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New Limits Set for Withdrawals and Deposits in Banks

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Central Bank Egypt

Usually, in ordinary times, banks would allow a certain limit for daily deposits as well as withdrawals in bank branches. People weren’t necessarily confined to a certain amount and things had always gone smoothly and easily.

In light of the whole Coronavirus outbreak and the stress that has been going on, we are lucky that banks haven’t shut down completely altogether. At first, we were warned about the unsanitization of ATM machines and were told to be careful.

Even after the quarantine and having to stay home for a specific amount of days, each bank had changed their working hours to accommodate with the curfew we have been given. For instance, EG bank’s new working hours 9:30AM to 1:30AM.

The Central Bank of Egypt had announced earlier this morning that temporary daily limits will be imposed on people in terms of withdrawals and cash deposits. For the time being, people will only be capable of depositing or withdrawing an amount of $636, and as for companies, they can only deposit/withdraw $3,184.

As for ATM machines, the daily limit has been set to $318. The reason behind this new system is to ensure the protection of their people as well as to avoid crowd gatherings and social distancing. Once paychecks will be out, they fear that people would crowd the place. This new deal has been approved by the World Health Organization.

The bank has specifically asked Egyptian dealers to only rely on bank transfers as well as electronic payment methods such as phone wallets, bank cards, and more. We advise people to remain safe as they are trying to facilitate the process for people as much as possible.

 

 

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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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