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UN’s Secretary General Praises Egypt for its Economic Strategies

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Antonio Guterres

Since the very beginning of the novel virus we have all grown to know quite well, Egypt has been praised for its exquisite ways of handling things in rough times like these.

We have been praised by foreigners, Egyptian nationals, and countries such as Libya, USA, Italy, and much more for the efforts that have been put into saving our beloved country as well as lending a helping hand to others.

We are proud to announce that Antonio Guterres, the Secretary General of UN,  has also praised Egypt for its smart tactics of tackling the coronavirus. Egypt hasn’t been praised for that point alone, but has also been admired for how they have been handling its economy.

The coronavirus has completely destroyed many economies worldwide, which is why Egypt is known and praised for still being economically stable in these hard times. This is because President Abdel Fatah el Sisi was well ahead of the conflict and has ordered specific measures to be taken since March 22nd.

Starting things early and being well ahead of matters is the smartest strategy one could decide on doing because if you start fixing or maybe even preventing a problem from early on, the chances of maintaining stability is quite high.

“Egypt has reduced taxation for industries and postponed taxation on agricultural land, and has expanded its social safety net program,” the Secretary-General said in a virtual meeting with leaders of the African Group members on Wednesday.

The measures that have been taken were decisions such as pensions, agricultural land taxes, and even bonuses. It was surely decided that 5 bonuses will be granted for pensioners by a percentage of 80 from the basic wage. Also, an annual bonus will be given to pensioners by 14%.

From procuring test kits to promoting debt relief, the UN will stand in solidarity with Africa as it braces against the unprecedented economic, social and health impacts of the COVID-19 pandemic,” stated Antonio.

Antonio had also called on all African countries to unite and unify their efforts as well in hopes of stopping and maintaining the coronavirus on a global level. He claims that the virus is no way Africa’s fault but rather a climate crisis. Unfortunately for us, the continent of Africa could be the ones to suffer the most.

The United Nations will continue to advocate for debt relief for Africa, including non-IDA -World Bank International Development Association- countries who cannot service their debt. Debt relief from non-Paris Club official creditors and London Club commercial creditors should also be part of the consideration.”

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Egypt Will Build the World’s Largest Spinning Factory

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The Holding Company for Cotton, Spinning, Weaving and Garments has signed a deal to build the largest spinning factory in the world right here in Egypt, at Misr Spinning and Weaving Company in El-Mahalla El-Kubra.

A statement by Ministry of Public Business Sector announced on Thursday. This comes in light of the Ministry’s plan to implement a comprehensive development plan for cotton and weaving industries.

The statement also indicated that the factory will be established on an area of ​​about 62,500 square meters, with the ability to accommodate more than 182 thousand spinners, with an average production capacity of 30 tons/day.

The construction work will begin soon and shall take around 14 months, with an estimate cost of around LE 780 million.

The contract was signed by Chairman of the Board of Directors of the Holding Company for Spinning and Weaving, Ahmed Mustafa, and Vice Chairman of the Board of Gamma Construction Ayman Saad.

“The plan to develop cotton and spinning and weaving companies takes about two and a half years at a cost that exceeds LE 21 billion, and includes a complete modernization in construction and machinery – which was contracted to supply from major international companies – and a comprehensive development in management, marketing and training systems,” the ministry added.

The aim of this ambitious plan is to turn 10 companies into strong entities, in order to double their current production capacity by 3 times. This way, these entities will be able to compete on a higher level.

 

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A Smart System to Be Installed in All of Egypt’s Roads

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Egypt will install a smart system on roads nationwide to monitor any violations and the traffic!

In a meeting with transport officials that was held yesterday, Egypt’s transport minister Kamel El-Wazir discussed implementing a smart system for roads nationwide.

This comes in light of the government’s plan that aims at improving road safety.

The project’s first phase includes six highways: the Cairo-Suez road, Cairo-Ismailia-Port Said road, the Regional Ring Road, Katameya-Ain Sokhna road, Shubra-Benha freeway and Cairo-Alexandria desert road, the ministry said.

In the second phase of the project, the new system will have covered around 20 of Egypt’s main roads.

“All roads joining the smart system will be monitored by a network of cameras that monitors traffic 24/7… and registers any violations,” the minister said.

In applying this new system, the driver’s behavior will be monitored thus improving road safety and reducing traffic accidents caused by reckless drivers.

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New Gas Discovery Made in Egypt’s Nile Delta

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Italian oil company Eni has announced about a new gas discovery off the coast of the Egyptian Nile Delta, in a statement released on Wednesday.

The Italian oil and gas company Eni said that it succeeded in drilling the first exploration well in Egypt’s Nile Delta waters, this comes in cooperation with contractor members of BP and Total.

The new discovery, which is at the Bashrush prospect, is located at a depth of 22 metres, and is 11 km from the coast.

According to the company, which holds 37.5 percent interest of the North El Hammad concession, there’s a possibility of discovering a gas column with a thickness of 152 meters within the Messinian age sandstones of the Abu Madi formation with “excellent petrophysical properties.”

“The discovery of Bashrush is further demonstration of the effectiveness of Eni’s ‘incremental’ exploration strategy, aimed at selecting high value opportunities and ensuring fast development of the new discoveries through existing infrastructures,” the company said in a statement.

The three firms will wok together with Egypt’s petroleum authorities in order to start looking into the development options for the new discovery, with the aim of “fast tracking” production, the statement said.

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