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The conference is going pretty well and here are more details about it,

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The World Bank and the IMF reaffirm their support for Egypt in the chairmanship of the African Union and translate the vision of the President of the Republic to Africa to achieve sustainable economic growth of the continent.

“The Sharm el-Sheikh Declaration” at the end of the annual meetings of the African Union in the presence of 40 African countries, the Bank and the Fund call for additional support to the continent and confirms the open area for investors to invest in, thankfully.

Minister of Investment and International Cooperation has stated that “We have agreed to develop our legislative and executive mechanisms to create the right environment to encourage and attract private investment and create innovative tools for public-private partnership to finance infrastructure projects.”

Finance Minister confirmed that, “The meeting focused on discussing issues related to the overall growth of the African continent.”

The annual meetings of the African Union of the World Bank and the International Monetary Fund (IMF) were concluded on Monday, 6 August 2018, which was held under the auspices of President Abdel Fattah Al Sisi, in support of the African continent’s issues in international financial institutions and forums, also organized by the Ministries of Investment, In cooperation with the Central Bank, under the patronage of Dr. Mustafa Madbouli, Prime Minister, Sharm el-Sheikh, in the presence of 40 countries from inside and outside the African continent.

Minister of Investment and International Cooperation — Dr. Saher Nasr, and Minister of Finance — Dr. Mohamed Maait, held a press conference in which he announced the Sharm El Sheikh Declaration in the presence of Dr. Hafez Ghanem — World Bank Vice President for Africa. And transforming Mr. President’s vision for Africa to achieve sustainable economic growth for the African continent.

“We take the opportunity to renew our appreciation for the supportive work of the International Monetary Fund and the World Bank Group so far and look forward to additional appropriate support,” he said, noting that most African countries continue to implement reforms aimed at enhancing competitiveness and diversifying, also expanding the export base.

Agreement on the establishment of special economic zones, promotion of domestic and foreign direct investments and the provision of good tax incentives for investors.

“We welcome the new regional integration strategy of the World Bank Group and look forward to accelerating and expanding projects in the agriculture and energy sectors, which will enable industrialization and the competitive value chain of exports,” he added.

“Recognizing that the African continent has one of the highest ratios of PPP projects to GDP, consistent with the desire to diversify sources of infrastructure financing, while ensuring efficient service delivery, we appreciate the tools available to assess the financial risks of partnership projects between the public and private sectors.” He stated.

The Declaration emphasized the strengthening of coordination between the World Bank Group and African governments to maximize the use of financing for development, giving priority to financing projects with significant developmental and social impact that contribute to the achievement of sustainable development goals.

The African governors agreed with the World Bank and the International Monetary Fund that the digital transformation had recently emerged as an effective tool to enhance access to finance, including financing for women’s and small, medium-sized enterprises.

“Several African countries are leaders in business success stories, Which led to a significant impact on poverty reduction and achievement of development goals,” announced the Sharm el-Sheikh Declaration to increase the representation of African staff in the World Bank Group and the International Monetary Fund.

Dr. Sahar Nasr — Minister of Investment and International Cooperation, affirmed the honor and honor of the leadership, government and people of Egypt to host and preside over the annual meeting of the African Union of the World Bank and the International Monetary Fund.

“Our discussions with our African ministers have been of the same importance and our visions have agreed on the importance of redoubling efforts to address these challenges and what the World Bank and the International Monetary Fund can do to support us in supporting the development aspirations of our people’s for sustainable economic development, I am honored to announce that the Sharm el-Sheikh Declaration of this meeting was ambitious and balanced, reflecting the challenges facing us. The most important of which is the development of mechanisms for access to finance, the payment and diversification of our exports, the empowerment of the private sector and the increasing role of African and developing countries in the financial system.” She announced.

“I would like to point out more specifically that a majority, if not all, of our African countries are implementing economic reforms and ambitious economic development plans. The African ministers agreed that these plans should diversify our economic bases and increase our integration into the global economy, And develop our legislative and executive mechanisms to create the right environment to encourage and attract private investment as the main player in economic development, and create innovative tools for public-private partnership to finance infrastructure projects, as well as financial inclusion and promotion of the project. The African Union and the International Monetary Fund (IMF), will be presented at the next annual meetings in Bali in late October, which will reflect in more detail in the African economy. All the issues I have just mentioned, so that the two institutions can support the continent.” Dr Sahar Nasr added.

The World Bank and the IMF reaffirm their support for Egypt in the chairmanship of the African Union and translate the vision of the President of the Republic to Africa to achieve sustainable economic growth of the continent.

The Sharm el-Sheikh Declaration at the end of the annual meetings of the African Union in the presence of 40 African countries, the Bank and the Fund call for additional support to the continent and confirms the open area for investors to invest in.

The governors of African countries agreed at the World Bank and the International Monetary Fund to work to remove obstacles to the private sector in injecting investments, committing to policies conducive to a supportive environment for inclusive and sustainable economic growth, adjusting legal frameworks and adopting simplified investment promotion measures.

Dr. Hafez Ghanem — Vice President of the World Bank for Africa, said that the Bank supports the African continent to achieve development and poverty eradication, pointing out that Africa has great capabilities, especially that 70% of the continent of Africa is less than 30 years old.

He explained that Egypt is one of the most countries that has carried out economic reforms over the past years, and thanked the Egyptian government for organizing this conference.

What an amazing conference and we look forward to an amazing future.

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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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Another Coronavirus Vaccine By Moderna Shows 94.5% Effectiveness!

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Yet another promising news for a Covid-19 vaccine has been announced! Moderna said today that its vaccine has shown 94.5% effectiveness in preventing the virus, according to an analysis of its clinical trial.

The biotech company made the announcement earlier today, giving us a dash of hope amidst this coronavirus scare.

The news follows the announcement made by Pfizer and BioNTech, who said their vaccine was more than 90% effective.

The results come from interim analyses of intensive clinical studies. The clinical trials of Moderna saw the participation of 30,000 volunteers. Half got two doses of the vaccine 28 days apart, half got two shots of a placebo on the same schedule.

“This positive interim analysis from our Phase 3 study has given us the first clinical validation that our vaccine can prevent COVID-19 disease, including severe disease,” said Stéphane Bancel, chief executive officer of Moderna, in a statement.

Both companies used the same technology in making the vaccines, which is a tech based on a molecule known as mRNA, or messenger RNA. That molecule contains genetic instructions for making proteins inside cells.

We hope that by the end of this year, we can rest assured that a vaccine can soon end this pandemic.

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Hopes Rise As Pfizer Announces That Its COVID-19 Vaccine is 90% Effective

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Hope rises as pharmaceutical giant Pfizer announced that its COVID-19 vaccine has successfully prevented 90% of the virus, a promising result that exceeded experts’ expectations!

This analysis is based on 94 cases of infection with SARS-CoV-2, the virus responsible for causing COVID-19, among both the vaccinated and placebo groups. The results included data from 38,955 of the total 43,538 volunteers who enrolled.

This makes Pfizer the very first company to release results from its Covid-19 vaccine, these findings are a result of collected seven days after the second of Pfizer’s two-shot regimen.

 

 

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