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IMF Agrees To Give Egypt A $2 billion Loan

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The International Monetary Fund (IMF) and the Egyptian authorities have reached a staff-level agreement on the fourth review of Egypt’s economic reform program to grant Egypt with 2 billion U.S. dollars.

According to the Egyptian Finance Minister Mohamed Mait, “the staff-level agreement will provide Egypt with the fifth tranche of 2 billion U.S. dollars of the three-year IMF loan, bringing the total disbursements under the program to about 10 billion U.S. dollars.”

The IMF report highlighted that Egypt’s GDP growth accelerated from 4.2 percent in 2016/2017 to 5.3 percent in 2017/2018, while the unemployment rate declined to below 10 percent. Other factors that positively help reach the agreement, according to the report, included that the current deficit narrowed to 2.4 percent of GDP in 2017/2018 from 5.6 percent the year before.

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A Girl Harassed and Killed By Three Men In Maadi

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As we write this, we’re in deep and shock at what happened to a young victim in Maadi. A girl in her mid-twenties attacked by harassers to a death point…

The horrific incident happened in one of the streets of Maadi, the young girl was walking home, when suddenly three men started harassing her and when she tried to get away, the three men attacked her and dragged her for several meters on the asphalt.

Luckily, security services managed to identify three suspects after unloading footage from the security cameras around the area. Alerts have been sent out for the arrest of the three men responsible!

Our deepest condolences go to her family and friends, we’re still at shock and despair of what happened.

 

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This is How Egypt is Preparing For The Possible Second Wave of Coronavirus

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A second wave of the coronavirus is expected to hit and here’s how Egypt is preparing to face it!

Egypt’s Health Minister Hala Zayed said that if the wave does hit, Egypt will not force another lockdown and that it is preparing to face the second wave.

Egypt’s Health Minister Hala Zayed told the 67th session of the World Health Organization Regional Committee for the Eastern Mediterranean on Tuesday, that Egypt has learned from the first wave not to resort to the strategy of shutting down completely or even partially.

“This is the lesson we learned from the first wave; that countries should not resort to this strategy the way they did during the first wave, but should rather respond to surges in cases within localised [population] clusters,” Zayed said.

“However, all [precautionary] health measures will remain in place in the upcoming wperiod,” Zayed assured.

The minister also added that 2,300 persons have volunteered to undergo clinical trials in Egypt so far, and that 1,770 people have been subjected to full research.

The vaccine will be prepared at Factory 60 at VACSERA, the minister added.

Minister Hala Zayed also assured us that a number of 600 hospitals across the country are fully prepared to deal with any possible or sudden rise in number of cases.

During a press conference held in coordination with WHO, Zayed said: “we developed 45 fever and chest hospitals, and the development process of the remaining hospitals is underway.”

On an individual level, we must as well be prepared for a second wave and take precautionary levels to keep the number of cases at bay.

 

 

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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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