Day: July 21, 2022

CAIRO – 21 July 2022: Egypt celebrated Thursday the commencement of the first concrete casting work for the first nuclear unit of the Dabaa nuclear plant.

Minister of Electricity, Mohamed Shaker, said that Egypt has paid special attention to reviving the Egyptian nuclear project, as it is among the pioneering countries in realizing the importance of nuclear energy and the role it can contribute to solving the two most important obstacles facing sustainable development, namely the provision of electricity and the provision of water.

He stressed that the nuclear reactor submitted by the Russian side achieves the highest requirements of nuclear security and safety and global safety characteristics that are included in the designs of modern third-generation reactors. tsunami

Shaker pointed out that important steps have been taken in the field of establishing the first Egyptian nuclear plant in El-Dabaa, which consists of four nuclear units with a total capacity of 4,800 megawatts, in cooperation with the Russian side.

“In light of the progress of the implementation of the El-Dabaa nuclear plant project according to the timeline agreed with the Russian contractor, the Nuclear Power Plants Authority was able on June 29 to obtain the construction permit for the first nuclear unit of the El-Dabaa peaceful nuclear power plant, issued by the Nuclear Regulatory Authority Egyptian radiology,” the minister added.

This took place after submitting all the necessary licensing documents in accordance with the Law Regulating Nuclear and Radiological Activities. Obtaining the construction permit coincided with Egypt’s celebrations of the June 30 revolution.

Shaker stressed that the start of the first concrete casting works in the Dabaa nuclear plant project is the main milestone in the implementation of the project, as it reflects the transition from preliminary and preparatory work to the real start of construction work and moves the Egyptian state from the ranks of countries that have plans to implement nuclear projects to the ranks Countries with nuclear plants already under construction.

The minister noted that the history of the Egyptian nuclear program dates back to the sixties, when the state’s partners from the Soviet Union at that time also implemented and established the first Egypt research reactor, on the basis of which was the real beginning of Egypt’s entry into the nuclear field for various peaceful nuclear applications in various fields of medicine, engineering and agriculture.

Source: Egypt Today Magazine

Local Development Minister Mahmoud Shaarawi said EGP 17.5 billion was allocated for governorates under the 2022-2023 investment plan to meet emergency needs of governorates and proceed with implementation of projects being implemented, especially in the electricity domain.

In a statement on Thursday, Shaarawi said 41 percent of the investment plan will go to road projects, 20 percent to improve the environment, 14 percent to promoting local units needs, 12 percent to electricity services, 7 percent to security, traffic and firefighting services and 6 percent to bridges and tunnels services.

He noted that 57.6 percent of total local investments is allocated for Upper Egypt governorates.

The investment plan has taken into account several considerations, including incentivizing investments, achieving environment sustainability, earmarking investments for green projects, and supporting the rights of women, children and handicapped.

Source: State Information Service Egypt

Egypt called for strengthening joint efforts to achieve Arab economic integration through removing all tariff and non-tariff barriers that could contribute to boosting intra-trade and luring further foreign investments into the Arab region.

This call came in a trade minister’s speech at the Extraordinary Session of the Arab League’s Economic and Social Council on Thursday 21/7/2022.

Dina Mahmoud, Head of the Central Department of Trade Agreements and Foreign Trade Sector, gave the speech on behalf of Minister of Trade and Industry Nevine Gamea.

In her speech, Gamea shed light on the AL’s key role in supporting joint Arab action to benefit from Arab states’ potentials to deal with regional and international economic variables.

The trade minister expressed hope this session would come up with concrete results on the Arab strategy for the peaceful uses of atomic energy, the sustainable agricultural development and the Arab strategy for the promotion of women’s employment.

She stressed the importance of reaching practical decisions to advance Arab economic integration, especially in light of the current global challenges, notably the coronavirus pandemic and the Russian-Ukrainian crisis that both led to a decline in the volume of intra-Arab trade.

Source: State Information Service Egypt

The government attaches prior importance to enhancing the performance of the Egyptian Exchange (EGX), affirmed Prime Minister Moustafa Madbouli.

In light of the state of uncertainty that the world is currently going through due to the adverse effects of the current global economy crisis, the government is keen on following up on the EGX’s performance, with the aim of taking the necessary steps to activate the initial public offerings (IPO) program and implement the State Ownership Policy Document, added Mabdouli during a cabinet meeting held on Thursday 21/7/2022.

The meeting, attended by a host of ministers and high-level officials, was held to follow up on the IPO program.

The meeting dealt with the series of challenges the emerging markets have witnessed since the beginning of 2022, in light of the global trend to tighten monetary policy, the outbreak of the Russian-Ukrainian crisis, and the hike in oil and commodity prices, said Cabinet Spokesman Nader Saad.

The meeting also discussed the government’s plan to offer the shares of seven state-owned hotels in Stock Exchange under the State Ownership Policy Document in a bid to encourage the private sector optimize these assets, added the spokesman.

Source: State Information Service Egypt

The government is eager to expand the country’s eco-friendly clean transportation projects, affirmed Prime Minister Moustafa Madbouli.

The eco-friendly transportation projects aim to facilitate the fast and safe movement of citizens and goods nationwide, added Mabdouli during a cabinet meeting held on Thursday 21/7/2022 to follow up on the workflow and completion rates of several transportation projects.

The meeting, attended by a host of ministers and other senior officials, came as part of the regular follow up of the projects which are being implemented in the transportation sector, Madbouli said.

During the meeting, Transport Minister Kamel el Wazir reviewed several projects which are currently being implemented by his ministry, including the first phase of the Greater Cairo Metro Line 4.

This project will greatly contribute to serving the archaeological areas in Giza and the Grand Egyptian Museum, added the minister.

The minister also pointed out to the executive position of the express electric train network consisting of three main lines.

The high-speed network will consist of three lines: The 660-kilometre line connecting the port cities of Ain Sokhna on the Red Sea to Marsa Matrouh, said the minister.

Along with this, the second line will be about 1,100km long and run between Fayyoum and Abu Simbel, he went on to say.

The third line will cover 225 kilometers, connecting Qena, Hurghada and Safaga, he noted.

The minister also reviewed the executive position of the fourth phase of the LRT electric light rail.

Source: State Information Service Egypt

Prime Minister Moustafa Madbouli presided Thursday 21/7/2022 over a meeting of the Coordinating Council for Monetary and Financial Policies.

Held at the new government headquarters at New Alamein City, the meeting was attended via video conferencing by Central Bank of Egypt (CBE) Governor Tarek Amer, Planning and Economic Development Minister Hala el Said, Finance Minister Mohamed Maait along with a host of high-level officials.

The meeting touched on the latest developments in the economic situation, in light of the negative repercussions of Russia-Ukraine crisis.

It also tackled the State’s efforts to mitigate the impact of the global economic crisis on citizens.

The meeting further addressed measures taken by the government and the CBE to support the national economy and maintain economic growth.

Source: State Information Service Egypt