Day: March 27, 2023

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Egypt, US sign MoUs to establish technological schools

Minister of Planning and Economic Development Hala El Said, Minister of Education and Technical Education Reda Hegazy and USAID Acting Mission Director in Egypt Margaret Sancho attended on Monday the signing ceremony of five memorandums of understanding between the Ministry of Education and Technical Education and the USAID-financed “Workforce Egypt” project to establish five international technological schools in the governorates of Giza, Qalyubia, Menofia and Qena.

The establishment of the technological schools is part of the Egyptian government efforts to develop technical education programs in collaboration with the private sector.

USAID’s Workforce Egypt aims to help transform the technical education and vocational training (TVET) system to produce the skills needed for a globally competitive Egyptian market, thereby creating sustainable jobs, especially for youth and females, and institutionalizing structural labor market reforms that can

support workforce development now and in the future.

According to USAID, “working with a variety of Egyptian partners, the Workforce Egypt project, which commenced in June 2021, provides technical assistance, capacity building and training for relevant stakeholders and counterparts to achieve three main objectives: (1) transform the quality and market relevance of TVET institutions and programs; (2) strengthen private sector participation in workforce development; and (3) improve the environment for skills development and employment.”

Source: State Information Service Egypt

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Egypt football team arrives in Malawi for AFCON qualifier match

Egypt’s national football team arrived in Lilongwe Monday ahead of an encounter with the Malawian team Tuesday as part of the fourth round of the 2024 Africa Cup of Nations (AFCON) qualifiers in Côte d’Ivoire.

The match is scheduled to take place at 3:00 p.m. Cairo local time on Tuesday.

Egyptian Ambassador in Lilongwe received the national team upon their arrival here.

Source: State Information Service Egypt

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Dollar exchange rate stable at start of Monday’s transactions

The US dollar exchange rate was stable at the beginning of Monday’s transactions at Egypt’s major banks.

At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered EGP 30.75 for buying and EGP 30.85 for selling.

At the Commercial International Bank (CIB), the dollar exchange rate recorded EGP 30.85 for buying and EGP 30.95 for selling.

According to the Central Bank of Egypt (CBE), the average dollar rate on the Egyptian market registered EGP 30.83 for buying and EGP 30.93 for selling.

The euro price registered EGP 33.04 for buying and EGP 33.26 for selling at Banque Misr and the NBE.

The euro price at the CIB amounted to EGP 33.16 for buying and EGP 33.37 for selling.

According to the CBE, the average exchange rate for the euro at the Egyptian market registered between EGP 33.17 for buying and EGP 33.29 for selling.

The pound sterling at the NBE and Banque Misr registered EGP 37.57 for buying and EGP 37.81 for selling.

At the CIB, the pound sterling exchange rate amounted to EGP 37.69 for buying and EGP 37.91 for selling.

According to the CBE, the average exchange rate for the pound sterling at the Egyptian market registered between EGP 37.71 for buying and EGP 37.84 for selling.

The Saudi riyal price stood at EGP 8.19 for buying and EGP 8.21 for selling at the NBE.

Source: State Information Service Egypt

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PM reviews new export rebates program

The government intends to prepare a program to support and develop Egyptian exports, based on the state’s strong interest in the industry and the development of the export system to help Egyptian exports reach various global and regional markets and achieve the desired goals for national economic growth, Prime Minister Mostafa Madbouli told a high-level meeting to follow up on the latest developments and proposals for the new export rebates program.

Minister of Finance Mohamed Maait, Minister of Trade and Industry Ahmed Samir, Shereen El Sharkawy, and Executive Director of the Export Development Fund Amani Al-Wasal attended the meeting.

The new program will last for up to three years, with an estimated cost of EGP 28 to 30 billion in its first fiscal year, Cabinet Spokesman Nader Saad said in a statement following the meeting.

It is expected to be put into force as of July, he added.

The automated system for the export support program will be implemented in connection with the new program on July 1, contributing to the timely payment of dues to exporters, the spokesman said.

Source: State Information Service Egypt