EGYPT US Report On The
Middle EastGeneral Dynamics wins a $34 million contract modification to provide technical assistance to Egypt for the co-production of M1A1 Abrams
Thursday, 10 August 2006
The U.S. Army has awarded General Dynamics Land Systems, a business unit of General Dynamics, a $34 million contract modification to provide manufacturing technical assistance to Egypt for the co-production of the M1A1 Abrams main battle tank.
Under the Egyptian M1A1 Abrams Tank Co-production Program, General Dynamics provides components for kits used in production. The kits are shipped to Egypt and the tanks are then manufactured for the Egyptian Land Forces at the Egyptian tank production facility near Cairo.
This modification covers providing manufacturing technical assistance to the Egyptian facility in the areas of tank production, the freight forwarder management system, total package fielding, and support to Egyptian Land Forces’ accepted/fielded tanks.
Work will be performed in Sterling Heights, Michigan, and Cairo, Egypt, by existing General Dynamics employees through August 2009.OPIC approves a $200 million political risk insurance to further develop 18 oil, gas concessions in Egypt
Thursday, 13 July 2006
The Board of Directors of the Overseas Private Investment Corporation (OPIC) has approved today the provision of $200 million in OPIC political risk insurance for a project that will further develop 18 oil and gas concessions in Egypt over the next five years.
Houston-based Apache Corporation, the largest U.S. investor in Egypt, will use the OPIC insurance to support $1.8 billion of new investment during 2006-2010, specifically for the exploration, development and production of oil and gas concessions in Egypt’s Western Desert region. Among the concessions is the Qasr field: with more than two trillion cubic feet of gas and 50 million barrels of estimated recoverable reserves. The majority of the oil and gas produced by the concessions will be used for domestic consumption.
The project also supports the construction of 200 schools for Egyptian girls in rural communities by an Apache-sponsored nonprofit organization.World Bank approves a $37 million loan to support the development of the Egyptian Company for Mortgage Refinancing (ECMR)
Thursday, 6 July 2006
The World Bank’s Board of Executive Directors has approved today a loan in the amount of $ 37.1 million in support of a Mortgage Finance Project.
By supporting the development of the Egyptian Company for Mortgage Refinancing (ECMR), the project’s development objective is for primary lenders in the financial market to provide longer-term, market-based mortgage loan financing for residential housing.Boeing wins a $50 million contract to deliver Avenger short-range air defense fire units to Egypt
Tuesday, 27 June 2006
Boeing has signed an agreement with the U.S. Army to deliver Avenger short-range air defense fire units to Egypt. The $50 million contract includes associated spares and logistics support.
The Avenger is the U.S. Army's mobile, shoot-on-the-move, short-range air defense system. Armed with Stinger missiles and a 50-caliber machine gun, Avenger provides effective tactical defense and convoy protection against helicopters, cruise missiles and unmanned aerial vehicles.
The new contract calls for Boeing to deliver the Avengers by September 2008. Under a previous FMS contract, Boeing delivered Avengers to Egypt from 2000-2004.
The Egyptian order will allow Boeing to restart the Avenger production line, which has been dormant since 2004.World Bank approves a $500 million loan to improve Egypt’s macroeconomic stability
Saturday, 15 June 2006
The World Bank’s Board of Executive Directors has approved an International Bank of Development and Reconstruction $500 million loan for Egypt.
The main objective of this loan is to improve Egypt’s macroeconomic stability through reforming the banking system; reforming the contractual savings system; and strengthening capital markets and mortgage finance.State condemns repression of demonstrators protesting election fraud, calling for an independent judiciary in Egypt
Thursday, 11 May 2006
"We are deeply concerned by reports of Egyptian Government arrests and repression of demonstrators protesting election fraud and calling for an independent judiciary," said State Department Spokesman sean McCormack. "Particularly troubling are reports of Egyptian police tactics against demonstrators and journalists covering the event that left many injured. We urge the Egyptian Government to permit peaceful demonstrations on behalf of reform and civil liberties."
The Spokesman added, "We are also troubled by reports that the periods of detention of many of those arrested have been extended and that security-related charges have been filed against them ... actions such as these are incongruous with the Egyptian Government's professed commitment to increased political openness and dialogue within Egyptian society."IFC agrees to purchase $23 million stake in Commercial International Bank of Egypt
Thursday, 6 April 2006
The International Finance Corporation (IFC) has agreed to purchase an approximately $23 million stake in Commercial International Bank of Egypt.
Under the terms of the agreement, IFC will purchase approximately 2 percent of Commercial International Bank’s capital out of a total of 18.7 percent that was sold in February by National Bank of Egypt to a consortium of investors, led by Ripplewood Holdings, LLC, a U.S.-based private equity firm. The 18.7 percent share was the government’s remaining stake in Commercial International Bank.
Headquartered in Cairo, Commercial International Bank is the first-largest private Commercial Bank in Egypt with a wide and diversified shareholding. As of December 2005, the value of the bank’s assets and equity amounted to $5.3 billion and $475 million, respectively. Commercial International Bank is Egypt’s most profitable bank with $ 106 million in net profit after tax in 2005, a 21 percent growth over previous year.World Bank approves a $20 million loan to assist Egypt in improving its environmental management
Thursday, 23 March 2006
The World Bank’s Board of Executive Directors has approved an International Bank for Reconstruction and Development (IBRD) $20 million loan for Egypt.
One of the main objectives of Environment Program Assistance Project II (EPAPII) is to provide assistance to the Egyptian government for improving its environmental management capabilities.World Bank approves a $260 million El-Tebbin Power Plant for Egypt
Thursday, 16 February 2006
The World Bank has approved today a $260 million Power Project for Egypt.
The El-Tebbin Power Plant component involves the construction of a 700 MW power plant comprising two units of 350 MW steam turbines and boilers using natural gas as fuel.Raytheon wins a $25 million contract for production of anti-ship Guided Missile Launcher Systems in support of Egypt
Wednesday, 21 December 2005
Raytheon Co., Tucson, Arizona, is being awarded a $24,750,000 firm-fixed-price contract for production of three Rolling Airframe Missile (RAM) MK 49 Mod 3 Guided Missile Launcher Systems (GMLS) in support of the Egyptian Fast Missile Craft program. RAM is a missile system designed to provide anti-ship missile defense. The MK 49 Guided Missile Launcher Systems procured by this contract are designed to fire MK 44 Guided Missile Round Packs, which feature an image scanning infrared seeker that allow the missile to counter advanced anti-ship threats that do not employ active radar guidance. Work will be performed in Louisville, Kentucky (50 percent) and Ottobrunn, Germany (50 percent), and is expected to be completed by March 2009. The Naval Sea System Command, Washington, D.C. , is the contracting activity.VT Halter wins a $29 million contract for functional design of the Egyptian Navy’s Fast Missile Craft
Wednesday, 30 November 2005
VT Halter Marine Inc, Pascagoula, Massachusetts, is being awarded a $28,856,051 firm-fixed-price contract for functional design of the Egyptian Navy’s Fast Missile Craft (FMC). Efforts required include analytical, design, engineering, and model testing services needed for development of craft performance predictions, arrangement drawings, auxiliary system calculations, C4ISR integration, and a combat system effectiveness study to validate FMC system specification requirements.
Work will be performed at Pascagoula, Massachusetts (50 percent), Manassas, Virginia (45 percent) and Moorestown, New Jersey (5 percent), and is expected to be completed by December 2006. The Naval Sea Systems Command, Washington, D.C., is the contracting activity.Gulfstream wins a $10 million contract modification to provide for continued maintenance support for nine Egyptian Gulfstream aircraft
Monday, 31 October 2005
Gulfstream Aerospace Corp., Savannah, Georgia, is being awarded a $9,535,315 firm fixed price contract modification to provide for continued fleet maintenance support for nine Gulfstream aircraft owned by the Egyptian government. This modification extends contract for 12 months plus 1-year option.
This work will be complete by October 2006. Headquarters 72nd Air Base Wing, Tinker Air Force Base, Oklahoma, is the contracting activity.Amerada agrees to acquire for $413 million Apache's 55% working interest in the Egyptian West Mediterranean Block 1 Concession
Thursday, 13 October 2005
Amerada Hess Corporation has announced today that it has reached an agreement with Apache Corporation to acquire its 55% working interest in the deepwater section of the West Mediterranean Block 1 Concession, in Egypt, for $413 million.
The deepwater section of West Mediterranean Block 1 covers an area of 2,370 km2 (586,000 acres), and contains the Abu Sir, El King, El Max and Al Bahig natural gas discoveries. Water depths in the deepwater section of the block range from 100 to 1,250 meters.
A 25-year development lease for the deepwater section of the block was signed in June 2005. A gas sales agreement is in place for sales to the Egyptian market, with commencement of production planned by January 1, 2009.
The West Mediterranean transaction is subject to Egyptian Government and other regulatory approvals as well as to standard closing requirements. Completion is expected in the first quarter of 2006.Sikorsky wins a $9 million contract for Overhaul, Refurbishment of two Egyptian Air Force VIP Aircraft
Friday, 12 August 2005
Sikorsky Aircraft Corp., Stratford, Connecticut, was awarded on 10 August 2005, an $8,743,000 firm-fixed-price contract for Overhaul and Refurbishment of two Egyptian Air Force UH-60L VIP Aircraft.
Work will be performed in Stratford, Connecticut (16 percent), Shelton, Connecticut (18 percent), Jacksonville, Florida (50 percent), and West Palm Beach, Florida (16 percent), and is expected to be completed by 30 July 30 2007. The U.S. Army Aviation and Missile Command, Redstone Arsenal, Alabama, is the contracting activity.EDO RSS wins a $12 million contract to provide six CS-3000 Shelters, their spare parts and training for Egypt
Tuesday, 9 August 2005
EDO RSS, Morgan Hill, California, was awarded on 5 August 2005, a $11,607,216 firm-fixed-price contract to provide six CS-3000 Shelters as well as their spare parts and training for Egypt.
The work will be performed at EDO RSS’ facilities in Morgan Hill and is to be completed by 31 December 2007. The U.S Army Communications-Electronics Command Acquisition Center at Fort Monmouth, New Jersey, is the contracting activity.IFC announces a $15 million financing for Wadi Holdings, a poultry company in Egypt
Monday, 27 June 2005
The International Finance Corporation (IFC) has announced today financing of up to $15 million for Wadi Holdings, one of Egypt’s leading poultry companies. IFC’s financing will support the company’s expansion and diversification.World Bank discusses a $2-2.8 billion new Country Assistance Strategy (CAS) for Egypt during 2006-2009
Friday, 17 June 2005
The World Bank’s Board of Directors has discussed today about $2-2.8 billion dollars new Country Assistance Strategy (CAS) for Egypt covering the next four years from fiscal years 2006 to 2009.
The current CAS is aimed at supporting three key development objectives: facilitating private sector development, enhancing the provision of public services, and promoting equity, through support of enhancements in infrastructure, education, poverty alleviation, financial sector reforms.
The lending package is combined with the Bank’s non-lending technical assistance, analytical and advisory services.
With a population of more than 70 million, Egypt is currently undergoing a demographic transition which offers both challenges and opportunities. Unemployment is a major challenge and high priority on the national policy agenda. At almost 11 percent and affecting more women than men, there is an immediate need to create sufficient jobs for university graduates, accommodate an increasing labor force and bridging the skill gap across economic sectors. For lower income families, the demographic transition poses challenges that require resetting of social safety nets to ensure access to the most vulnerable.IFC will finance up to $20 million to sustain the exploration, production operations of Merlon Companies of Egypt
Tuesday, 7 May 2005
The International Finance Corporation (IFC) has announced today financing of up to $20 million to sustain the exploration and production operations of Merlon Companies of Egypt, subsidiaries of the Houston-based oil and gas firm Merlon Petroleum Company.
The financing comprises a long-term loan of $10 million for IFC's own account and, if required, $10 million in syndicated loans. The loans will support the second phase of the companies' ongoing exploration and development investments in the el Manasoura and Qantara concessions. IFC earlier contributed $20 million to the first phase of the project.
The investments have supported Merlon Egypt in bringing into production its further discoveries in the el Mansoura concession as well as conducting appraisal and exploration activities. Merlon Egypt has a 50 percent interest in the el Mansoura concession and a 54 percent interest in the Qantara concession.Moody's downgrades Egypt local currency bond rating to Baa3, negative outlook
Wednesday, 18 May 2005
Moody's has downgraded Egypt local currency bond rating to Baa3, negative outlook.President Bush will welcome PM Nazif of Egypt to the White House
Thursday, 12 May 2005
President George W. Bush will welcome Prime Minister Ahmed Mohamed Nazif of the Arab Republic of Egypt to Washington on May 18, 2005, announced the White House.
President Bush looks forward to discussing with Prime Minister Nazif a wide range of key bilateral and regional issues, including the President's efforts to promote democratic reform, achieve peace in the Middle East, and advance the war on terrorism.World Bank approves a $120 million loan for an Integrated Irrigation Improvement and Management Project in Egypt
Tuesday, 3 May 2005
The World Bank’s Board of Directors has approved a $120 million loan for an Integrated Irrigation Improvement and Management Project in Egypt. The project will support the Government of Egypt to achieve more efficient and sustainable use of land and water resources by improving the management of irrigation and drainage for farmers in the Nile Delta supplied by El Mahmoudia and Meet Yazid canals.
Co-financed by the Government of the Netherlands and the German Development Bank, KFW, the seven-year project aims to apply integrated water resource management by empowering water users in decision making at both the investment as well as operation and maintenance levels for irrigation and drainage infrastructure. The project will finance irrigation and drainage renovations and provide water users with technical assistance for improving water productivity and training at the district levels.
The project has set a target of increasing water productivity by 15 percent and increasing farm-related income for the 380,000 families in the project area, at least two-thirds of whom are living on less than $2 a day.Raytheon wins a $4 million modification of contract to convert 414 AIM-9M-2 missiles for Egypt
Monday, 28 March 2005
Raytheon Systems Co., Tucson, Arizona, is being awarded a $7,165,560 ceiling-priced modification to a previously awarded firm-fixed price contract to convert 414 AIM-9M-2 missiles for the Government of Egypt, and for the procurement of 36 Guidance Control Sections and 7 containers for the Czech Republic.
Work will be performed in Tucson, Arizona, and is expected to be completed in March 2006. This modification combines purchases for the Government of Egypt ($4,119,300; 57.49 percent) and the Czech Republic ($3,046,260; 42.51 percent). The Naval Air Systems Command, Patuxent River, Maryland, is the contracting activity.World Bank's approves a $20 million loan to support Egypt-Early Childhood Education Project
Tuesday, 15 February 2005
The World Bank's Board of Directors has approved today a $20 million loan to partialy support Egypt-Early Childhood Education Project that focuses particularly on disadvantaged children.
The Project seeks to increase access to kindergartens in 18 governorates and will help the Government of Egypt move towards the goal of expanding coverage of early childhood education from 13 percent today to 60 percent by 2010.
The total cost of the project is $108 million, which will also be financed by the Government of Egypt, the Canadian International Development Agency (CIDA), the World Food Program (WFP) and other international donors.
One component of the project will focus on enhancing quality, by supporting the development of curriculum and educational materials; teacher training and provision of food.Egypt accepts not to impose restrictions on payments, transfers for current international transactions -- IMF
Wednesday, 26 January 2005
The Egyptian government has notified the International Monetary Fund (IMF) that it has accepted the obligations of Article VIII, Sections 2, 3, and 4 of the IMF's Articles of Agreement, with effect from January 2, 2005.
By accepting the obligations of Article VIII, Sections 2, 3 and 4, IMF members undertake not to impose restrictions on the making of payments and transfers for current international transactions; and from engaging in any discriminatory currency arrangements or multiple currency practices without IMF approval.
A total of 163 of the IMF's 184 members have now accepted the obligations of Article VIII, Sections 2, 3 and 4.OPIC provides $300 million in insurance to Apache to help Egypt shift from oil to natural gas
Wednesday, 19 January 2005
The Overseas Private Investment Corporation (OPIC) has made a commitment today to provide $300 million in political risk insurance to a U.S. company that is helping Egypt shift the emphasis of its energy production from oil to more environmentally-friendly natural gas. OPIC’s board of directors approved the project in April 2004.
Houston-based Apache Corporation, the largest U.S. investor in Egypt, will use the OPIC insurance to develop various oil and gas concessions in Egypt. Apache’s natural gas discoveries in the Western Desert have already played a significant role in helping Egypt to convert much of its thermal power generation capacity from oil to natural gas, and in providing the resources necessary to meet growing local energy needs as well as expanding Egypt’s hydrocarbon exports. Egypt's production of crude oil from maturing oil fields is declining, while large discoveries of gas have emerged in the Western Desert and Nile Delta.
“The oil and gas sector is an increasingly important part of the Egyptian economy, accounting for eight percent of the country’s GDP," said OPIC President and CEO Dr. Peter Watson at a signing ceremony at OPIC headquarters. Dr. Watson noted that Apache produces 14 percent of Egypt’s total oil and gas output that generates nearly $4 million a day.General Dynamics wins a $267 million contract modification to produce 125 M1A1 Abrams tank kits for Egypt
Monday, 20 December 2004
The U.S. Army Tank-Automotive and Armaments Command has awarded General Dynamics Land Systems, a business unit of General Dynamics, a $267 million modification to a previously awarded contract to produce 125 M1A1 Abrams tank kits for the Egyptian tank co-production program. Deliveries begin in 2005 and will continue through 2008.
In December 2003 the U.S. Army awarded General Dynamics an $8.4 million long-lead material contract to begin work on this increment, which increases the number of Egyptian co-production-built M1A1 tanks to 880 since the program’s inception in 1992.
Work will be performed in Lima, Ohio, Scranton, Pennsylvania, Muskegon, Michigan, Tallahassee, Florida, Anniston, Alabama, and Imperial Valley, California, by existing General Dynamics Land Systems employees.Lockheed wins a $30 million contract to provide for three C-130H aircraft, related spares for the Egyptian Air Force
Friday, 10 December 2004
Lockheed Martin Corp., Marietta, Georgia, is being awarded a $30,690,000 firm fixed price contract to provide for three C-130H aircraft and related spares for the Egyptian Air Force.
This work will be complete by December 2004. The Headquarters Warner Robins Air Logistics Center, Robins Air Force Base, Georgia, is the contracting activity.Swiftships wins a $32 million contract for the construction of 6 fast patrol craft for Egypt
Friday, 24 September 2004
Swiftships Shipbuilders, LLC, Morgan City, Louisiana, is being awarded a $31,844,437 firm-fixed-price for the construction of six 25m fast patrol craft (FPC), with technical data and training, for Egypt.
The FPC will be constructed of aluminum and conform to American Bureau of Shipping High Speed Naval Craft requirements. The primary mission of the FPC is to perform Egyptian border guard operations within Egyptian territorial waters and includes search and rescue, law enforcement, and local patrol operations.
Work will be performed in Morgan City, Louisiana and is expected to be completed by April 2007. The Naval Sea Systems Command, Washington, D.C., is the contracting activity.Pratt & Whitney wins a $10 million contract to provide for depot equipment, spares in support of Egyptian F-16 engine
Tuesday, 24 August 2004
Pratt & Whitney, East Hartford, Connecticut, is being awarded a $9,674,645 firm-fixed-price contract to provide for level one depot support equipment and spares in support of F100PW220E engine applicable to Egyptian F-16 aircraft. This work will be complete by November 2005. The Headquarters Oklahoma City Air Logistics Center, Tinker Air Force Base, Massachusetts, is the contracting activity.General Dynamics wins a $24 million contract for manufacturing technical assistance support in Egypt (82%)
Wednesday, 7 July 2004
General Dynamics Land Systems, Sterling Heights, Michigan, was awarded on 2 July 2004, a $23,244,655 cost-plus-fixed-fee contract for manufacturing technical assistance support.
Work will be performed in Cairo, Egypt (82 percent) and Sterling Heights, Michigan (18 percent), and is expected to be completed by 30 December 2006.
The U.S. Army Tank-Automotive and Armaments Command, Warren, Michigan, is the contracting activity.IFC announces $45 million in loans to support the exploration, production operations of Merlon Petroleum Companies of Egypt
Monday, 14 June 2004
The International Finance Corporation (IFC) has announced a $45 million investment to support the exploration and production operations of Merlon Petroleum Companies of Egypt, subsidiaries of Merlon Petroleum Company, a Houston-based oil and gas company.
IFC's financing consists of long-term loans of $30 million for its own account and $15 million in syndicated loans. IFC loans of $20 million for its own account, for the first phase of the project, were signed on 8 June 2004. The remaining IFC A loan and syndicated loans will be signed in the second phase.
Merlon Egypt has actively explored the el Mansoura and Qantara concession areas in Egypt since 1998 with natural gas discoveries last year in the el Mansoura area, demonstrating the presence of gas reserves in a region relinquished by other parties. IFC's investments will help Merlon bring these gas discoveries into production as well as conduct further appraisal and exploration. Merlon Egypt has a 50 percent interest in the el Mansoura concession and a 54 percent interest in the Qantara concession.Iraq supplemental $300 million U.S. grant supports Egypt's ongoing reforms
Thursday, 3 June 2004
The United States and the Egyptian Government have signed an agreement this morning for the United States to give Egypt $300 million. "Yes, this $300 million was part of the Iraq supplemental," said State Department Deputy Spokesman Adam Ereli. "Obviously, the money is in recognition of or in support of Egypt's ongoing reforms. It is a cash grant that is given to Egypt ... to spend as we've discussed.""It is our fervent wish that Americans, Arabs today can live together in a world of peace, in a culture of tolerance" -- Nermin Fahmy
Tuesday, 11 May 2004
The Mosaic Foundation has hosted its Seventh Annual Benefit Dinner, A Banquet in Andalusia, tonight in the magnificent National Building Museum. Seven hundred and sixty guests celebrated the accomplishments of Arab influence in medieval Spain, the historical period from 750–1500 called the al-Andalus in Arabic.
“The al-Andalus time period exemplifies the compatibility and cooperation between different peoples,” said Mrs. Nermin A. Fahmy, the Festival Chairman and Mosaic Foundation Trustee. The wife of Egyptian Ambassador to the U.S. Nabil Fahmy, reminded guests that this was a period when Muslims, Christians and Jews embraced each other’s thoughts, discoveries, philosophical interpretations and style. “We want to show the tremendous achievements that resulted from their mutual exchange. It is our fervent wish that Americans and Arabs today can live together in a world of peace and in a culture of tolerance.”
Mosaic Foundation Trustees presented an award of over half-a-million dollars from the proceeds of their 2004 annual major beneficiary campaign to the Academy for Educational Development for programs to improve girls’ education in the Arab world. Every year Mosaic selects one American charitable organization to which it gives a major grant. AED also was selected this year because of its 40-year commitment to the education of children, its long-term success in reaching out to a diversity of cultures and opinions, especially in the Middle East. AED plans to implement programs in Egypt, Yemen and Djibouti with the Mosaic funds.
The two-week Mosaic al-Andalus Festival is a series of public events in poetry, music, education, dance and film during May 7-18 here in Washington. The Festival is showcasing, through tonight’s benefit—the Smithsonian Exhibition ‘Caliphs and Kings: Art and Influence of Islamic Spain,’ a public film viewing, an educational outreach program to metropolitan Washington High School teachers, an academic Symposium co-sponsored with Georgetown University’s Center for Christian-Muslim Studies and the al-Andalus Ensemble’s Musicale—the enduring cultural legacy of Islamic Spain and is holding up the character of that time as the height of cultural achievement.IFC will provide a $20 million loan to Sokhna Port the first fully private operating in Egypt
Friday, 7 May 2004
The International Finance Corporation (IFC) will provide a $20 million loan to the Sokhna Port Development Company (SPDC). IFC's funding will help finance SPDC's investments in equipment and civil works at the Sokhna Port located along the Red Sea.
SPDC operates the Sokhna Port under a 25-year concession agreement awarded by the Government of Egypt in 1999. The Sokhna Port is the first fully private port operating in Egypt. It is a modern deep water facility capable of handling post-panamax vessels and provides ships serving the Cairo area with an alternative to Mediterranean ports. Located at the southern entrance of the Suez Canal, the Sokhna Port allows vessels to load and unload their cargo destined to and from Egypt and turn around without having to cross the Suez Canal. SPDC uses an electronic-data-interchange-based customs clearance process that significantly reduces the time required for customs clearance, and hence transportation costs, compared to other Egyptian ports.AM wins a $7 million contract modification for refurbishment, repair of existing maintenance, repair facility for Egypt’s fleet of high mobility multipurpose vehicle
Tuesday, 27 April 2004
AM General Corp., Mishawaka, Indiana, was awarded on 23 April 2004, a $7,250,000 modification to a firm-fixed-price contract for refurbishment and repair of existing buildings to establish a maintenance and repair facility for Egypt’s fleet of high mobility multipurpose wheeled vehicles.
Work will be performed in Cairo, Egypt, and is expected to be completed by 31 December 2004. The U.S. Army Tank-Automotive and Armaments Command, Warren, Michigan, is the contracting activity.World Bank approves a $335 million loan for the Airports Development Project in Egypt
Tuesday, 30 March 2004
The World Bank's Executive Board of Directors has approved today a loan of $335 million for the Airports Development Project in Egypt. The project will assist the Government of Egypt in enhancing the efficiency of airport management and doubling the capacity of passenger terminals at Cairo and Sharm el Sheikh International Airports by financing new passenger terminals. In addition, the project aims at improving airport service quality in line with international standards and promoting private sector participation in airport management and service delivery in a competitive market.
Nine million passengers use Cairo International Airport, and three-quarters of them arrive from international destinations. Similarly, rapid increase in tourist passenger in the Red Sea resort of Sharm el Sheikh has has created a vital need for the expansion of its airport in the southern tip of the Sinai peninsula.President Bush will welcome President Mubarak to his ranch in Texas on April 12
Thursday, 4 March 2004
President George W. Bush and Mrs. Bush will welcome President Hosny Mubarak of Egypt to their ranch in Crawford, Texas on Monday, April 12, announced White House Press Secretary Scott McClellan.Delex wins a $7 million order to deliver a turnkey Harpoon Tactical Training Program for Egypt
Tuesday, 27 January 2004
Delex Systems Inc., Vienna, Virginia is being awarded a $6,877,780 firm-fixed-priced delivery order against a previously issued Basic Ordering Agreement to develop, test and deliver a turnkey Harpoon Tactical Training Program for the Egyptian Government.
Work will be performed in Vienna, Virginia (80%), and Cairo, Egypt (20%), and is expected to be completed in January 2009. The Naval Air Systems Command, Patuxent River, Maryland is the contracting activity.IFC agrees to provide a $15 million loan to Egypt's leading sanitary ware, ceramic tiles
Monday, 26 January 2004
The International Finance Corporation (IFC) has agreed to provide a $15 million loan to Lecico Egypt S.A.E. (Lecico Egypt), Egypt's leading sanitary ware and ceramic tiles manufacturer, headquartered in Alexandria.
Lecico Egypt was established in 1975 by the Gargour family of Lebanon. Since 1997, one of its major shareholders has been the Sanitec Group, the leading manufacturer of bathroom ceramics and shower products in Europe. Lecico Egypt and its subsidiaries are the largest producer and exporter of sanitary ware in the Middle East, with a production capacity of 4 million pieces per annum in Egypt and 1 million in Lebanon. It is also one of the leading ceramic tile producers in the Middle East, with a production capacity of 13 million square meters per annum in Egypt and 1.3 million square meters in Lebanon.IFC signs a $1.6 million agreement for a 20 percent equity stake in the Egyptian Housing Finance Company
Monday, 26 January 2004
The International Finance Corporation (IFC) has signed a $1.6 million agreement in Cairo, Egypt today for a 20 percent equity stake in the Egyptian Housing Finance Company (EHFC), helping establish Egypt's first private company in this sector.
Egypt has strong pent-up demand for long term housing loans, which are relatively small and are now provided by only a few public sector banks. EHFC homes will be better quality, more readily available and affordable for Egypt's burgeoning middle class in particular.
Total capitalization of EHFC amounts to $8.1 million, including 40 percent held by the Egyptian American Bank, the anchor investor in EHFC; 20 percent by Deutsche Investitions-und Entwicklungsgesellschaft (DEG); 10 percent by Housing Development Finance Corporation of India; and 10 percent by Bank of Alexandria, Egypt's state-owned bank.Egypt's banking sector is virtually paralyzed by persistent low economic growth, weakness of currency -- Moody's
Wednesday, 24 December 2003
Moody's rating agency has reported that Egypt's banking sector is virtually paralyzed by persistent low economic growth and weakness of currency.
On 14 November 1997, Moody's upgraded country foreign currency ceiling of Egypt to Ba1 from Ba2. The investors service assigned Ba2 sovereign ceiling rating to Egypt, on 9 October 1996, Ba3 ceiling for bank deposits and not prime for short-term obligations.General Dynamics wins an $8 million contract to begin work on increasing Egyptian co-production built M1A1 Abrams tanks to 880
Thursday, 11 December 2003
The U.S. Army Tank-Automotive and Armaments Command has awarded General Dynamics Land Systems, a business unit of General Dynamics, an $8.4 million long-lead material contract to begin work on increment nine of an Egyptian co-production program. This increment calls for 125 M1A1 Abrams tanks, and will increase the number of Egyptian co-production built M1A1 Abrams tanks to 880 since the program began in 1992. The contract is estimated to be valued at $277 million when fully exercised. Deliveries begin in February 2005 and continue through June 2008.
General Dynamics provides Egypt with almost all of the materials used in production and many of the components, which are assembled into kits for shipment to Egypt.
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