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ALEXANDRIA BUSINESS ASSOCIATION INJECTS EGP 11.9 MLN INTO MICRO PROJECTS LOANS

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Alexandria Business Association “ABA” has pumped a total worth of 11.9 million Egyptian pounds into loans for micro projects since it commenced back in 1990 and up to the end of September 2018. The ABA Executive Director, Mr.  Magdy Moussa, declares that number of loans have reached 3.9 million to around 1.4 million clients. He further noted the association portfolio has reached 1.3 billion pounds by the end of the third quarter of 2018 to 425,000 clients.

Alexandria Businessmen Association started its activity in 1983 as the economic committee for businessmen under the umbrella of the Chamber of Commerce in Alexandria. The main purpose of the association was to provide support to the private sector.

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Egypt Jumps Ten Places in ‘Global Knowledge Index’ in Only One Year

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Egypt has jumped 10 places in just a year in the 2020 Global Knowledge Index (GKI), according to three infographics released by the Egyptian Cabinet’s Information and Decision Support Center.

The index, which gets issued every year by the United Nations Development Programme and the Mohammed bin Rashid Al Maktoum Knowledge Foundation, shows that Egypt has moved from the 82nd place to the 72nd in only one year.

The rankings are based on a survey done on the knowledge performance of 138 countries in 7 areas and 199 indicators. Egypt has shown great advancement in all areas, it moves 23 ranks up in the area of Technical and Vocational Education and Training and 11 ranks up in Pre-University Education.

The index also highlighted Egypt’s points of strength in education sector, which included higher enrollment in universities and a significant decline in out-of-school children. There’s also an increase in the number of students enrolling in vocational and technical schools.

Switzerland, the United States, and Finland came on top of the 2020 index.

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Egypt Set to Build Its First Train Factory in Port Said

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Egypt’s Ministry of Planning and Economic Development has announced that Egypt is planning on building its very first train factory in Port Said.

The factory will build EMUs, DMUs and monorail trains in East Port Said industrial zone.

The Ministry made the announcement on the 16th of September in a meeting attended between the minister of planning and economic development, Dr Hala El-Said, transport minister Major General Kamel El-Wazir and chairman of the Suez Canal Economic Zone Authority, Mr Yahia Zaki.

The meeting went over the project’s implementation plan and the possible outputs of the factory.

Egyptian Railways Services and Maintenance Company (Ermas) will most probably run the new plant in cooperation with the private sector including a number of international companies, such as the Suez Canal Economic Zone, and Egypt’s Sovereign Fund.

According to El-Waziri, the factory is seen as part of a localizing initiative that aims at producing railway equipment locally, in order to meet the rising demand both domestically and in Africa and on the Arabian peninsula.

The factory will help boost the Egyptian economy, in addition to generating hard currency and providing job opportunities.

 

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AstraZeneca COVID-19 vaccine Shows 90% Effectiveness With No Serious Side Effects

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AstraZeneca announced today the effectiveness of its Covid-19 vaccine and it turned out to be around 90% effective with no serious side effects!

According to data from the late-stage trials in Britain and Brazil, the vaccine, which is developed by Oxford University, has shown 90% effectiveness after being administered as a a half dose followed by a full dose at least one month apart.

“This vaccine’s efficacy and safety confirm that it will be highly effective against COVID-19 and will have an immediate impact on this public health emergency,” Pascal Soriot, Astra’s chief executive, said in a statement.

British Prime minister Boris Johnson said it was “incredibly exciting news the Oxford vaccine has proved so effective in trials.”

The next step now is for the company to start preparing regulatory submission of the data to authorities across the world that have a framework in place for conditional or early approval.

It will also seek an emergency use listing from the World Health Organization (WHO) to speed up availability in countries with low income. In parallel, the full analysis of the interim results is being submitted for publication in a peer-reviewed journal.

With both Oxford’s and Pfizer’s vaccines, we can be hopeful that the new year will come bearing good news!

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