Egypt BB+
Standard and Poor’s ratings services affirmed its BB+ foreign currency and BB-local currency long-term sovereign credit ratings on Egypt with a stable outlook. S&P said the ratings are underpinned by ‘impressive progress’ made on a wide-ranging programme of structural reform and steadily improving economic, fiscal management, which has delivered a sustained period of rising economic growth. The stable outlook reflects the balance between improvements in Egypt’s economic prospects and the challenges that remain on the fiscal side, S&P added. S&P said it has also affirmed its B foreign currency and A-3 local currency short-term ratings.
Indian money
A senior official at Indian Oil Corp announced that the company will partner with the Egyptian General Petroleum Corp to build a $9 billion refinery and petrochemical complex in Egypt. Talks on the size of the refinery, its cost or the location have yet to be finalised. The refinery is expected to handle some 180,000 to 300,000 barrels per day.
Green competitiveness
Under the auspices of the EU a conference on Sustainable Energy was held in Cairo, organised by Businessmed. The conference discussed topics such as green competitiveness, the private sector’s role in funding eco-projects, and information transfer to small and medium enterprises. Businessmed includes the major business organisations in twelve Mediterranean countries.
Mercury waste
South Korea will grant Egypt $5 million to finance two projects for a better environment and for enhanced cultural activities. One, at a cost of $3 million, will manage mercury wastes, and the second will help update the database of the Supreme Council of Antiquities at a cost of $2 million.
Study in Australia
The Australian Embassy in Cairo recently held an education fair in Cairo and Alexandria, in which 12 prestigious Australian universities offered study opportunities for Egyptian students. Advisors were on hand to advise visitors on scholarships and conditions in Australia.
Food Fortification
Millions of Egyptians are benefiting from a UN-backed nutrition programme to cut widespread anaemia, estimated to afflict 60 per cent of the population. The UN Global Alliance for Improved Nutrition (GAIN) has committed $3 million to work with the Egyptian government on fortifying wheat flour with folic acid and iron, two essential nutrients for reducing anaemia. Wheat flour is widely used in Egypt to make the popular baladi bread. The government has allocated $20 million for the five-year project.
Akhenaton Museum
The first stage of Akhenaton Museum has been completed, Supreme Council of Antiquities secretary-general Zahi Hawass said. The museum is being established on 25 feddans on the Nile bank at Minya, Upper Egypt, at a cost of LE47 million. The first stage includes a museum in pyramidal shape on 5,000 sq. m. with 14 halls, a restoration school, bazaar area, theatre and cafeteria. The second stage will involve mechanical, technical and electrical installations as well as laboratories, while the third will see the exhibits placed on display. Akhenaton, who reigned from 1366 – 1349BC, was the first monotheist pharaoh, and his capital lay close to present-day Minya.
Judo cup
At 21 medals—five gold, seven silver and nine bronze—Egypt’s national team last weekend won the trophy of the international judo championship held in the Red Sea resort of Sharm al-Sheikh. Contestants from 22 countries competed in the tournament, with Tunisia coming in second with four medals—three gold and one silver, Lithuania third with four medals, and Romania and Spain fourth and fifth.