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Egyptian Economic Performance (15/3/2007)
 
Source: 
Published at:   15/03/2007
 
 
 
 


  1. FDI increase in Egypt:
  1. A report by the Ministry of Investment stipulates that the net FDI in Egypt reached 3.2 billion dollars during the first quarter of the fiscal year 2006-2007. The value of the investments had risen from 2.1 billion U.S. dollars in the year 2003-2004 to reach 6.1 billion dollars in 2005-2006.
  2. The report explained that the net foreign investments in the petroleum sector was 1.8 billion dollars and 4.27 in non-petroluem sector and that the ministry of Finance achieved a lot in simplifying the procedures for investment and opening offices in the governorates and issuing a directory for procedures in GAFI and appointing a communication officer for each investor to coordinate with the different agencies.
  3. The report further mentions that a new sector for investment in the governorates was built in GAFI to help investors and to prepare databases including all information related to natural resources, infrastructure, utilities and economic activities.
  1. Egyptian exports to U.S. market increases:
  1. A report by the commercial office in Washington states that egyptian exports to the U.S. increased 14.5% during the year 2006 in comparison to 2005.
  2. The report indicates that non-petroleum exports increased by 39.5% during 2006, while petroleum exports decreased by 7.4 % during the same year.
  3. The report further shows an increase in Egyptian exports from the Qualified Industrial Zones (QIZ) by 141%, and thereby amounting to 27% of total Egyptian exports and 45.5% of total non-petroleum exports.
  4. The report indicates that Egyptian imports from the U.S. increased by 29.9 % making Egypt rank 37th among countries importing from the U.S.
  1. The Vice President of the World Bank visits Egypt:

1.      The vice President of the World Bank for MENA visited Egypt from 11-12 March, where she met with the prime minister and they discussed the activities of the World Bank in Egypt and the future plan for cooperation between Egypt and the World Bank in different development areas.

2.      They also discusses the infrastructure projects that the World Bank helps in planning and financing in Egypt as well as the means to benefit from the World Bank in Public-private partnerships to provide basic services and infrastructure in the road and education sectors.

3.      The World Bank vice president signed with the Minister for irrigation and water resources a protocol for cooperation with the World Bank, according to which the WB will provide a grant of 600 thousand U.S. dollars for the Arab Council on Water and the Arab Institute for Water.

4.      She further noted that the participation of the private sector with the public sector in financing irrigation projects in the future is a positive step and gave the example of the West Delta project , which will require 175 million dollars financing ,of which 15% will be provided by the private sector

  1. Consolidating Petroleum Cooperation with the Group of 8 Developing Countries:
  1. On 11/3/2007, Eng. Sameh Fahmi received Mr. Depo Allam, Secretary General of the D8, where they discussed cooperation fields among the group's countries within the framework of the agreement signed last year for the Trade Preferential Treatment among the D-8 countries.
  2. However, the Minister of Petroleum pointed out that they reviewed the suggested fields of cooperation in the domain of exploration and participation of the specialized companies in those countries in the annual bid rounds.
  3. Also, they discussed benefiting from the Egyptian experience in the field of converting cars to work with natural gas and in the implementation of conveying natural gas to residents, industrial areas along with cooperation in the field of manufacturing and supplying the necessary equipment for carrying out the petroleum projects.
  4. Moreover, the Minister discussed training the technical workforce in the oil, gas, and petrochemicals industries at the training centers of the Egyptian Training Services Company. During the meeting the Secretary General expressed the D-8 group's desire of Egypt's hosting and heading the second conference in the field of Energy, which is being organized by the D-8 group, after holding the first one in Indonesia.