Friday,20 July, 2018
Current issue | Issue 1216, (2 - 8 October 2014)
Friday,20 July, 2018
Issue 1216, (2 - 8 October 2014)

Ahram Weekly


Al-Ahram Weekly

Looming deadline for bids
Bids to develop the master plan for the development of the Safaga-Al-Qoseir-Qena area, better known as the Golden Triangle, are scheduled to be delivered to the government in early October.

Minister of Trade and Industry Mounir Fakhri Abdel-Nour said the deadline for submitting the bids was October 7, 2014. The Golden Triangle project extends over 6,000 square km from Edfu south of Qena in Upper Egypt to Marsa Alam and Safaga on the Red Sea.

The project, intended to develop the Upper Egypt area, is one of several mega projects that the government is embarking on across the country to boost growth and create job opportunities. Plans for the region include the setting up of industrial, agricultural, commercial and tourist projects. Companies were invited to bid for the projects in March. According to Abdel-Nour, out of 11 companies that expressed an interest, six were chosen based on their expertise.

Deficit reduced
Egypt’s current account deficit declined to $2.4 billion in fiscal year 2013/2014 ending in June compared to $6.4 billion the previous year thanks to billions of dollars of Gulf aid, according to the Central Bank of Egypt (CBE).

The current account is a calculation of the country’s foreign transactions reflecting the value of its goods and services as well as its net income. It includes interest payments as well as transfers such as foreign aid.

While the exact amount of the aid from the three Arab Gulf countries, Saudi Arabia, Kuwait and United Arab Emirates, is unknown, the three together pledged to extend $12 billion to Egypt soon after the toppling of former president Mohamed Morsi.

President Abdel-Fattah Al-Sisi told the media in June before the elections that the sum of aid received since the 30 June Revolution was $19 billion. An improvement in remittances and other payments from abroad, including aid, fed a tenfold increase in net official transfers to $11.9 billion through the same period, compared to $835.6 million earlier.

The CBE said the improvement might have been larger had it not been for the sharp decline in tourism revenues. These fell 48 per cent to $5.1 billion from $9.8 billion a year earlier. The country’s trade deficit also increased by 9.8 per cent on the back of a 3.7 per cent increase in imports and a 3.2 decrease in exports.

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