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World Bank approves loan for Terminal 2
On February 23, the board of executive directors at the World Bank approved a $280 million loan for the development of Terminal 2 at Cairo International Airport. The loan was approved to support the airport as a regional hub and strategic component of Egypt’s economic development.
With three terminals and a capacity of 21 million passengers a year, Cairo International is the second largest airport in Africa after Johannesburg. It is served by 58 passenger airlines, including charter operators, and 10 cargo operators. Terminal 3 opened last year.
According to the World Bank website, Michelle Bellier, World Bank task team leader, said development of Terminal 2 will increase the airport’s capacity to 25 million passengers a year.
M2 money supply growth decreases
The growth of Egypt’s M2 money supply slowed to 9.38 percent in January from 9.47 percent in December, according to the Central Bank of Egypt. M2 growth peaked at 23.9 percent in March 2008. The M2 supply represents cash and instruments with high levels of liquidity.
Growth in domestic credit also declined, to 11.6 percent in January from 12.8 percent in December. Growth in credit to the government dropped to 28.9 percent from 34.5 percent during the same period.
Suez Canal revenue declines
Suez Canal revenue declined 12.9 percent month-on-month to $334.1 million in February, according to the website of the Suez Canal Authority. Year-on-year revenue, however, was up 10.7 percent. The number of ships that traversed the canal fell to 1,256 ships from 1,272 in February 2009. In January, 1,418 ships passed through the canal.
International press reported that bad weather on March 14 resulted in the lowest one-day level of traffic in the past 20 years. A canal authority official said only 26 ships passed through. In 2009, an average of 47 ships traversed the canal every day.
Swine flu cases top 16,125; 272 deaths
Since swine flu appeared in Egypt last June, more than 16,125 people have contracted the virus, according to a media report on March 8. “Swine flu in Egypt is declining, the number of reported cases this week went down to 22, in comparison to 44 cases reported last week,” Amr Kandil, deputy minister of health for preventive medicine, was quoted as saying. The World Health Organization reported that overall flu activity was low in North Africa and West Asia.
Egyptian media reported on March 8 that the death toll from the H1N1 virus in the country stood at 272.
Statue head found; coffin repatriated
International press reported on February 28 that Egyptian archaeologists had discovered a large statue head of King Tutankhamun’s grandfather. Zahi Hawass, secretary-general of the Supreme Council of Antiquities, was quoted as saying that the statue, made of red granite, measures 2.5 meters high. King Tut’s grandfather, known as King Amenhotep III, ruled Egypt between 1390 and 1352 BC.
On March 13, Hawass returned to Egypt from the US with a sarcophagus dating from the 21st Dynasty (1081-931 BC) that had been stolen and smuggled out of Egypt more than 100 years ago. The State Information Service (SIS) reported on March 12 that inscriptions can be found on the colorful, 3,000-year-old sarcophagus. They were meant to help its occupant – known as Emus – in the afterlife. The SIS also noted that Hawass is currently in negotiations with US authorities over the possible repatriation of three additional artifacts.
Egypt signs concession for liquid bulk terminal
Egypt signed a concession for a liquid bulk terminal in East Port Said port on March 4. According to media reports, the terminal is worth LE 3.2 billion, and its concession was awarded to a group of liquid bulk storage firms including Oiltanking and Amiral Holdings on a build-operate-transfer basis for 25 years. The liquid bulk terminal, which will be used for handling and storage of petroleum and other liquid products, as well as bunkering, will occupy 50 hectares of land.
Egyptian fishermen detained in Libya
Libyan authorities notified Egypt on March 4 that 59 Egyptian fishermen aboard four boats had been arrested by Libyan border guards after trespassing into the country’s territorial waters and fishing without licenses. As of press time, no updates concerning the status of the fishermen had been reported.
Bird flu cases reach 106; 32 deaths
According to a World Health Organization update on March 12, the total number of confirmed cases of bird flu in Egypt rose from 99 in February to 106 in March. The number of deaths resulting from bird flu went from 30 in February to 32 in March. Cases were confirmed in the governorates of Qalioubiya, Daqahliya and Kafr Al Sheikh.
Telecom authority extends bid deadline
International press reported on March 11 that the National Telecommunication Regulatory Authority (NTRA) extended to April 15 the deadline for bids for two restricted licenses to supply cable, voice and Internet services to residential compounds. The extension followed a two-month extension in December. As of press time, the NTRA had not received any bids.
The NTRA invited bids last September, which were due in January. Bidders were expected to begin work in the second half of 2010.
Mobile penetration hits 73 percent
The total number of mobile subscribers in Egypt reached 55.85 million by the end of January, up from 55.35 million in December 2010. The rate of mobile penetration in the country stood at 73 percent. There were 1.67 million new subscribers in December compared with 496,000 in January.
Unemployment rate at 9.4 percent
Egypt’s unemployment rate rose to 9.4 percent in the fourth quarter of 2009, up from 9.36 percent in the third quarter, according to Central Agency for Public Mobilization & Statistics (CAPMAS) figures quoted by investment firm EFG-Hermes. Quarter-on-quarter, 58,000 jobs were added, bringing the total workforce to 25.26 million. There are 700,000 new entrants to the labor force every year.
NTRA bans Web telephone services
The National Telecommunication Regulatory Agency (NTRA) announced on March 15 that it will enforce legislation banning voice services over an Internet protocol (IP) address, according to media reports. The decision targets the use of applications such as Skype, the free Internet calling and video-chat service through mobile Internet devices. “Using the Internet to bypass international phone services is not legal in Egypt, and the regulator [NTRA] has said that all mobile phone companies must stop allowing voice services over an IP address,” said Khaled Hegazy, external affairs director for Vodafone, the first mobile provider to enforce the decision. While Skype can no longer be used on mobile Internet devices, it will still be accessible on Wi-Fi or DSL connections from Internet service providers. During the second week of March, the United Arab Emirates banned Skype.
Central bank says inflation slows
Consumer inflation grew 0.31 percent month-on-month in February, compared to 0.80 percent in January, the Central Bank of Egypt (CBE) reported on March 10. That translates to an annual rate of 12.78 percent from 13.63 percent in January. Core consumer inflation as calculated by the CBE rose by 0.44 percent month-on-month in February, bringing the annual rate down to 6.9 percent from 7.39 percent in January.
On March 18, the CBE announced that the overnight deposit rate and overnight lending rate remained unchanged at 8.25 percent and 9.75 percent, respectively. The discount rate also remained unchanged at 8.5 percent. Annual real GDP growth stood at 5 percent in the second quarter of FY 2009-10, the bank said.
Net international reserves also grew slightly month-on-month, to $34.3 billion at the end of February, up from $34.2 billion in January.
World Bank approves SME loan
According to the website of the World Bank, the board of executive directors approved a $300 million loan on March 9 to assist and support the development of small and medium enterprises (SMEs) in Egypt. The loan has a maturity of 28.5 years and a grace period of seven years.
The loan will be used to increase access to credit for SMEs on a sustainable and commercial basis, said the website, in order to help promote growth, job creation and an inclusive financial system.
It will be directed primarily toward lines of credit for microfinance initiatives and small enterprise finance.
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