve its goals in removing carbon without the mineral products that are part of its composition. The post Arab mining ministers agree to Egypt’s proposal to launch clean energy initiative appeared first on Daily News Egypt.

[Category: Business, Arab mining] [Link to media]

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[l] at 1/12/22 11:58am
The Central Bank of Egypt (CBE) has completed the establishment of an integrated information security centre that will help banks predict cyberattacks before they occur. Gamal Negm, the Deputy Governor of the CBE, said that the centre that was established will have a significant impact in improving the ability of banking institutions to confront cyber threats, especially with the expansion of the use of financial technology to achieve state goals on financial inclusion and digital transformation. Furthermore, Sherif Hazem, the CBE’s Sub-Governor for the Cyber ​​Security Sector, explained that the new centre represents a breakthrough in information security in banking institutions and includes the establishment of a department to review banks’ preparations, their ability to address electronic attacks, and ensure that compliance with Information security in banks meets international standards at the level of 3 main determinants — human capabilities, governing rules and procedures, and available technological devices and technologies. The first of its kind system for information security in the country was prepared under the Strategic and Regulatory Framework for Information Security in cooperation with major international companies specialised in cybersecurity, taking into account that the standards and determinants included in the reference — which number about 400 specifiers — are compatible with their international counterparts.  In preparation for the launch of the new framework — which will be applied in the banking sector — the CBE organised a training course for information security officials in all banks operating in the Egyptian market, where each bank nominated two information security officials to join the training course that includes experts from global consultants specialised in cybersecurity. The course will last for five days — three of which will include interactive practical training and two of which will rely on virtual training via the internet — with the aim of explaining the standards and limitations included in the framework. After the end of the training course, a well-thought-out scientific method will measure the readiness of banks to address cyberattacks at the level of the three main axes, where banks will be divided into three categories according to their readiness to address cyberattacks, with rapid interaction planned for banks most in need to strengthen their capabilities in the field of cybersecurity. The strategic and regulatory framework for information security will be distributed to banking institutions next week and will take into account the observations and recommendations of major banks operating in the Egyptian market related to the new framework. The post CBE launches integrated information security centre to predict cyberattacks appeared first on Daily News Egypt.

[Category: Business, CBE, cyberattacks]

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[l] at 1/12/22 11:37am
Minister of Finance Mohamed Maait announced Wednesday launching the fourth phase of the lump-sum payment initiative of export subsidy dues. In a statement, Maait said that companies wishing to join the new phase of the initiative could apply starting from 30 January to 10 February 2022, with the same conditions as the previous three phases. This comes in implementation of the presidential directives to support the export sector, Maait said. “We continue to support exports and exporters in line with the presidential directives in this regard. The government has supported the export sector by about EGP 31bn disbursed to more than 3,000 exporting companies since the start of the initiative to pay subsidy dues to exporters in October 2019 until now. This amount of financial support to the export sector is unprecedented and reflects the state’s keenness to stimulate exports.” Furthermore, Ahmed Kochouk, the Deputy Minister for Financial Policies and Institutional Development, said that the aforementioned initiative witnessed fruitful cooperation in its various stages between the Ministry of Finance, the Ministry of Trade and Industry, the Central Bank of Egypt, the four banks participating in the initiative, and the Export Development Fund, which contributed to its speed and efficiency. Nevin Mansour, the Adviser to the Deputy Minister for Financial Policies, indicated that the date of the first disbursement in the fourth phase of the initiative was successfully completed when EGP 957.4m were disbursed on 28 December 2021 to 500 companies. Remaining disbursements are scheduled to be sent to the remaining beneficiaries on 28 February and 28 April 2022. The post Egypt launches 4th phase of lump-sum export subsidy dues payment: Finance Minister appeared first on Daily News Egypt.

[Category: Business, finance minister, lump-sum] [Link to media]

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