Archive for The Egyptian government

Turkey immunizes loan to Egypt against judicial rulings

by admin
December 27th, 2012

Turkey has immunized its US$2 billion loan to Egypt against variables such as a court ruling, said a government source.

The loan agreement also requires the Egyptian government to involve Turkish companies in public sector investment.

The source, who requested anonymity, added that Egypt would not be able to obtain international or regional loans before the International Monetary Fund decides on the US$4.8 billion loan that Egypt has requested.

Turkey is the only country that agreed to lend money to Egypt in advance of the IMF’s decision, of which US$500 million have already been disbursed, with the rest to be paid end January. The loan does not entail any special benefits.

The Turkish government has stipulated that any dispute over the loan would be arbitrated in Istanbul, in accordance with the rules of international commercial arbitration.

Edited translation from Al-Masry Al-Youm

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Categories Egypt Economy
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Egypt raises the price of subsidized gas cylinders

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December 7th, 2012

The Egyptian government has raised the price of subsidized butane cylinders to over double their price, starting at the beginning of December, limiting the scope of those benefiting from the subsidy. The decision was announced in the official gazette on December 2, but has received very low media coverage.
The official price of a subsidized 12.5 kg cylinder rose from LE2.75 ($0.45) to LE8 ($1.3).

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Categories Economy
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IMF will not grant Egypt loan without tough reforms: UK official

by admin
November 21st, 2012

(Others) – A well-positioned UK official close to the negotiations between the IMF and Egypt over a $4.8 billion loan deal reveals that “The IMF wants economic reforms before it gives the money.”
Although the UK government agrees with the IMF conditions, it also believes it will not be easy for the Egyptian government to accept the loan’s terms.
The UK government expressed it is willing to

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Categories Economy
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Investor: Butane cylinders to be distributed by coupons next month

by admin
November 18th, 2012

The Egyptian government has said it will start applying a coupon system for the distribution of butane gas cylinders next month, according to the head of an association of private investors in liquefied petroleum gas.

The Supply Ministry has reached an agreement with private and state-owned petroleum companies to distribute the gas, Mohamed Saad Eddin, head of the association, told state-run news agency MENA on Sunday.

The system primarily aims to make sure only those who deserve subsidies receive them, to prevent black market sales and the reoccurrence of cylinder distribution shortages at this time each year, Saad Eddin said.

He noted that the cylinders would be distributed with subsidy coupons. A family of three or four will get one coupon to be traded for a butane cylinder each month, and a family of five or more will receive two coupons.

According to reports by the Central Agency for Public Mobilization and Statistics, natural gas and butane prices rose by about 57.8 percent in October when compared to the previous month.

The rising price of gas and butane contributed to 7 percent inflation in October, when compared to the previous month.

Saad Eddin said the value of coupons was LE5, compared to the actual cost of the cylinder, LE55.

The coupon will be distributed to those who do not have a supply card at the price of LE25.

Saad Eddin said the prices of subsidized goods have to be sold at their actual market value, while low-income citizens should be supported with subsidized products.

Egypt consumes nearly four million tons of butane annually, and nearly two million tons is imported from abroad, according to Saad Eddin.

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Categories Egypt Economy
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Brotherhood calls for protests, cutting ties with Israel

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November 15th, 2012

The Muslim Brotherhood called for protests before major mosques nationwide on Thursday afternoon to demand that the Egyptian government sever diplomatic and trade ties with Israel.

The group also called for a rally at Al-Azhar Mosque following Friday prayers.

In a press release on Thursday, the Brotherhood described the Israeli assaults on Gaza as "crimes" and said the aggression threatens regional stability. It also criticized the US for supporting Israel and blamed Arab countries for "doing nothing while watching the bloodshed in Palestine."

The Egyptian government should cut ties with Israel as an example for other Arab and Muslim nations, the group added.

The press release encouraged sending a message to the US demanding support of justice and the Palestinians' right of self-determination, as well as resorting to the UN Security Council to seek a condemnation of Israel and the countries that protect it.

The Brotherhood urged the Palestinian Authority to halt security cooperation with the Israeli army and release Hamas and Islamic Jihad detainees, calling for reconciliation between Palestinian factions.

Edited translation from MENA

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Categories Egypt, Egypt Top Stories
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Pentagon official arrives in Cairo to discuss Sinai security

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November 11th, 2012

The US assistant defense secretary for international security affairs arrived in Cairo Sunday, leading a delegation on a four-day visit to discuss bilateral cooperation, specifically in Sinai security, with Egyptian officials.

Derek Chollet, the assistant defense secretary, is expected to discuss ways the US can help the Egyptian government battle militant groups in Sinai, secure its border with Israel and prevent weapons smuggling.

Disorder has spread in Sinai since autocratic President Hosni Mubarak was ousted in a popular uprising early last year, with Islamist militants stepping up attacks on security forces and the Israeli border. Egypt's newly elected president, former Muslim Brotherhood leader Mohamed Morsy, has pledged to restore security in the poor desert region.

Earlier this month, three policemen were killed by militants in a drive-by shooting in North Sinai. That incident came amid the largest security crackdown Sinai has seen in decades, as officials have hunted the perpetrators of another ambush that killed 16 border guards on 5 August.

Edited translation from DPA

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Categories Egypt, Egypt Top Stories
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Ahram: Egypt eases curfew on shops, cafes amid opposition

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November 7th, 2012

The Egyptian government has decided to ease a curfew on shops and restaurants intended to save energy, after opposition from chambers of commerce and the public, state-run Al-Ahram newspaper reported.
Shops and restaurants in cities will be allowed to remain open until midnight and 2 AM respectively, both two hours later than the original proposal last month, Ahram said, citing minister of trade

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Egypt wants lower Israeli part requirement in trade agreement

by admin
November 2nd, 2012

The Egyptian government has submitted a request to Israel to reduce the required percentage of Israeli-made parts in products included in the Qualifying Industrial Zones agreement from 10.5 to 8 percent, Egypt’s industry and trade minister said Thursday.

The QIZ agreement exempts Egyptian exports from customs duties when shipping to the United States, provided that the exports are manufactured with a certain percentage of Israeli parts.

Minister Hatem Saleh said he expects an industrial growth of 5 percent in the coming months, compared to about 4 percent currently.

He added that the growth rate signifies the beginning of a recovery in Egypt’s industrial sector. He noted that exports have recently increased by 16 percent.

Hundreds of Egyptian companies export products to the United States under the QIZ agreement. Export volumes have been running at around US$800 million annually.

Egypt, Israel and the United States signed the QIZ agreement in 2004, which stipulates that the Egyptian exports to the US should contain 11.7 percent Israeli components, a number that was reduced to 10.5 in 2007.

Edited translation from Al-Masry Al-Youm

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Categories Egypt Economy
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Salafi leader denies he said Sinai youths spying for Israel

by admin
November 2nd, 2012

A Salafi leader in North Sinai has denied rumors that he provided information to the Egyptian government about youths in Sinai working as Israeli spies.

Montasser al-Zayyat, a lawyer for Jama’a al-Islamiya, had told an Egyptian talk show that Salafi leader Hamdeen Salman supplied the government with information that 30 Sinai youths were working for Israel’s spy agency, the Mossad. But in an interview with Kuwait’s Al-Rai newspaper on Friday, Salman denied the charges.

According to Al-Rai, Salman said he has never met Zayyat and that the lawyer’s claim was baseless. Salman stressed that he has no access to the administration of President Mohamed Morsy, and that no Sinai residents are spies.

He said he would soon submit a complaint to the Public Prosecution against Zayyat.

On Thursday, presidential spokesperson Khaled Ali disputed Zayyat’s claim in an interview with Egypt’s state-run Al-Gomhurriya newspaper, saying the presidential office had never received any report from Salman. He added that news about the Egyptian presidential administration should require authentication, especially if it concerns national security.

Edited translation from Al-Masry Al-Youm

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Categories Egypt, Egypt Top Stories
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Egyptian delegation to visit South Korea to discuss nuclear cooperation

by admin
October 21st, 2012

The Egyptian government has announced that it would send an economic delegation to South Korea in the near future to examine ways to bolster cooperation in several fields, including nuclear energy, Al-Hayat reported Sunday.

According to the London-based newspaper, Egypt is seeking to increase its trade with South Korea.

South Korean officials have said that Samsung has decided to establish its first center for development and research in Egypt, an investment worth more than US$300 million.

The Egyptian Tourism Ministry will also work to attract South Korean tourists back to Egypt. Around 76,000 South Korean tourists visited Egypt every year before the 25 January revolution. The Egyptian government also plans to resume direct flights between the two countries.

Total trade between Egypt and South Korea exceeds $3 billion a year, but Egyptian exports to South Korea remain low, with oil constituting 95 percent of them. South Korean investments in Egypt amount to $1 billion while Egyptian investments in South Korea are almost negligible, as investment in South Korea requires large amounts of capital and advanced technology.

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Categories Egypt Economy
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