Central Bank highlights government's efforts to support mega- projects
Egypt, Economics, 9/16/1999

"The government is continuing its drive to give more impetus to the national mega-projects in a bid to opens broader prospects for investments, as these projects represent a solid base for future development", an economic report has said.

A monthly report by the Central Bank of Egypt which covers the most important economic policies and procedures during the period from July 1998 to March 1999 referred to the Cabinet's decisions to exempt planes from landing charges at Sharq elTafriaa Airport being the main means of transport in the area and to allocate 10,000 feddans in Toshka to be cultivated by the National Service Department of the Ministry of Defense. The report also pointed out the cabinet's approval to include the East Port Said new harbor whose first stage had already started in the 4th five-year plan, and to include the agricultural drainage network in the 98/99 plan. the cost of the project amounts to LE 130 million.

The report underlined the significance of the government's decision to add oil pipe line activities to the activities which come under the provisions of the investment guarantees and incentives law.

Moreover, a sum of LE 50 million has been set aside for the Export Development Bank of Egypt which will in turn offer them as loans to finance export operations.

In the field of privatization the report referred to the approvals of the Ministerial Committee on Privatization to sell the public shares in six joint companies during the first nine months of this year.

During the same period various cooperation accords with several countries had been approved on top of which was that joining the Common Market for East and South Africa (COMESA) besides the accords on the protection of joint investments signed with Morocco, Belarus, Syria, Bahrain and the UAE.

Egypt had also signed an economic cooperation agreement with Vietnam and another on eliminating double taxation and income tax evasion with South Africa.

According to the report this period witnessed noticeable improvement in the tourist flow into Egypt as 1.1 million tourists had visited the country. Tourist nights reached 18.7 million . The report said that the average of a tourist' s stay in Egypt was 6 nights, which did not at all reflect the rise in tourist influx. Tourist programs have to be modified to include more nights and revise prices gradually in light of the stable and secure atmosphere in the country, the report added.

Previous Stories:
  US development agency supports Egyptian small projects   (9/14/1999)
  Central Bank: 3.1 million tourists visited Egypt during the first nine months of fiscal year 98-99   (9/13/1999)
  Exhibition for the Egyptian products in Ghana   (9/13/1999)

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