Minister Says 3 Finance Institutions Request Private Sector Project Funding
Finance Minister Hany Kadry Dimian has stated his Ministry received requests from the three largest financial institutions in the world to participate in financing and constructing private sector projects.
The projects are planned to take place under the private sector partnership system. These institutions include the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank (EIB).
Dimian added that the institutions’ interest in funding private sector partnerships reflects growing confidence in Egypt’s economy. He added it also supports the government’s ability to uphold the rights of investors and funders.
Ater Hanoura, the Ministry’s Chairman of the PPP Central Unit, announced that the Ministry recently selected tender,legal and financial consultants for the Nile Bus project. This is intended to increase the number of stations along the river from 16 to 28 and update the current fleet of 30 vehicles. Ten of these vessels travel at limited speeds, consume high amounts of fuel, and operate on erratic schedules. The current fleet’s capacity does not exceed 1.8 million passengers per year.
Hanoura said that after the Eid Al-Adha holiday, the Ministry will immediately begin taking measures to qualify investment companies and alliances wishing to participate in the Nile bus project. This will act as a prelude to receiving financial and technical offers. The Ministry will also seek to expedite procedures for selecting technical advisors for the project, as 19 alliances of global technical consultancy offices have applied for the position The offers of six alliances were chosen, and their final offers are currently being completed in preparation for the best alliance to be selected.
He added that the PPP Central Unit is currently compiling all available data for new Nile bus port sites. The first stage will cover the area extending from Qanater to Helwan, increasing the total capacity of the project to 9 million passengers annually.
Regarding the Maadi technology zone project, Hanoura said a contract was recently concluded with the IFC offering investments to the Communications Ministry project, which will be publicized to investors next month. The group hopes to outfit the area to serve information technology and communications projects in accordance at the best global standards. Hanoura added that the area will be charged with providing services to companies and institutions and creating call centres, exporting technology services, and global outsourcing.
He said Ministry of Communications plans for the area include constructing 38 buildings, of which eight have been built over two stages and entered into service through Ministry funding. Three other buildings will begin operating mid-2015, Communications plans for the area include constructing 38 buildings, of which eight have been built over two stages and entered into service through Ministry funding. Three other buildings will begin operating mid-2015, Communications plans for the area include constructing 38 buildings, of which eight have been built over two stages and entered into service through Ministry funding. Three other buildings will begin operating mid-2015, Communications plans for the area include constructing 38 buildings, of which eight have been built over two stages and entered into service through Ministry funding. Three other buildings will begin operating mid-2015, a PPP system.
Hanoura also said the area, when finished, will provide approximately 40,000 jobs, and technology exported annually will amount to $500m.
He said that the Ministries of Justice and Communications are seeking to expand their initiatives to mechanise Real Estate Registration offices, launched in 2009 to encompass 100 branches of the organization. The goal is to have all outlets work through one online network which will allow the ‘one-stop shop’ system to be implemented for offices in all governorates across Egypt.
Hanoura said the project aims to simplify procedures for interacting with Real Estate Registration and facilitate registration processes, ownership transfers, and generally meet citizens’ needs through no more than 20 minutes. Several services will be updated in the future to allow citizens to obtain necessary information through the internet and text messages.
Source: Daily News Egypt
