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🇪🇺🇪🇬 European Union announces $8 billion package of aid for Egypt
The European Union on Sunday announced a $8 billion aid package for Egypt amid concerns that economic pressure and conflicts and chaos in neighboring countries could drive more migrants to European shores.
The deal is scheduled to be signed during a visit by European Commission president Ursula von der Leyen and the leaders of Belgium, Italy, Austria, Cyprus and Greece, according to Egyptian officials.
The package includes both grants and loans over the next three years for Egypt.
According to a document from the EU mission in Egypt, the two sides have promoted their cooperation to the level of a “strategic and comprehensive partnership,” paving the way for "expanding Egypt-EU cooperation in various economic and non-economic areas."
The EU will provide assistance to Egypt’s government to fortify its borders especially with Libya and will support the government in hosting Sudanese.
#Eu #Egypt
@africaintel
The European Union on Sunday announced a $8 billion aid package for Egypt amid concerns that economic pressure and conflicts and chaos in neighboring countries could drive more migrants to European shores.
The deal is scheduled to be signed during a visit by European Commission president Ursula von der Leyen and the leaders of Belgium, Italy, Austria, Cyprus and Greece, according to Egyptian officials.
The package includes both grants and loans over the next three years for Egypt.
According to a document from the EU mission in Egypt, the two sides have promoted their cooperation to the level of a “strategic and comprehensive partnership,” paving the way for "expanding Egypt-EU cooperation in various economic and non-economic areas."
The EU will provide assistance to Egypt’s government to fortify its borders especially with Libya and will support the government in hosting Sudanese.
#Eu #Egypt
@africaintel
🇪🇬🇸🇦 Egyptian Natural Gas Holding to expand in Saudi Arabia
The Egyptian Natural Gas Holding Co. (EGAS) has established a subsidiary in Saudi Arabia with initial capital of SAR 2 million ($530,000), Egypt's Ministry of Petroleum said on Sunday.
Owned 80% by EGAS, the newly established natural gas company "Modern Gas" Saudi Arabia is part of the Egyptian firm's strategy for offshore expansion, especially in Gulf Cooperation Council (GCC) countries, aimed at attracting foreign currency inflows into Egypt.
Earlier this month, Egypt secured an expanded $8 billion deal with the International Monetary Fund, along with a $1.2 billion loan for environmental sustainability, bringing its total to be borrowed from the IMF to more than $9 billion.
#Egypt #SaudiArabia
@africaintel
The Egyptian Natural Gas Holding Co. (EGAS) has established a subsidiary in Saudi Arabia with initial capital of SAR 2 million ($530,000), Egypt's Ministry of Petroleum said on Sunday.
Owned 80% by EGAS, the newly established natural gas company "Modern Gas" Saudi Arabia is part of the Egyptian firm's strategy for offshore expansion, especially in Gulf Cooperation Council (GCC) countries, aimed at attracting foreign currency inflows into Egypt.
Earlier this month, Egypt secured an expanded $8 billion deal with the International Monetary Fund, along with a $1.2 billion loan for environmental sustainability, bringing its total to be borrowed from the IMF to more than $9 billion.
#Egypt #SaudiArabia
@africaintel
🇮🇹🇪🇺🇪🇬 Italy's PM Giorgia Meloni praises her country's role in EU deal with Egypt
Italy’s Prime Minister Giorgia Meloni praised Sunday the role her country played in what she described as a “new model of cooperation between Europe and the southern shore of the Mediterranean."
Meloni was speaking in Cairo upon the signing of an aid package deal between the European Union and Egypt, which she lauded it as “historic."
“It is also the best way to face the problem of illegal migration to fight human traffickers. The best way is to reaffirm the right of the citizens of the African continent not to immigrate towards Europe, and that is something that we can do only with development,” Meloni told.
#Italy #EU #Egypt
@africaintel
Italy’s Prime Minister Giorgia Meloni praised Sunday the role her country played in what she described as a “new model of cooperation between Europe and the southern shore of the Mediterranean."
Meloni was speaking in Cairo upon the signing of an aid package deal between the European Union and Egypt, which she lauded it as “historic."
“It is also the best way to face the problem of illegal migration to fight human traffickers. The best way is to reaffirm the right of the citizens of the African continent not to immigrate towards Europe, and that is something that we can do only with development,” Meloni told.
#Italy #EU #Egypt
@africaintel
💰🇪🇬 World bank group to provide Egypt with $6 bln over three years
The World Bank Group said on Monday it intends to provide more than $6 billion of support over the coming three years to Egypt.
The World Bank Group said $3 billion will go towards government programmes and $3 billion to the private sector, all subject to the group's board approval.
The announcement follows Egypt's signing on March 6 of a loan agreement with the International Monetary Fund that expanded IMF support to Egypt by $5 billion and by an announcement on Sunday of $8.1 billion euros in financing from the European Union.
Some $3 billion of the World Bank financing will be distributed to the government and its programmes over three years, with the first $1 billion expected to arrive by the end of June, Egypt country director Stephane Guimbert told.
#WorldBank #Egypt
@africaintel
The World Bank Group said on Monday it intends to provide more than $6 billion of support over the coming three years to Egypt.
The World Bank Group said $3 billion will go towards government programmes and $3 billion to the private sector, all subject to the group's board approval.
The announcement follows Egypt's signing on March 6 of a loan agreement with the International Monetary Fund that expanded IMF support to Egypt by $5 billion and by an announcement on Sunday of $8.1 billion euros in financing from the European Union.
Some $3 billion of the World Bank financing will be distributed to the government and its programmes over three years, with the first $1 billion expected to arrive by the end of June, Egypt country director Stephane Guimbert told.
#WorldBank #Egypt
@africaintel
🇪🇬🇺🇸🇮🇱🇵🇸 Egypt's foreign minister said that the US should make clear to Israel consequences of Rafah operation
Egypt's foreign minister said on Monday the U.S. should make clear to Israel what the consequences of a military push into the south Gaza city of Rafah on the border with Egypt would be, after Washington voiced opposition to such a move.
Prime Minister Benjamin Netanyahu reaffirmed to a cabinet meeting on Sunday that Israeli forces would thrust into Rafah.
"It is not enough for rhetoric, it is not enough to state opposition, it is also important to indicate what if that position is circumvented, what if that position is not respected," Egyptian Foreign Minister Sameh Shoukry said.
"It is also up to the international community and the United States, who have indicated their refusal to such an eventuality, to make clear what are the consequences if their appeals are not heeded," Shoukry added.
#Egypt #USA #Israel #Palestine
@africaintel
Egypt's foreign minister said on Monday the U.S. should make clear to Israel what the consequences of a military push into the south Gaza city of Rafah on the border with Egypt would be, after Washington voiced opposition to such a move.
Prime Minister Benjamin Netanyahu reaffirmed to a cabinet meeting on Sunday that Israeli forces would thrust into Rafah.
"It is not enough for rhetoric, it is not enough to state opposition, it is also important to indicate what if that position is circumvented, what if that position is not respected," Egyptian Foreign Minister Sameh Shoukry said.
"It is also up to the international community and the United States, who have indicated their refusal to such an eventuality, to make clear what are the consequences if their appeals are not heeded," Shoukry added.
#Egypt #USA #Israel #Palestine
@africaintel
🇪🇬🇬🇧🇮🇹 Egyptians thought Regeni was British spy, Italian court told
Egyptian police detained an Italian student in Cairo because they thought he was a British spy, taking him to a security facility where he was tortured and murdered, an Italian prosecutor told a Rome court on Monday.
Italy has charged four Egyptian security agents with kidnapping and killing Giulio Regeni, a postgraduate student at Britain's Cambridge University, in Cairo in 2016.
The four men are being tried in absentia and have never responded publicly to the accusations. The Egyptian authorities have repeatedly denied any state involvement in Regeni's disappearance and death.
"Defendants were erroneously convinced that Regeni was an English spy, sent to give financing to unions close to the Muslim Brotherhood," the prosecutor said.
#Egypt #UK #Italy
@africaintel
Egyptian police detained an Italian student in Cairo because they thought he was a British spy, taking him to a security facility where he was tortured and murdered, an Italian prosecutor told a Rome court on Monday.
Italy has charged four Egyptian security agents with kidnapping and killing Giulio Regeni, a postgraduate student at Britain's Cambridge University, in Cairo in 2016.
The four men are being tried in absentia and have never responded publicly to the accusations. The Egyptian authorities have repeatedly denied any state involvement in Regeni's disappearance and death.
"Defendants were erroneously convinced that Regeni was an English spy, sent to give financing to unions close to the Muslim Brotherhood," the prosecutor said.
#Egypt #UK #Italy
@africaintel
🇪🇺🇪🇬 Ombudsman raises concern over EU migration deal with Egypt
The European Union's rights watchdog raised concern on Tuesday about the bloc's new 7.4 billion euro agreement with Egypt that includes provisions to curb migration, saying it falls short on human rights safeguards.
The EU has sealed similar pacts with Mauritania, Tunisia, Turkey and other countries since 2016 as it seeks to reduce irregular arrivals. Rights groups have sharply criticised those pacts as ignoring humanitarian law.
Ombudsman Emily O'Reilly said she was not taking concrete action on the Egypt agreement since her office has yet to receive any formal complaints. But she said she was considering launching a probe into a similar EU deal with Tunisia sealed last year.
She said the issue of human rights should be taken into account before finalising any such cooperation, including outlining redress in case of violations.
#EU #Egypt
@africaintel
The European Union's rights watchdog raised concern on Tuesday about the bloc's new 7.4 billion euro agreement with Egypt that includes provisions to curb migration, saying it falls short on human rights safeguards.
The EU has sealed similar pacts with Mauritania, Tunisia, Turkey and other countries since 2016 as it seeks to reduce irregular arrivals. Rights groups have sharply criticised those pacts as ignoring humanitarian law.
Ombudsman Emily O'Reilly said she was not taking concrete action on the Egypt agreement since her office has yet to receive any formal complaints. But she said she was considering launching a probe into a similar EU deal with Tunisia sealed last year.
She said the issue of human rights should be taken into account before finalising any such cooperation, including outlining redress in case of violations.
#EU #Egypt
@africaintel
🇮🇱🇪🇬 Israeli gas exports to Egypt from Leviathan field jumped in 2023
Natural gas exports from Israel's offshore Leviathan field to Egypt jumped by 28% in 2023, and production at the site is due increase in late 2025, NewMed Energy said.
The company also reported a drop in fourth quarter profit.
NewMed, the largest stakeholder in the huge Leviathan field, said overall sales from the field for the year fell to 11 billion cubic meters (bcm) from 11.4 bcm in 2022, adding the drop was due to new competition in the sector.
Exports to Egypt jumped to 6.3 bcm from 4.9 bcm a year earlier, and sales to Jordan were steady at 2.7 bcm, the company said.
NewMed said that the Leviathan partners, which also include Chevron and Ratio Energies will invest $568 million to upgrade the field, raising production capacity from 12 bcm annually to 14 bcm starting in the second half of 2025.
#Israel #Egypt
@africaintel
Natural gas exports from Israel's offshore Leviathan field to Egypt jumped by 28% in 2023, and production at the site is due increase in late 2025, NewMed Energy said.
The company also reported a drop in fourth quarter profit.
NewMed, the largest stakeholder in the huge Leviathan field, said overall sales from the field for the year fell to 11 billion cubic meters (bcm) from 11.4 bcm in 2022, adding the drop was due to new competition in the sector.
Exports to Egypt jumped to 6.3 bcm from 4.9 bcm a year earlier, and sales to Jordan were steady at 2.7 bcm, the company said.
NewMed said that the Leviathan partners, which also include Chevron and Ratio Energies will invest $568 million to upgrade the field, raising production capacity from 12 bcm annually to 14 bcm starting in the second half of 2025.
#Israel #Egypt
@africaintel
🇪🇬 Egypt central bank cancels March 28 meeting after rate hike
Egypt's central bank on Wednesday cancelled a March 28 meeting of its Monetary Policy Committee (MPC), saying it had done enough at its special meeting held on March 6 when it hiked key interest rates by 600 basis points.
The interest rate rise was meant to accelerate the monetary tightening process and ensure a decline in underlying inflation, Egypt's central bank said on March 6.
The central bank set its overnight lending rate at 28.25% and its overnight deposit rate at 27.25% and said it would let the Egyptian pound trade freely. The central bank's next scheduled MPC meeting is set for May 23, its website showed.
Egypt's pound weakened below 50 Egyptian pounds to the dollar, far beyond previous records, from about 30.85 pounds, a level Egypt has for months tried to defend.
#Egypt
@africaintel
Egypt's central bank on Wednesday cancelled a March 28 meeting of its Monetary Policy Committee (MPC), saying it had done enough at its special meeting held on March 6 when it hiked key interest rates by 600 basis points.
The interest rate rise was meant to accelerate the monetary tightening process and ensure a decline in underlying inflation, Egypt's central bank said on March 6.
The central bank set its overnight lending rate at 28.25% and its overnight deposit rate at 27.25% and said it would let the Egyptian pound trade freely. The central bank's next scheduled MPC meeting is set for May 23, its website showed.
Egypt's pound weakened below 50 Egyptian pounds to the dollar, far beyond previous records, from about 30.85 pounds, a level Egypt has for months tried to defend.
#Egypt
@africaintel
🇪🇬 Egypt frees last of Al Jazeera journalists it had detained
Egypt has freed the last two Al Jazeera journalists who remained in detention in the North African country following a thaw in relations with Qatar, the Doha-based network said.
One of the journalists, Bahaa Eldin Ibrahim, had returned home after being freed, his wife Mona Gamal Eldin confirmed. The head of Egypt's journalism syndicate posted a photo on Facebook of the second journalist, Rabie el-Sheikh, at his home.
The journalists, both Egyptian, had been held in pre-trial detention for about four years.
Ties between Egypt and Qatar deteriorated after Egypt's then-army chief Abdel Fattah al-Sisi led the ousting of the Muslim Brotherhood's Mohamed Mursi in 2013, rising to the presidency the following year.
Egypt accused Al Jazeera of being a mouthpiece for the Islamist group, banning the broadcaster and arresting a number of its journalists.
#Egypt
@africaintel
Egypt has freed the last two Al Jazeera journalists who remained in detention in the North African country following a thaw in relations with Qatar, the Doha-based network said.
One of the journalists, Bahaa Eldin Ibrahim, had returned home after being freed, his wife Mona Gamal Eldin confirmed. The head of Egypt's journalism syndicate posted a photo on Facebook of the second journalist, Rabie el-Sheikh, at his home.
The journalists, both Egyptian, had been held in pre-trial detention for about four years.
Ties between Egypt and Qatar deteriorated after Egypt's then-army chief Abdel Fattah al-Sisi led the ousting of the Muslim Brotherhood's Mohamed Mursi in 2013, rising to the presidency the following year.
Egypt accused Al Jazeera of being a mouthpiece for the Islamist group, banning the broadcaster and arresting a number of its journalists.
#Egypt
@africaintel