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Tag: Sahar Nasr

  • Egypt receives final $500m tranche of AfDB’s $1.5bn loan

    Egypt receives final $500m tranche of AfDB’s $1.5bn loan

    The Minister of Investment and International Cooperation Sahar Nasr announced in a press statement that Egypt has received the third and last $500m tranche of a $1.5bn loan from the African Development Bank (AfDB).

    Nasr stated that the $500m fund will be directed to support development projects, with priority given to economic and social sustainable development, which depend on social justice, providing employment opportunities, and improving the investment climate.

    Notably, the AfDB’s portfolio in Egypt currently has 30 projects with total funds of $2.4bn.

    The minister stated that the AfDB’s continued support to Egypt, as well as the international financial institutions, is a strong message that the Egyptian economy is steadily moving towards a comprehensive and sustainable fiscal development, stressing that the bank is confident in the measures taken by the government.

    The coming period will witness increased cooperation between Egypt and the AfDB, Nasr affirmed.

    Earlier, last week, the minister met with the AfDB’s mission to Egypt, and discussed with them the procedures of disbursing the last tranche of the funds allocated to Egypt, which complete the $1.5bn loan.

  • Compass announces capital increase completion of EGP 380m for portfolio company Bonyan

    Compass announces capital increase completion of EGP 380m for portfolio company Bonyan

    Compass, a leading value investment firm, announced on Wednesday that portfolio company Bonyan for Development and Trade (Bonyan) has successfully increased its capital from EGP 275m to EGP 654m, which has been previously approved by the General Authority for Investment and Free Zones (GAFI).

    Minister of investment and international cooperation, Sahar Nasr met with Shamel Aboul Fadl, chairperson of Compass on Thursday, among other members from the investors community where she affirmed that the ministry is constantly working on developing services in the investors services centre to facilitate investment, which contributes to the establishments of new companies and the current companies to expand their investments and increase their capital, according to a statement of the company on Wednesday.

    Bonyan, a specialty real estate developer operating in Egypt, is the owner of the award-winning Designopolis mall, said the statement, noting that the company was originally developed as a specialty furniture mall, Designopolis is an open-air asset designed by renowned architectural firm Skidmore, Owings and Merrill built on a 117,000 sqm plot of land located in West Cairo in Sheikh Zayed area.

     Compass will repurpose the 1 km long promenade of some 300 shops into a complete lifestyle destination that includes shopping, dining, office space, and entertainment activities for the entire family.

    “Bonyan’s capital increase is the first step toward delivering on our previously communicated growth plans for the company at the time of acquisition,” said Aboul Fadl adding, “our aim is to equip Bonyan with the necessary tools to transform the asset into an operational lifestyle destination within a year, including bringing on a capable management team, defining clear growth strategies and building an efficient capital structure.”

    The capital increase was fully subscribed by Sky Realty Holding Limited, a subsidiary of Compass, which owns 99.9% of Bonyan. In July of 2018, Compass completed the purchase of 100% of Bonyan from Qalaa Holdings subsidiary MENA Home Furnishings to Compass.

    Compass derives value from portfolio companies largely through the retention of industry veterans, streamlining operations, improving business models, and strengthening financial positions.

    “We look forward to bringing our first commercial real estate project online and start generating returns to our investors. In parallel, we are actively building a platform from which to launch additional investments in the sector at this opportune moment in Egypt’s economic recovery,” Aboul Fadl added.

  • MIIC prepares for Egyptian-German joint commission in October

    MIIC prepares for Egyptian-German joint commission in October

    Minister of Investment and International Cooperation (MIIC), Sahar Nasr, met with Claudia Warning, director general of the German Federal Ministry for Economic Cooperation and Development (BMZ) in presence of Julius Georg Luy, ambassador of Germany to Egypt, Shehab Merzeban, leading economic adviser at the MIIC, as well as other Germany’s file officials at the ministry to discuss preparation of the Egyptian- German joint commission which scheduled to take place in October.

    A Wednesday ministerial press statement  said that Nasr affirmed its ministry’s keenness to boost cooperation with Germany and increase the German investments in the Egyptian market, specially, that both countries enjoy strategic relations, adding that her ministry aims at ranking Germany as one of the top 10 invested countries in Egypt comparing to its current rank as the 20th.

    The statement noted that German investments in the market worth $641.4m with 11,103 companies, adding that main sectors of the German investments are petroleum, communication, gas, automotive, steel.

    The German delegation said that its country is paying attention for boosting its support to Egypt in the coming period, specially, in terms of the economic aspect, according to the statement, adding that the delegation praised Egypt’s brave economic reforms, which will reflect positively on the developmental Egyptian German cooperation.

    For her part, Nasr reaffirmed the ministry’s support for the private sector to inject more investments in the market, referring to the recent legislative reforms that contributed in improving the business climate.

    Meanwhile, Julius Georg Luy, ambassador of Germany to Egypt, praised Egypt’s economy improvements noting that the German financial institutions including KfW, GIZ are offering the needed support for boasting the joint cooperation with Egypt.

  • Numbers of established firms rose by 29.1% over FY 2017/18: MIIC

    Numbers of established firms rose by 29.1% over FY 2017/18: MIIC

    The Numbers of established firms hiked by 29.1% over the past fiscal year (FY) 2017/2018, compared with FY 2016/2017, according to the Ministry of Investment and International Cooperation’s (MIIC) released data on Monday.

    The data explained that numbers of established firms over the last FY were 19,836, while they were 16,371 firms over FY 2016/2017.

    New firms’ capitals increased by 64.4% over FY 2017/2018 recording EGP 49bn from EGP 29.8bn during FY 2016/2017, elaborated the data, adding that the numbers of firms, which expanded over the past FY 2017/2018 increased by 61.6% up to 3,478 firms from 2,152 firms over FY 2016/2017.

    The firms’ capital expansions increased by 3.5% in FY 2017/2018 up to EGP 50.3bn from EGP 48.6bn over FY 2016/2017, noted the MIIC’s data.

    For her part, Sahar Nasr, minister of investment and international cooperation, said that the new investments play a vital role in improving Egyptians’ standard of living, especially, in the underprivileged governorates, adding, “firms’ investments have positive effects on both developmental and economic dimensions.”

    Nasr reaffirmed the MIIC’s exerted efforts to improve Egypt’s business climate over the recent period through many legislative adjustments specially the New Investment Law and its implementation, factory and leasing legislation, in addition to other legislative adjustments.

    Meanwhile, Nasr announced new online corporate social responsibility (CSR) online services for the companies under the ministry’s supervision, affirming the initiative’s role to socially benefit Egyptian citizens.

    Nasr added that the MIIC strengthened the private sector’s role in successfully achieving the new CSR service, adding, “we started to harvest the reforms’ positive outcomes.”

    For her part, the Minister of Environment Yasmine Fouad said that the UN biodiversity conference in Sharm El-Sheikh will witness the organisation of an investment forum, which will benefit from the presence of international institutions’ in November.

    Fouad noted that her ministry will focus on five economic sectors including health, energy, and population for example, which meet the reform programme’s priorities.

  • 25 major companies share their successful investment experiences in Egypt

    25 major companies share their successful investment experiences in Egypt

    Ministry of Investment and International Cooperation organised a huge conference on Monday, on the occasion of announcing fiscal year (FY) 2017/18 investments data, in presence of about big 25 national and international companies.

    Ahmed Heikal, chairperson of Qalaa Holdings Group, said that his group invested EGP 18.6bn over last one and half year in many economic sectors including energy, solar energy, refinery, adding that his group is expected to invest from EGP 30bn to EGP 32bn over the next period.

    Heikal noted that his group pays remarkable attention for the CSR activities, especially, the activities that are related to students’ scholarships abroad.

    Meanwhile, Don Kwak CEO at LG Electronics said that his company is implementing an expansion plan in Egypt focusing on the local market, as well as exportation, noting that LG invested about $50m as capital increase to add new production lines.

    Abdul Wahab Al Rajhi chairperson of Saudi Group Al Rajhi that Egypt’s government implemented remarkable economic reforms that contributed in improving the business climate in the local market.

    Ahmed Abo Hashima, chairperson of Egyptians steel group praised the economic reforms and its role in enhancing the business climate, referring to his group’s joint efforts with MIIC for developmental and CSR projects. 

    Mohamed El-Hout, CEO of GLC said that his company positively assess the Egyptian business climate, adding that Egypt will witness high growth over the construction sector.

  •  $65m US grant for infrastructure development in seven provinces of Upper Egypt

     $65m US grant for infrastructure development in seven provinces of Upper Egypt

    Egypt’s Minister of Investment and International Cooperation Sahar Nasr, signed on Monday with the director of the United Sates Agency for International Development (USAID) in Egypt, Sherry Carlin, an agreement for the second stage of infrastructure support with a total grant of $65m.

     

    The minister explained that the agreement included supporting the infrastructure in rural areas in seven provinces of Upper Egypt, which are Assiut, Sohag, Qena, Luxor, Aswan, Beni Suef, and Minya, mentioning that the number of beneficiaries from this agreement are estimated at 1.1 million people from the population’s neediest segment, which suffers economically in rural areas.

     

    This agreement aims to raise the quality of services provided to citizens by paying more attention to the basic services that should be provided to the regions and villages that have been deprived from these services for decades, noting that this will contribute to reducing the spread of diseases and bringing about the necessary health care, which is also a level of investment, but in terms of a human element, Nasr pointed out.

     

    For her part, Carlin stated that in support towards the Egyptian government’s strategic vision for water and sanitation reform, the USAID will provide technical assistance with a focus on operational efficiency and service quality. 

    “The USAID programme in Egypt, which has exceeded more than $ 30bn, aims to support the health, education, and employment services provided to the Egyptian people,” she explained. 

    For 40 years, the American people have been partners with the Egyptian people to improve self-reliance systems, economic growth, and poverty reduction, Carlin noted.

    “Regarding the water sector, more than 25 million people are receiving clean water and sanitation through the USAID-funded systems,” she concluded.

  • MIIC, WB mission follow up integrated programme for Sinai Development

    MIIC, WB mission follow up integrated programme for Sinai Development

    Minister of Investment and International Cooperation Sahar Nasr, met with the World Bank (WB) mission who are responsible for following up on the Integrated Programme for the Development of Sinai, headed by Ashish Khan, according to a ministerial statement on Sunday.

    The WB mission praised the economic and social programme of the current government and the remarkable economic and legislative reforms carried out by Egypt, including the New Investment Law and its executive regulations, the bankruptcy reform, the adjustments of the companies, the capital market law, and the law of financial leasing and privatisation, said the statement.

    The bank affirmed its readiness to provide the necessary support to help push the process of economic and social development in Egypt and implement the integrated programme of developing the Sinai Peninsula.

    Both sides discussed fastening the completion of the bank’s support for the integrated project for the development of the Sinai Peninsula, which is expected to reach about $1bn, noted the statement.

    The minister affirmed the importance of the bank providing grants for the development of Sinai, as the political leadership places priority on this project, noting that the project will contribute to the development of economic and social plans and the provision of services in all regions.

    The project will also provide thousands of jobs and contribute to the development needs of the eastern canal, said Nasr, highlighting that the projects include an integrated network of roads and link the Sinai Peninsula with the rest of the country’s governorates.

    The project will additionally establish several new urban projects and small and medium enterprises (SMEs), as well as modern agricultural projects, desalination plants, and thousands of residential units.

    The minister elaborated that some Arab funds will contribute to the projects, adding that the ministry managed to provide agreements worth about $2.5bn, such as from the Saudi Fund for Development, the Kuwaiti Fund for Development, and the Arab Fund for Economic and Social Development.

    The Arab funds confirmed their continued support for the project during the coming period, affirmed Nasr, adding that she discussed with the WB the joint cooperation to support the private sector, SMEs, and infrastructure projects.

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  • Nasr meets Emirati-Singaporean new firms’ representatives, other investors

    Nasr meets Emirati-Singaporean new firms’ representatives, other investors

    Minister of Investment and International Cooperation Sahar Nasr met with several investors including an Emirati-Singaporean new firms’ representatives named CG Foods Egypt, as well as investors of Sakhra for Educational and Medical Services company, according to a Wednesday press statement.

    The statement added that Wadi Degla decided to increase its capital to EGP 400m up from EGP 39m while another couple of companies announced their total investments worth EGP 228.5m, noting that the three firms’ procedures were finished over a single day at the investors’ service centre.

    CG Foods Egypt was established under a limited liability system with a capital of EGP 178.5m with shareholders from the UAE and Singapore, said the statement, noting that CG Foods International Ltd of the UAE contributed with 55% and Singapore-based CG Foods Global Limited’s share was 45%.

    CG Foods Egypt will establish and operate a factory for the manufacture of foodstuffs, flour, and pasta products, said the statement.

    The statement clarified that Sakhra for Educational and Medical Services company is a limited liability company (LLC) with an EGP 50m capital, which will establish, operate, and manage vocational schools, as well as specialised integrated hospitals.

    The minister called youth to found LLCs and one person companies, reaffirming the ministry’s support for small enterprises.

    The minister stressed the exerted efforts to improve the investor services centre’s facilities to simplify procedures for investors, which contribute to the establishment of new companies, encourage current companies to expand their activities, and inject new investments reaffirming the importance of small and medium enterprise companies into social responsibility.

        

  • Egypt, South Korea sign agreement worth €243m for Cairo metro line 3

    Egypt, South Korea sign agreement worth €243m for Cairo metro line 3

    Minister of Investment and International Cooperation, Sahar Nasr signed an agreement with the South Korean ambassador to Egypt, Yeocheol Yoon, on Sunday morning in the presence of Transport Minister Hisham Arafat. The agreement is worth €243m for the procurement and manufacturing of 32 air-conditioned trains for Cairo’s third metro line. 

    During the signing ceremony, Nasr said that the transportation sector is one of the most important sectors that Egyptian government pays attention to, noting that the coming period will witness new agreements with development partners in the transportation sector, as well as new private sector investments especially after the Egyptian parliament approved the mass transportation law.

     

    Nasr added that her ministry is keen on supporting the transport ministry’ strategy to enhance the transportation system and improve Egyptians’ standards of living, mentioning that the past period has witnessed several developments in the transport sector due to its importance as an attractive infrastructure environment for investors.

     

    Nasr said that her ministry pays great importance to encourage foreign direct investment, calling on Korean companies to increase their investments in Egypt and inject new money into the local market.

     

    “South Korea is important as a development partner. South Korea has contributed to supporting important projects that have had a positive impact especially in the fields of transport, higher education, vocational training, electricity, technology transfer, as well as sharing the Korean expertise,” mentioned Nasr.

     

    Additionally, the transport minister said that signing the agreement with the Korean side comes after a two-year effort, noting that his ministry has a long-standing cooperation with Korea especially in the transportation ofn urban planning field. “For the first time, local components reach 30% of the trains,” said Arafat.

     

    For his part, the Korean ambassador to Egypt mentioned that his country is keen on boosting relations with Egypt noting that Egypt’s business climate was enhanced during the last period and Korean companies positively look at the local market.

     

    “Korea’s International Cooperation Agency KOICA, provided many training courses for Egyptian officials in the areas of metro and railways. I hope we will contribute to the improvement transportation sector,” said the ambassador.

    “This agreement is a result of cooperation between Egypt and Korea since the historical visit of President Abdel Fattah Al-Sisi to South Korea in March 2016,” said the ambassador, noting that the coming period will witness cooperation with Egypt under the signed financial package agreement, worth $3bn.

  • MIIC, Environment Ministry, WB agree on boosting cooperation, setting strategy for air quality in big cities

    MIIC, Environment Ministry, WB agree on boosting cooperation, setting strategy for air quality in big cities

    Minister of Investment and International Cooperation Sahar Nasr held a joint meeting with Minister of Environment Yasmine Found and World Bank (WB) mission representatives headed by Kreg Misnert, first economic environmental specialist at the WB, in the presence of Dahlia Lotayef, lead environmental specialist in the Environment and Natural Resources Global Practice at the WB Group.

    The meeting discussed the WB’s providing new technical support for Environment Ministry in fields of controlling pollution and environment health, according to a Saturday ministerial statement, adding that both sides exposed the initial results of using sustainable transportation and air quality study.

      

    Governmental and the WB sides discussed boosting cooperation in frame work of controlling pollution and environment health, which is considered an international programme, including some countries aiming at setting a strategy for air quality.

    Sides also discussed the initial outputs for economic assessment study that results of environmental declination and water, air pollution, said the statement noting that both sides also discussed a MoU about controlling pollution and environmental health, where the WB provides analysis facilities of air pollution for Environment Affairs Authority to implement such policies.

    Nasr affirmed the importance of the WB’s aids for Egypt in the field of environment, praising the joint environmental cooperation.

      

    Fouad said that environmental studies help the ministry to set suitable implementable policies, which will reflect on environment quality then improve quality of lives.

    During the meeting, both sides exposed the proposed policies that are related to improvement air quality programme.

    The WB representative affirmed the bank’s interest for supporting the projects that improve lives of citizens, noting that the WB is keen on supporting Egypt in environmental affairs in the next period.