Cairo, Nairobi to boost bilateral trade to $1 bln over 2 years

Egypt’s President Abdel Fattah al-Sisi agreed with his Kenyan counterpart Uhuru Kenyatta on Saturday to bolster trade between the two countries to $1 billion over two years through a number of joint ventures in various fields.

The volume of bilateral trade between Egypt and Kenya in 2016 was around $451 million.

The Kenyan newspaper Daily Nation reported that the two countries agreed to remove double taxation on imports, which means that goods from either country will only be subjected to import duty.

Sisi left Cairo on Saturday to Nairobi on an official state visit to Kenya for one day.

Sisi and Kenyatta agreed to hold the meetings of the seventh session of the joint committee, chaired by the foreign ministers during 2017, with good preparation for the development of relations between the two countries in various fields.

They also stressed the importance of activating the agreements already signed between the two sides, and the preparation of new agreements, particularly in the field of prevention of double taxation and protection of investment, in order to provide the necessary climate for increased cooperation in the fields of economy and investments.

Source: Egypt Independent

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Egypt’s gold prices up in Thursday mid day trade

Egypt’s gold prices surged on Thursday, January 09, 2025, as of 14:15pm CLT (12:15GMT), compared to prices recorded on January 08, 2025, according to an electronic gold price platform.

Metal January 9th (EGP) January 8th (EGP) Change %
24 Carat 4,308.50 4,285.75 0.53
21 Carat 3,770.00 3,750.00 0.53
18 Carat 3,231.50 3,214.25 0.54
14 Carat 2,513.25 2,500.00 0.53
Gold Pound 30,160.00 30,000.00 0.53

 

It’s important to note that gold prices may fluctuate throughout the day. This information reflects the pricing data as of a specific time.

(1 United States dollar = 50.64 Egyptian pounds)

Attribution: Amwal Al Ghad English

Egypt, Greece, Cyprus establish joint business council

Trilateral Business Forum

The business chambers of Egypt, Greece, and Cyprus on Thursday signed a cooperation protocol to establish a joint business council. The agreement was formalised on the sidelines of the Egypt-Greece-Cyprus Business Forum, held at the headquarters of the Federation of Egyptian Chambers of Commerce in Cairo. The initiative aims to strengthen collaboration and boost trade and investment among the three nations.

Dr. Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, highlighted the importance of the summit, held in Cairo on Wednesday between Egyptian, Cypriot and Greek leaders, in addressing increasing regional and international challenges. She underscored the value of unified efforts and coordinated policies, stating, “Over the past years, the trilateral partnership between Egypt, Greece, and Cyprus has proven to be a cornerstone for achieving security, stability, and sustainable development in the region.”

Dr. Al-Mashat noted that the joint communique of the summit outlines promising prospects for closer cooperation across various sectors, including trade, investment, energy, and water security. She emphasised Egypt’s ambitious initiatives in diversifying water resources, preserving existing supplies, and expanding renewable energy projects.

The minister also stressed the importance of continuing joint projects, particularly in renewable energy and electricity, which she said benefit not only the three nations but also enhance energy security across Europe and the Middle East.

Dr. Al-Mashat highlighted the pivotal role of the private sector in driving sustainable economic growth. She pointed to Egypt’s ongoing efforts to strengthen partnerships with private entities in implementing major strategic and developmental projects. These initiatives are part of the country’s broader goal of creating an attractive investment environment, aligned with its national development agenda, investment plan, and Vision 2030.

Serious steps have been taken to facilitate private sector participation in key areas such as renewable energy, transport, and manufacturing, Dr. Al-Mashat explained. These efforts aim to boost Egypt’s economic competitiveness, generate job opportunities for youth, and open new avenues for cooperation with friendly nations like Greece and Cyprus.

Dr. Al-Mashat also highlighted the importance of concessional financing, revealing that Egypt secured $4.2 billion in such funding for local and foreign private sectors in 2023, the highest level since 2020. This reflects the region’s potential despite prevailing challenges. She stressed that investment guarantees provided by the European Union and multilateral institutions could further increase funding for priority projects in Egypt, benefitting both the nation and its European partners.

The joint council is expected to serve as a platform for fostering economic growth and strengthening ties among Egypt, Greece, and Cyprus, while opening doors for broader international collaboration.

Attribution: Amwal Al Ghad English

Egypt NGOs receive EGP14.5b in grants in ’24

Egypt’s Ministry of Social Solidarity has approved 1,637 grants for non-governmental organisations (NGOs) in 2024, with a total value exceeding 14.5 billion Egyptian pounds.

In a cabinet statement on Thursday, the ministry  figure marks a substantial increase compared to 2023, when only 1,186 grants were approved, amounting to over 5.5 billion Egyptian pounds. Meanwhile, the number of rejected grants in 2024 was notably low, accounting for just 0.3 per cent, mainly due to incomplete documentation.

According to the ministry, the grants are intended to fund a wide range of initiatives aimed at enhancing societal well-being. Specifically, they target health and development projects, increasing family income, creating job opportunities for youth, and supporting women, children, and disability rights. The allocated funds were distributed across diverse areas, including hospital development, patient treatment, democracy promotion, refugee assistance, social welfare programmes, and disaster relief efforts.

Furthermore, the ministry noted that the largest contributions originated from the United States, followed by the United Arab Emirates, Kuwait, various United Nations agencies, Germany, France, Saudi Arabia, and the United Kingdom.

This initiative is part of the ministry’s broader strategy to enhance the role of NGOs in driving social and economic development. By increasing the volume of grants, the ministry aims to improve the quality of life and foster social stability in communities throughout Egypt.

To ensure the effective implementation of these funds, the Ministry of Social Solidarity will collaborate closely with civil society organisations. Together, they will oversee the utilisation of resources in priority sectors, ensuring maximum impact.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

Egypt-Greece trade reaches $1.5b in 11 months – CAPMAS

Egypt’s trade exchange with Greece reached $1.5 billion in the first 11 months of 2024, a slight decline from $1.8 billion during the same period in 2023, according to the latest data from the official statistics agency CAPMAS on Wednesday.

The drop was largely driven by a fall in Egyptian exports to Greece, reaching $1 billion in 11 months from $1.3 billion in 2023. Key Egyptian exports included fuel, mineral oils, and distillation products at $610 million, fertilisers at $92 million, vegetables and fruits at $84 million, plastics and their products at $46 million, and iron and steel at $33 million.

On the import side, Egypt saw a slight increase, importing $530 million from Greece, up from $523 million in the previous year, with notable imports including fuel, mineral oils, and distillation products at $274 million, cotton at $120 million, fruits and produce at $44 million, tobacco at $15 million, and electrical machinery and equipment at $15 million.

In terms of economic relations, Egyptian remittances from Greece amounted to $15 million in the 2023/2024 fiscal year, reflecting a small increase from $14.3 million the previous year. Greek investments in Egypt also saw an uptick, rising to $13.9 million from $6.7 million, while Egyptian investments in Greece remained modest, totaling $1 million, up from $700,000 million the previous year.

With both nations looking to bolster their economic ties, a trilateral summit is currently taking place in Cairo, bringing together Egypt, Greece, and Cyprus. During the summit, President Abdel Fattah El-Sisi is meeting with Greek Prime Minister Kyriakos Mitsotakis, and the Egyptian-Greek-Cypriot Economic Forum is being held on the sidelines to enhance economic collaboration.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser

Egypt, Greece, Cyprus agree on joint green energy projects

10th Trilateral Mechanism Summit

President Abdel Fattah El Sisi, during a press conference on Wednesday afternoon with Greek Prime Minister Kyriakos Mitsotakis and Cypriot President Nikos Christodoulides, announced that they agreed to develop joint projects in renewable energy, electricity interconnection, and natural gas transport.

The leaders, at a press conference held this afternoon at the conclusion of the 10th Trilateral Cooperation Summit, emphasised enhancing the infrastructure for electrical connectivity among the three nations to achieve regional energy integration and contribute effectively to global energy security, which has been disrupted by recent global crises.

Egyptian President also welcomed the signing of several memorandums of understanding (MoUs), both trilaterally among the three nations and bilaterally between Egypt and Cyprus. He stressed the importance of effectively implementing these agreements, noting their potential to deliver significant mutual economic benefits.

Attribution: Amwal Al Ghad English