Marina Wes, the new country director of the World Bank in Egypt – Photo by Ahmed Maarouf/Egypt Today
CAIRO – 12 September 2019: Egypt signed on Wednesday, Sept. 11 an agreement with the World Bank to finance the second phase of the Social Security Nets Support Project, Takaful and Karama, by $500 million.
The agreement was signed by Minister of Investment and International Cooperation Sahar Nasr and Regional Director of the World Bank in Egypt Marina Wes.
Nasr clarified in a press release that the agreement is part of a $8 billion portfolio between Egypt and the World Bank.
She stressed that this project is an important part of the most important indicators to be followed up with the World Bank, which was announced at its annual meetings in Washington, which is investment in human capital.
Nasr expected that all components of this project will contribute to improving the income of Egyptian citizens.
She pointed out that this agreement came within the framework of projects and discussions that took place between President Abdel Fatah al Sisi, and the new president of the World Bank, who chose Egypt as the first destination in the Middle East.
The minister pointed out that the first phase of Takaful and Karama program contributed to the coverage of about 2 million families, or about 9.5 million citizens, revealing that the project reached beneficiary families in all governorates, and that women represent 88 percent of the total beneficiaries so far.
Based on this additional funding, the project will strengthen the social safety nets for an additional three years based on its achievements and willexpand its geographical scope, Nasrclarified, noting that the second phase is expected to include 12.8 million citizens, to reach 22.3 million.
The minister added that the additional funding will be allocated to develop the productive social protection network and employment program under the name of “Forsa”, and will continue to apply health and education considerations to the beneficiary families.
Meanwhile, Minister of Social Solidarity Ghada Waly explained that the signing of a second financing agreement comes to develop the program and works to expand its activities to shift from cash support only to productive support. This is addition to the transfer of assets and sustainable economic activities, which will achieve great returns for the beneficiary families.
Waly noted that the ministry has always worked to benefit from international experiences and practices in this regard, and from the recommendations of the international assessments.
“The objectives of the project have already been achieved in its first phase, and the funding for this phase has ended.We are working to provide highly concessional financing over a long period of more than 35 years, with a grace period of up to 5 years,” Minister Waly stressed.
For his part, the regional director of the World Bank in Egypt explained,“Through this project, we will continue our commitment to support Egypt’s efforts to develop human capital and create jobs, which are essential for the success of its reform program.”
Wes pointed out that the project reflects the World Bank’s commitment to promoting human capital development through effective social safety nets targeting eligible groups.
She said the project came in line with the World Bank Group’s partnership with Egypt and the expanded regional strategy for the Middle East and North Africa to promote sustainable and inclusive growth through development of skills and livelihood opportunities for women and youth.
Egypt, PRL sign train engines contracts worth $466.3M
CAIRO – 16 November 2019: The Egyptian Railway Authority (ERA) signed with PRL (Progress Rail Automotives) a number of contracts worth $466.3 million after a meeting with President Abdel Fatah al-Sisi that took place last week.
The American company will supply 50 train engines over 22 months, carry out long-term maintenance for 41 engines by June 30, and upgrade 50 others within 30 months since the conclusion of the deal. The company will also provide maintenance services and spare parts for those 141 train engines for 15 years. The value of contracts will be secured through soft loans, except for $27 million that will be paid by ERA’s treasury.
In July, ERA endorsed the technical specifications of two passenger railcars to be supplied by Transmashholding in September. Those are part of a contract to supply 1,300 railcars. One of the railcars will be tested in Hungary, so it will be granted the safety certification by the European Railway Agency. The other will be tested in Egypt. Afterwards, the first batch of railcars in the contract will be delivered in accordance with the timeline set by both parties.
The contract states that 650 railcars will be supplied from Hungary, 500 will be delivered by Russia, and 150 will be manufactured by Egypt under the supervision of Transmashholding. An Egyptian locomotive factory will be established as part of a plan to localize the locomotive industry in Egypt and transfer the know-how to workers, technicians, and engineers in the sector. The factory will produce the 150 railcars and also provide maintenance services.
The representatives of ERA and Transmashholding agreed to hold further visits and meetings to study the possibility of cooperation in rail infrastructure, mobile rail, workshops, new lines, and maintenance of existing railcars.
In the same month, an official source told Egypt Today that ERA needs 12 rail test machines to detect and repair defects in railroads revealing that contracts to purchase eight of those are being finalized.
ERA will receive four rail test machines worth €8.5 million by the end of 2020 supplied by an Austrian company with which a contract was signed a few months ago. The machines will enable the authority to better diagnose defects in the railroads which would increase the safety, and inhibit derailment accidents.
France-Africa Summit secretary general praises Egypt’s experience in infrastructure
Investment Minister Sahar Nasr meets with Secretary General of France-Africa Summit 2020 Stephanie Rivoal Reminisces- press photo
CAIRO – 8 November 2019: Ambassador Stephanie Rivoal Reminisces, the Secretary General of France-Africa Summit 2020, has hailed Egypt’s experience in the infrastructure field mainly with regard to the the sustainable and smart cities as well as digitization which she said offers investment opportunities to the private sector.
During her meeting with Investment Minister Sahar Nasr, the French diplomat added that France prioritizes consolidating strategic relations with the African countries, topped by Egypt, the current president of the African Union.
The meeting is held on Friday as part of Reminisces’s current visit to Egypt to hold talks with the government on preparations for the anticipated summit, slated for June, 2020. This year’s summit will focus on the sustainable cities.
Several heads of state and government will address the summit and meetings among businessmen from all over the African continents will be held as part of the summit’s activities, Reminisces said.
About 1,000 investors representing major, small and medium sized- businesses have been invited to the summit, Reminisces added.
Meanwhile, Nasr asserted Egypt’s keenness on developing cooperation with France at economic, development and investment levels.
She hailed successes achieved through the French investments in Egypt which she said hit 5.2 billion dollars with 160 French companies operating in the country.
Egypt urges World Bank, IMF to support regional integrity in Africa
CAIRO – 18 October 2019: Minister of Investment and International Cooperation Sahar Nasr called on the World Bank and IMF to boost their support to Egypt in achieving regional integrity and intra-trade in Africa, a press release on Friday read.
Addressing the Intergovernmental Group of 24 on International Monetary Affairs and Development in Washington, Nasr called on the WB and International Monetary Fund to expand investments in the region.
The minister said that Egypt’s vision to face the slowdown in global economic growth and trade tensions is to achieve more economic integration and continue to take the path of reform to make our economies more competitive and attractive for investment, to achieve the aspirations of the world countries in growth and development.
Nasr explained that the Egyptian government has implemented a comprehensive economic and social reform program to promote sustainable growth, alleviate poverty, create good jobs, enable the private sector to promote growth, and provide opportunities for all sectors of society to participate in the economy, especially women and young entrepreneurs.
The Minister added that President Abdel Fattah al-Sisi, as the chairman of the African Union, has set the achievement of regional economic integration as a top priority.
Nasr also discussed Wednesday with the World Bank the provision of $500 million for the pollution control and solid waste management project in Egypt.
Nasr added in a statement that Egypt is also discussing with the World Bank raising the level of partnership to support the health and education sectors in Egypt.
For his part, World Bank Vice President for the Middle East and North Africa Farid Belhadj affirmed that Egypt is a very important country for the bank’s fields of work.
“Therefore the World Bank is keen to contribute effectively to the efforts exerted to achieve development in Egypt, especially in the field of infrastructure, in light of the economic and legislative reform that contributed to improving the investment climate in Egypt,”Belhadj explained.
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