Day: August 9, 2022

Minister of Youth and Sports Ashraf Sobhi commended on Monday  8/8/2022 members of an Egyptian youth delegation for their effective participation in the World Youth Development Forum, hosted online and offline on July 21-23 by Beijing.

During a meeting to honor the Egyptian delegation on Monday 8/8/2022, the minister said the selection of young Egyptian participants among the best rapporteurs at the global event has testified to the leading position and excellence of Egyptian youth.

He also applauded the Egyptian delegation’s input during the forum sessions, which covered a varied range of issues including green development, quality education, employment and entrepreneurship, and digital economy.

Held in cooperation with UNSECO, UNDP, the International Labor Organization, and the United Nations Population Fund (UNPF), the forum saw the participation of nearly 2,000 youth representatives from over 100 countries.

The forum included keynote speeches, roundtable discussions, case studies and online discussions under the theme “For a Shared Future: Promoting Sustainable Development with the Youth and for the Youth.”

Source: State Information Service Egypt

Egypt’s Consul-General in London Tarek Youssef received on Tuesday 9/8/2022 Egyptian swimmers, who crossed the English Channel in a record time of 12.02 hours.

Youssef congratulated the Egyptian athletes on this great achievement.

Meanwhile, Director of the Youth and Sports Ministry’s swimming department Ahmed Abdel Khaleq conveyed the congratulations of Youth and Sports Minister Ashraf Sobhi to the Egyptian swimmers.

He added that his ministry is keen on coordinating with all Egyptian diplomatic missions abroad to activate cooperation and implement projects in the youth and sports sector.

Source: State Information Service Egypt

Egypt’s second-largest lender Banque Misr has acquired a license from the Central Bank of Kenya (CBK) to operate a representative office in Nairobi, the bank announced in a statement on Tuesday 9/8/2022.

The bank’s success in obtaining CBK’s final approval is part of a strategy followed by Banque Misr to consolidate its foothold at the regional as well as international levels, according to the statement.

The new branch will be active within three years after the license issuance date, the bank noted.

According to Business Daily Africa, Banque Misr now becomes the second Egyptian bank with a presence in Nairobi—after Egypt’s largest private lender Commercial International Bank bought a controlling stake in Kenya’s Tier-III Mayfair Bank in 2020.

With branches already operating in the UAE, France, Lebanon, and Germany; and representation offices in China, Russia, South Korea and Italy, Banque Misr is now working on expanding its foothold in the Middle East region by opening new branches in Saudi Arabia, Djibouti, and Somalia.

Source: State Information Service Egypt

Central Bank of Egypt (CBE) Governor Tarek Amer said sustainable finance contributes to bolstering the financial and banking stability.

In a statement released on Tuesday 9/8/2022, Amer added that sustainable development goals cannot be attained without banks having an effective role in directing finance to more sustainable economic activities.

He noted that the banking sector gives a top priority to sustainable finance, as part of the State’s efforts to build capacities for facing environmental and social challenges.

Amer stressed the CBE’s commitment to supporting the national strategy for fulfilling the sustainable development goals.

Source: State Information Service Egypt

Prime Minister Mostafa Madbouli announced that the government would start from early next week to implement a strict plan for rationalizing electricity consumption at public buildings.

Speaking at a press conference on Tuesday, the premier said outdoor lighting of government buildings would be shut, in addition to reducing the lighting of public squares, streets and main axes to cut electricity consumption.

He added that shopping malls and public stores would close at 11 PM, according to the summer timing, noting that the temperature of air conditioners at shopping centers would be fixed at 25 degrees or more.

The prime minister underlined that the Ministry of Youth and Sports is coordinating with sporting clubs and federations to determine closing dates and reduce the lighting of stadiums and giant facilities, except for social clubs.

He noted that the Ministries of Electricity and Petroleum are working on a plan to reengineer power stations so that priority is given to stations that consume less natural gas and generate more electricity, such as the three Siemens stations with high loads.

This move could help save the largest amount of natural gas for export amid the rising energy prices, Madbouli said.

He pointed out that the government decided to postpone raising electricity prices for six months until early 2023.

The prime minister said the State targets securing an additional surplus within 15 percent of the volume of natural gas that is directed to power stations, noting that this amount could be exported to earn foreign currency for the country’s coffers.

The prime minister urged citizens to rationalize electricity use at their homes to support the government’s energy consumption rationalization plan.

Source: State Information Service Egypt

Prime Minister Mostafa Madbouli issued a decision to assign Mahmoud Mohieldin, the UN Climate Change High-Level Champion for Egypt, to chair the judging committee of the national initiative for smart green projects in all governorates.

In a statement released on Tuesday 9/8/2022, Mohieldin’s media office said the committee would be responsible for selecting the best 18 projects that match the criteria determined by the National Organizing Committee and the priorities of Egypt’s Vision 2030 and the structural reform plan.

It would also be tasked with presenting the wining projects at the UN Climate Change Conference 2022 (COP27) to be hosted by the Red Sea resort city of Sharm El Sheikh in November.

The initiative includes small, medium and large-sized projects that focus on women empowerment, climate change, sustainability and non-profit community activities.

Source: State Information Service Egypt