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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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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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