Briefs

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Egypt on board for Africa

THE BOARD meeting of the Arab Bank for Economic Development in Africa (ABEDA) was held in Cairo on 25 and 26 June. The meeting, which was the first since Egypt was chosen as a board member in April 2008 for the coming four years, was attended by Minister of Economic Development Osman Mohamed Osman.

Moreover, Minister of International Cooperation Fayza Abul-Naga met with board members and noted the importance of the ABEDA's role in financing different development programmes, as well as infrastructure projects aiming at reducing poverty rates in Africa.

Since its establishment in 1975, the total funds provided by the bank to finance a group of projects in African countries, including Egypt, are estimated at $3.5 billion.

Entrepreneurship Harvard-style

THE TRAINING Division of the Higher Institute for Specific Studies, TMA, organised a training course on entrepreneurship. The course held from 24 to 30 June aimed at promoting and modernising industries and economics in Egypt, through enhancing professionalism using world-class training materials and professors. Maye Badran, TMA training director, said the format of this course follows typical Harvard Business School methodology.

The course was attended by 47 participants who are all executives from IT, engineering and food industries. Moreover, the course focussed on how to transfer ideas into opportunities and through a deliberate process, opportunities into commercial realties. Badran added that participants were able to apply what they learnt through their own analyses of cases and supplementary notes in class discussions.

The course was funded by the Industrial Training Council, an affiliate of the Ministry of Trade and Industry.

Inflation driving rates up

THE MONETARY Policy Committee at the Central Bank of Egypt (CBE) decided on Friday to raise the overnight deposit rate as well as the lending rate by 0.5 per cent, to reach 10.5 for deposit and 12.5 per cent for lending. In a press release issued this week, the CBE explained that the reason behind the move is inflation rate which reached 19.7 per cent in May.

This high rate is due to hikes in the price of food products which rose by 27 per cent. The committee further predicted that the inflation will continue at a high rate in the coming period. Hence, the press release continued, the committee will continue to follow up on inflation and will not hesitate to change the CBE interest rates in an attempt to achieve stability in prices.

Ration cards feeding majority

THE MINISTRY of Social Solidarity announced that on Tuesday, the first of the month, 74 per cent of the population will be receiving their quota of essential foodstuffs via ration cards. Over the past few months, people were permitted to add their children to their valid ration cards. In response, 15 million people were added to the ration cards system, which provides staples such as rice, sugar, cooking oil and tea at reasonable prices.

Moreover, Minister of Social Solidarity Ali Moselhi announced that his ministry decided to change the semi-subsidised ration cards into fully subsidised ones, beginning in July. An additional quota of sugar, rice and cooking oil will also be added to the cards.

Each listed person is entitled to 0.5kg of cooking oil, 1kg of rice and 1.5kg of sugar

Phone bills re-calculated

THE NATIONAL Telecommunication Regulatory Authority (NTRA) approved on 25 June changes in the costs of making a call from a fixed telephone line. The new price system, which went into effect on Tuesday, reduces calls prices from fixed lines to mobile telephones and vice versa from LE0.35 per minute and LE0.45, respectively, during rush hours, to a flat rate of LE0.30 per minute all day and night long.

According to the new pricing system, the monthly fees paid for a home fixed line rose from LE10 to LE12, and the cost of a commercial fixed line jumped from LE16 to LE24. Moreover, the price of local calls in the same governorate increased from LE0.02 to LE0.03 per minute. The new system, however, maintained the price of Internet dial-up at the current rate of LE0.02 per minute.

The new charging system also halved the fees needed to purchase a new fixed line for the first time from LE500 to LE250 for a home phone, and LE1,000 to LE5,00 for a business line. According to NTRA Chairman Amr Badawi, the average increase in monthly telephone bills due changed prices will not exceed five per cent.

The NTRA said the aim of the new prices is to achieve financial balance for telecommunications services, especially that the sector has witnessed many changes and dynamics. Most notably, the rise in the number of mobile users who now number 34 million.