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Daily News Egypt
05-05-2025
- Business
- Daily News Egypt
Egypt, Comoros pledge stronger economic ties, call for unified African voice on global issues
Egyptian President Abdel Fattah Al-Sisi welcomed Comorian President Ghazali Othman on Sunday at the Ittihadiya Presidential Palace in Cairo, in an official visit marked by a ceremonial reception, bilateral talks, cooperation agreements, and a joint press conference. According to Presidential Spokesperson Mohamed El-Shinawy, the discussions centered on enhancing bilateral relations between Cairo and Moroni, with both leaders pledging to strengthen cooperation across a range of key sectors—including economy, investment, education, healthcare, energy, tourism, fisheries, and infrastructure. During the press conference, President Al-Sisi underscored the deep historical and fraternal bonds between Egypt and Comoros, rooted in shared Arab, African, and Islamic identities. He reaffirmed Egypt's support for the 'Emerging Comoros Plan 2030,' offering Egyptian expertise in development and infrastructure to help advance strategic projects across the archipelago. Al-Sisi also stressed the importance of boosting trade and investment within the framework of the Common Market for Eastern and Southern Africa (COMESA), to which both countries belong. He noted Egypt's readiness—through both government and private sector initiatives—to contribute to Comoros' development goals. The two presidents also discussed pressing regional and international issues, including the conflicts in Gaza and Sudan, developments in the Horn of Africa, maritime security in the Red Sea, and efforts to combat terrorism. They jointly emphasized the need to revitalize the role of the Community of Sahel-Saharan States (CEN-SAD) in promoting peace and cooperation in these areas. Broader topics such as poverty reduction, debt relief, and climate change were also on the agenda. Both leaders called for unified African positions in international forums to ensure fair representation for the continent and to better reflect the aspirations of its peoples for stability and sustainable development.
Al-Ahram Weekly
20-03-2025
- Business
- Al-Ahram Weekly
FM Abdelatty inspects Egypt-built Julius Nyerere Dam in Tanzania - Foreign Affairs
Following presidential directives to prioritize its completion, Foreign Minister Badr Abdelatty visited the Julius Nyerere Hydropower Plant and Dam in Tanzania, which is being constructed by two Egyptian firms, according to a foreign ministry statement on Thursday. While touring the dam with Tanzanian and Egyptian officials and parliamentarians, Abdelatty hailed the project as a model for cooperation among Nile Basin nations and reiterated Egypt's commitment to regional development. The $2.9 billion dam, launched in 2017 and under construction since 2019, is being built by the state-owned Arab Contractors and privately owned Elsewedy Electric. It aims to address Tanzania's electricity shortage by supplying clean energy to over 60 million people. The statement announced that dam construction is 99.9 percent complete, and eight of the project's nine turbines are operational. Abdelatty arrived in Dar es Salaam on Wednesday, opening the Egyptian-Tanzanian Joint Business Forum and holding bilateral talks with his Tanzanian counterpart, Mahmoud Thabit Kombo. He expressed Egypt's interest in boosting cooperation with Tanzania in construction and hydroelectric power generation projects, offering full institutional support. The top Egyptian diplomat emphasized Egypt's commitment to strengthening economic and trade ties with African nations, highlighting Egypt's trade agreements, particularly with Common Market for Eastern and Southern Africa (COMESA) member states, and investment opportunities in the Suez Canal Economic Zone. Abdelatty encouraged Egyptian companies to increase their engagement across the continent, noting Egypt's manufacturing capabilities in sectors such as food production, industrial and chemical goods, and construction materials, aimed at meeting African needs. Follow us on: Facebook Instagram Whatsapp Short link:
CairoScene
21-02-2025
- Business
- CairoScene
Foreign Exchange Earnings in Egypt Increased by 31%
Egypt's foreign exchange earnings jumped to USD 159.6 billion in the 2023/2024 fiscal year, according to CAPMAS. Feb 21, 2025 Egypt's foreign exchange earnings jumped to USD 159.6 billion in the 2023/2024 fiscal year, marking a 30.8% increase from the previous year, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). The growth was largely driven by foreign direct investment (FDI), which climbed to USD 32.9 billion. At the same time, foreign exchange payments also rose, reaching USD 148.5 billion, up 10% from USD 135 billion in 2022/2023, primarily due to a surge in import spending, which increased from USD 61.6 billion to USD 67.8 billion Among Egypt's key economic partners, Arab League countries contributed the most to foreign exchange earnings, bringing in USD 66.9 billion (41.9% of total earnings). The UAE led the region, accounting for USD 36.4 billion, followed by Saudi Arabia (USD 17.1 billion). Meanwhile, European nations accounted for the largest share of Egypt's payments (USD 53.2 billion), with the UK and Germany topping the list. Trade with the Common Market for Eastern and Southern Africa (COMESA) nations declined by 25.3%, totaling USD 2.8 billion, widening Egypt's deficit with the region to USD 926.7 million. However, transactions with the European Union increased by 8.9% to USD 51.8 billion, though Egypt's monetary balance with the EU worsened, with the deficit expanding from USD 5.1 billion to USD 9 billion.
