Day: November 16, 2022

Egyptian Exchange (EGX) indices went up collectively at the close of Wednesday’s trading, pushed by purchases from local institutions and investment funds.

Meanwhile, sales prevailed in transactions of Arab and foreign institutions.

The market capital gained nearly EGP 13.8 billion, registering EGP 813.6 billion after transactions totaled approximately EGP 2.1 billion.

The EGX 30 benchmark index rose 1.68 percent, recording 12,341.2 points.

The broader EGX 70 EWI of the leading small and medium enterprises (SMEs) jumped 2.83 percent, hitting 2,362.36 points.

The all-embracing EGX 100 index was also up 2.6 percent, closing at 3,450.5 points.

Source: Egypt Today Magazine

Minister of International Cooperation Rania Al-Mashat signed Wednesday a letter of intent with the European Union to strengthen the energy hub within the National Platform for Green Projects Program”NWFE”, worth €35 million to be directed to the European Bank for Reconstruction and Development.

The minister also witnessed the signing of a memorandum of understanding with the European Union and the European Bank for Reconstruction and Development, on “Mediterranean Hydrogen Partnership”, to promote investment in renewable energy, together with Mohamed Shakir, Minister of Electricity and Renewable Energy, and Engineer Tarek El-Molla, Minister of Petroleum and Mineral Resources.

The signing was attended by Ambassador Omar Abouche, Assistant Minister for Foreign Affairs and Secretary-General of the Coordinating Secretariat for the Implementation of the Egyptian-European Union Partnership Agreement, Mr. Franz Timmermans, Vice-President of the European Commission, Mr. Christian Burger, Head of the European Union Delegation in Egypt, and Ms. K. K. Sim. Heiki Harmgart, Regional Director for the South and East Mediterranean Region of the European Bank for Reconstruction and Development.

In her address, Rania Al-Mashat, Minister of International Cooperation, said that under the letter of intent the European Union will provide development grants worth €35 million to the European Bank for Reconstruction and Development, to develop and promote investment in renewable energy and electricity generation, and to improve energy efficiency, promoting the transition to a green economy and low-carbon development.

The Memorandum of Understanding will also play a role in the transformation of renewable energy sources, which limit the use of traditional sources of pollution to help reduce current climate changes.

The Minister of International Cooperation explained that the European Union is a strategic partner of the Egyptian government in many projects related to the energy sector and other areas as well.

One of the projects implemented in this context is the project to promote reforms in the renewable energy and water sector through capacity-building worth 10 million euros Energy transformation project of €20 million and the Suez Bay wind farm of €30 million to generate 250 megawatts of electricity Energy Policy Support Program Project, with a value of €60 million.

Al Mashat explained that the energy hub of the National Green Projects Platform “NWFE” program promotes the conversion of thermal-powered power plants to renewable energy, through the implementation of 10 gigawatt wind power projects to replace existing 5 MW thermal-fueled plants, in the light of the National Sustainable Energy Strategy 2035 through which the State seeks to shift to clean energy.

She emphasized that the projects included in the “NWFE” program are characterized by a comprehensive approach to development, which is distributed in many regions and governorates of the Arab Republic of Egypt. The target stations for replacement are located in Cairo, eastern delta, western delta and central delta, reflecting the overall development efforts being implemented by the State. The project also promotes the efficiency of the exploitation of Egypt’s natural resources, including wind power in the Gulf of Suez, the Red Sea coast and Egypt’s Upper Egypt.

The Minister of International Cooperation said that this day is very important among what we are doing with development partners during the climate conference, and with regard to cooperation with the international community to promote climate and development efforts in Egypt, through the national platform of green projects “NWFE”, which promotes job creation and stimulates efforts to expand clean energy, and provides an example of the transition from pledges to implementation.

Franz Timmermans, Vice President of the European Commission, said: “We are happy to take this step to promote the transition towards renewable energy in Egypt, in a world that is changing very rapidly and where challenges are increasing. If we want to achieve rapid change, we have to support the industry. This will not be achieved without clean energy, so we are working with Egypt to develop the green hydrogen partnership. Egypt is a leading and important model in this field and we are witnessing the great interest of President Abdel Fattah el-Sisi in this matter. “

Kadri Simson, Commissioner for Energy and Climate of the European Union, said that this week is very important during the climate conference as we see many steps to promote climate action and development through the NWFE program, which promotes job creation and development partnerships. “

Source: Egypt Today Magazine

Fitch Ratings expects the capacity of non-hydroelectric renewable energy sources in Egypt to increase in the short term by 19.7 percent to reach 4.5 gigawatts in 2022.

This came during the follow-up of the Information and Decision Support Center of the cabinet (IDSC) on various international reports that deal with Egyptian affairs or fall within the scope of its interest.

The report indicated that in 2023, the capacity of non-hydroelectric renewable energy sources is expected to increase by 14.7 percent, to reach 5.2 gigawatts. This will also lead to an increase in the share of renewable energy sources from 7.3 percent to 8.3 percent of the total energy mix.

According to the report, the capacity of wind energy is expected to increase by 10.2 percent in 2022 to reach 6.4 TWh, and by 12.4 percent in 2023 to reach 7.1 TWh.

The capacity of solar energy is also expected to increase by 27.1 percent in 2022, to reach 2.4 TWh, and by 27.1 percent in 2023, to reach 3.1 TWh.

It pointed out that non-hydroelectric renewable energy sources will record the highest growth in the energy sector in Egypt, as the capacity of the sector is expected to reach 10.9 gigawatts over the next 10 years.

In the long term, according to the report, it is expected that the non-hydroelectric renewable energy capacity will increase from 4.5 GW in 2022 to 12.3 GW in 2031, which means an increase in the share of renewable energy sources in the total energy mix to reach 17.4 percent in 2031 compared to less than 8 percent in 2022.

Source: Egypt Today Magazine

Minister of Foreign Affairs Sameh Shokry received Tuesday Iran’s Vice-President and Head of the Environmental Protection Organization Ali Salajka on the sidelines of COP 27.

Salajka, who is heading his country’s delegation at COP 27, thanked Egypt for the warm welcome and the outstanding organization of the conference. He further expressed hope this edition would be a pivotal step to move from the phase of pledges to the phase of implementation.

The Iranian vice-president added that the delegation would deploy all efforts in order to reach agreement on solutions to issues pertaining to international climate action.

In turn, Minister Shokry welcomed the Iranian vice-president, expressing Egypt’s appreciation for the high-level participation of Iran in COP 27. He also lauded the existing consultation and coordination between Egypt and Iran on various climate topics. That is in the framework of both states’ membership in The Group of 77 + China, Non-Aligned Movement, and other multilateral groups.

The Egyptian minister of foreign affairs equally asserted that the doors of Egypt’s presidency of COP 27 would always be open for all delegations. That is out of a desire to facilitate the negotiation process and produce outcomes that would reinforce international climate action through executive steps that would preserve the interests of all states and peoples.

Source: Egypt Today Magazine

Finance Minister Mohamed Maait said the African Development Bank (AfDB) could have a key role in presenting Africa’s priorities to the international community and multilateral banks, which in turn could contribute to facilitating financing terms for African countries amid the current global economic challenges.

Maait’s remarks came during his meeting on Wednesday with AFDB President Akinwumi Adesina, on the sidelines of the 2022 UN Climate Change Conference, COP27, currently held in the Red Sea resort city of Sharm El Sheikh.

The finance minister shed light on the great support offered by the AFDB to Egypt in the recent period, asserting the necessity of boosting bilateral cooperation.

Maait underlined the importance of achieving food security for Africa, which became a pressing issue that requires the optimum utilization of available resources and increasing the agricultural production and industrial output, as well as forming African supply chains that help the African continent serve as a world’s breadbasket.

The finance minister called for establishing a flexible mechanism to exchange basic commodities among African states, notably wheat and fertilizers, in a way that enhances the capacity of African economies, expanding the volume of intra-trade and improving the competitiveness of African economies.

On his part, AFDB president stressed his keenness to provide support for Egypt in water projects and a food security initiative.

Adesina said the AFDB seeks to strengthen agricultural and water integration among African countries, especially in light of the negative impacts of the Ukrainian war, through cementing African cooperation in the fields of agriculture and water rationalization.

The AFDB president pointed to the important part that could by played by multilateral banks in easing financing requirements for African countries to be able to adapt to climate change, by building projects in the areas of infrastructure, agriculture and information technology.

Source: Egypt Today Magazine

Sanaa Seif, the sister of British-Egyptian activist Alaa Abdel-Fattah, said she received a letter confirming that her brother had ended his hunger strike.

“I’ve broken my strike,” said a message purportedly from Abdel-Fattah, posted on Sanas Seif’s Twitter account.

“We just got this letter. Alaa has broken his hunger strike. I don’t know what’s happening inside, but our family visit is scheduled for Thursday and he’s saying to bring a cake to celebrate his birthday,” Sanaa Seif wrote on her Twitter account with a photo of the message.

Sanaa Seif said, on Monday, that Egyptian prison officials sent a message to her mother stating that Abdel-Fattah is alive and started drinking water again from Saturday onwards.

Seif held a press conference last week during which she said that the family did not know if Abdel-Fattah was alive.

The Egyptian authorities have repeatedly rejected calls for his release.

Abdel-Fattah was one of the leading activists in the 2011 uprising that toppled the government of late president Hosni Mubarak.

Earlier this month, Alaa escalated his 200-day hunger strike and stopped drinking water, a development that coincided with world leaders meeting in Egypt for the COP27 climate summit.

Source: Egypt Independent

President Abdel Fatah al-Sisi held a meeting Tuesday with senior officials to follow up on land reclamation projects southern the Nile Valley, getting informed on how the mission is being accomplished within Egypt’s limited water share, which is just 55.5 billion cubic meters per annum.

On that front, the president instructed the cultivation of water-efficient crop species, and adoption of irrigation methods that match the type of land and climate in each area. That is in addition to increasing reliance on agricultural wastewater treated to be re-used.

Chief of International Relations at the Ministry of Agriculture and Land Reclamation Saad Moussa stated in a phone-in Tuesday that Egypt targets to reclaim 3.5-4 million feddans (one feddan equals 4,500 square meters) in the coming three years.

The Central Agency for Public Mobilization and Statistics (CAPMAS) released a report in August on land reclamation in 2020/2021, indicating that its size grew by 7.5 percent from 81,000 feddans (one feddan equals 4,500 square meters) in 2019/2020 to 87,000 feddans.

The share of the private sector in reclaimed land is 96.8 percent (84,400 feddans), while two percent (1,800 feddans) and 1.2 percent (1,000 feddans) belong to cooperatives and the General Authority for Reconstruction and Agricultural Development.

As for the Million and Half Feddans Reclamation Project, the progress rate rose to 512,000 feddans in 2020/2021 up from 197,000 feddans in 2019/2020, jumping 38 percent.

However, the surface area that actually got cultivated became140,000 feddans in 2020/2021 up from 115,000 in 2019/2020 with a growth of 21.7 percent.

A portion of reclaimed land nationwide houses animal and dairy production enterprises. Those declined by 24.9 percent to be 136,000 feddans down from 181,000 feddans.

Source: Egypt Today Magazine

Minister of Petroleum and Mineral Resources Tareq el Molla has discussed with Malta’s Minister for Environment, Energy and Enterprise Miriam Dalli opportunities for fostering bilateral cooperation and partnership in the industry of oil as well as natural and liquefied gas.

The meeting was held on the sidelines of the 2022 UN Climate Change Conference, COP27, currently held in Egypt’s Red Sea resort city of Sharm El-Sheikh.

The two sides discussed benefiting from the capabilities available in both countries in a way that is in the mutual interest of their peoples.

In press statements Wednesday, Molla pointed out to the possibility of joint cooperation in the field of trade and natural gas trading; given that liquefied gas has become the most demanded in the time being.

It was agreed that an Egyptian delegation would visit Malta to inspect facilities in the liquefied natural gas industry in the country and probe opportunities for joint cooperation in the coming period.

Source: Egypt Today Magazine

The Egyptian Meteorological Authority warned of rain and active wind on Wednesday and Thursday, amid volatile autumn weather, until the middle of next week.

Active wind is predicted on Wednesday and Thursday, in areas of the far west of the country, stirring sand and dust, at intermittent intervals.

On Thursday, hot weather is expected to prevail during the day in Cairo, Lower Egypt, the northern coasts, northern Upper Egypt and South Sinai. Warmer temperatures are expected in southern Upper Egypt, while cold weather is expected at night in all parts.

Maximum temperatures predicted on Wednesday:

Marsa Matrouh 22C

Cairo, Alexandria, Damietta, Minya: 23C

Qena, Luxor: 25C

Aswan: 26C

Maximum temperatures predicted on Thursday:

Northern Upper Egypt, North coast: 24C

Greater Cairo, Lower Egypt: 25C

Southern Upper Egypt: 26C

South Sinai 27C

Source: Egypt Independent

Foreign Minister Sameh Shoukry, President of the 27th United Nations Climate Change Conference (COP27), stressed keenness on Egypt’s continued coordination with the UAE for the COP28.

He made the remarks on Wednesday with UAE Minister of Industry and Advanced Technology Sultan Al Jaber.

The UAE minister hailed Egypt’s outstanding organization of the COP27 for promoting climate action at all levels, Egyptian Foreign Ministry Spokesman Ahmed Abu Zeid said.

He stressed his country’s keenness on the COP27 success to come up with the aspired results.

For his part, Shoukry thanked the UAE official for keenness on communicating the COP27 presidency to ensure the success of the grand event.

He reviewed the COP27 agenda, voicing hope that countries would further cooperate in the coming period with regard to issues raised.

Source: Egypt Today Magazine