Egypt reports growth in electronic payment gateway operations

STORY: Egypt reports growth in electronic payment gateway operations SHOOTING TIME: June 23, 2024 DATELINE: June 24, 2024 LENGTH: 00:00:47 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Ministry of Finance 2. various of Egypt's Minister of Finance Mohamed Maait speaking STORYLINE: Egypt's Minister of Finance Mohamed Maait said on Sunday that the Government Electronic Payment Gateway (GePG) has experienced growth in its operations from July 2023 to May 2024, referring the total value of services processed through GePG reached 2.5 trillion Egyptian pound (EGP) (about 51.9 billion USD) during this period, compared to 2.1 trillion EGP (43.6 billion USD) in the previous fiscal year. The electronic payment service for workers' salaries in the country saw a growth rate of 24 percent, amounting to 299.4 billion EGP (6.21 billion USD), versus 242.2 billion EGP (5.03 billion USD) in the same period of the last fiscal year. The minister further highlighted that the value of the electronic payment service

Egypt expects 2 bln USD in revenue from expat customs-free car import initiative

STORY: Egypt expects 2 bln USD in revenue from expat customs-free car import initiative SHOOTING TIME: June 20, 2024 DATELINE: June 21, 2024 LENGTH: 00:00:58 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egyptian Finance Minister Mohamed Maait 2. various of an Egyptian port 3. various of new cars STORYLINE: Egyptian Finance Minister Mohamed Maait said on Thursday that the applications registered by expats, with an aim of benefiting from the zero-customs car import initiative, push expectations to about 2 billion U.S. dollars in revenue. The minister said that more than 250,000 "import approvals" have been issued, and over 35,000 imported cars have been released so far. The initiative allows expatriates to bring one personal-use vehicle to Egypt without incurring customs duties or taxes, including the value-added tax (VAT). Egyptians living abroad should make a five-year bank deposit in foreign currency. After five years, expatriates can withdraw their money in Egyptian pounds accor

Trade, economic cooperation with China boosts Egyptian economy: Egyptian ministers

STORY: Trade, economic cooperation with China boosts Egyptian economy: Egyptian ministers SHOOTING TIME: Feb. 17, 2024 DATELINE: Feb. 20, 2024 LENGTH: 00:01:24 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egypt 2. various of the 10th Akhbar El Youm economic conference 3. SOUNDBITE 1 (Arabic): MOHAMED MAAIT, Egyptian Finance Minister 4. SOUNDBITE 2 (Arabic): MAHMOUD ESMAT, Egyptian Minister of Public Business Sector 5. various of the conference STORYLINE: Egyptian ministers said Saturday that economic and trade cooperation with China greatly supports the Egyptian economy despite all the economic challenges facing the Arab country. Egyptian finance minister and minister of public business sector received the interviews with Xinhua on the sidelines of the 10th Akhbar El Youm economic conference in the Egyptian capital Cairo. SOUNDBITE 1 (Arabic): MOHAMED MAAIT, Egyptian Finance Minister "We are partners with China on many projects, and it (China) is Egypt's largest trading partner, in addition

Egypt issues 3.5-bln-yuan sustainable panda bonds

STORY: Egypt issues 3.5-bln-yuan sustainable panda bonds DATELINE: Oct. 17, 2023 LENGTH: 00:00:45 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egypt's Finance Ministry 2. various of the Central Bank of Egypt 3. various of Egyptian banknotes STORYLINE: Egypt issued on Monday sustainable panda bonds in the Chinese financial market in the amount of about 3.5 billion yuan (nearly 479 million U.S. dollars). In a statement, Egyptian Finance Minister Mohamed Maait said the issuance has a maturity of three years with a coupon rate of 3.5 percent. He explained that the issuance is backed by a credit guarantee provided by international development banks with high credit ratings, such as the Asian Infrastructure Investment Bank and the African Development Bank. Maait noted that Egypt is the first country in the Middle East and North Africa to issue sustainable panda bonds, adding that it succeeded in attracting many Chinese investors. The minister said the issuance serves as a new portal for achievin

Egyptian minister says AIIB plays crucial role in Africa's sustainable development

STORY: Egyptian minister says AIIB plays crucial role in Africa's sustainable development DATELINE: Sept. 26, 2023 LENGTH: 00:02:38 LOCATION: SHARM EL-SHEIKH, Egypt CATEGORY: POLITICS SHOTLIST: 1. various of the eighth annual meeting of the AIIB Board of Governors 2. SOUNDBITE 1 (Arabic): MOHAMED MAAIT, Egyptian Finance Minister 3. SOUNDBITE 2 (Arabic): MOHAMED MAAIT, Egyptian Finance Minister STORYLINE: Egyptian Finance Minister Mohamed Maait lauded on Sunday the "crucial role" played by the Asian Infrastructure Investment Bank (AIIB) in the sustainable development in Africa. SOUNDBITE 1 (Arabic): MOHAMED MAAIT, Egyptian Finance Minister "The globality of the AIIB is derived from its noble goal to improve the infrastructure of countries, which helps improve all the peoples' economic and social rights and their standards of living. The bank plays an important role in the field of comprehensive sustainable development. The AIIB's investment interests in infrastructure, renewable energy, green transportatio

AIIB's annual meeting kicks off in Egypt

STORY: AIIB's annual meeting kicks off in Egypt DATELINE: Sept. 26, 2023 LENGTH: 00:02:45 LOCATION: SHARM EL-SHEIKH, Egypt CATEGORY: ECONOMY SHOTLIST: 1. STANDUP (English): YANG YIRAN, Xinhua correspondent 2. various of the opening ceremony of the eighth annual meeting of the AIIB 3. various of Egyptian President Abdel-Fattah al-Sisi speaking 4. SOUNDBITE 1 (English): JIN LIQUN, AIIB President 5. various of people attending the eighth annual meeting of the AIIB 6. SOUNDBITE 2 (English): JIN LIQUN, AIIB President 7. various of Egyptian Finance Minister Mohamed Maait speaking 8. various of people attending the eighth annual meeting of the AIIB STORYLINE: STANDUP (English): YANG YIRAN, Xinhua correspondent "I'm reporting live from Sharm El Sheikh, Egypt, where the Asian Infrastructure Investment Bank, or AIIB, is hosting its much-anticipated Annual Meeting. This year's meeting, themed 'Sustainable Growth in a Challenging World,' is a landmark event for AIIB. It marks the bank's first-ever meeting on the Afric

EGYPT-SHARM EL-SHEIKH-FINANCE MINISTER-INTERVIEW

EGYPT-SHARM EL-SHEIKH-FINANCE MINISTER-INTERVIEW

(230925) -- SHARM EL-SHEIKH, Sept. 25, 2023 (Xinhua) -- Egyptian Finance Minister Mohamed Maait speaks during an interview with Xinhua in Sharm El-Sheikh, Egypt, Sept. 24, 2023. TO GO WITH "Interview: Egyptian minister says AIIB plays crucial role in Africa's sustainable development" (Xinhua/Sui Xiankai)

EGYPT-SHARM EL-SHEIKH-FINANCE MINISTER-INTERVIEW

EGYPT-SHARM EL-SHEIKH-FINANCE MINISTER-INTERVIEW

(230925) -- SHARM EL-SHEIKH, Sept. 25, 2023 (Xinhua) -- Egyptian Finance Minister Mohamed Maait speaks during an interview with Xinhua in Sharm El-Sheikh, Egypt, Sept. 24, 2023. TO GO WITH "Interview: Egyptian minister says AIIB plays crucial role in Africa's sustainable development" (Xinhua/Sui Xiankai)

AIIB keen to enhance investments in Egypt's infrastructure: finance minister

STORY: AIIB keen to enhance investments in Egypt's infrastructure: finance minister DATELINE: Sept. 11, 2023 LENGTH: 00:00:56 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of Egypt's Finance Ministry in Cairo 2. various of Egypt's Finance Minister Mohamed Maait speaking 2. various of goods at port STORYLINE: Egyptian Finance Minister Mohamed Maait said Saturday that the Asian Infrastructure Investment Bank (AIIB) is keen to enhance investments in Egypt's infrastructure, especially in partnership with the private sector. Maait made the marks during a seminar organized in Cairo by Egypt's Supreme Council for Media Regulation, according to a statement of the council. The minister, who is also Egypt's governor at the AIIB, said that Egypt joined the AIIB as a founding member in 2016 and revealed that the bank's investment portfolio in Egypt amounted to 1.3 billion U.S. dollars. Regarding the upcoming AIIB's annual meeting, which will be held on Sept. 25-26 in Egypt's Sharm El

Egypt's net int'l reserves rises in August

STORY: Egypt's net int'l reserves rises in August DATELINE: Sept. 8, 2023 LENGTH: 0:01:07 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the River Nile in Cairo 2. various of the Central Bank of Egypt 3. various of an accountant counting banknotes 4. various of the Central Bank of Egypt 5. various of banks in Egypt STORYLINE: The Central Bank of Egypt (CBE) said on Thursday the country's net foreign reserves rose to 34.928 billion U.S. dollars in August 2023 from 34.88 billion dollars in the previous month. Egypt's foreign reserves consist of a basket of major international currencies, including the U.S. dollar, the euro, the pound sterling, the Japanese yen, and the Chinese yuan. The Egyptian government seeks to collect 1.5 billion dollars in external financing before the end of 2023, Minister of Finance Mohamed Maait stated on Thursday. The financing plan includes issuing 1 billion worth of yen and yuan bonds, Maait added. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egypt's gross public debt up by 13.1 pct of GDP in FY 2022-23: finance minister

STORY: Egypt's gross public debt up by 13.1 pct of GDP in FY 2022-23: finance minister DATELINE: Aug. 11, 2023 LENGTH: 00:00:50 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Cabinet of Ministers 2. various of Ministry of Finance 3. various of Egypt's Finance Minister Mohamed Maait speaking STORYLINE: Egypt's Finance Minister Mohamed Maait said on Thursday the country's gross public debt, the financial liabilities of the government sector, climbed by 13.1 percent to reach 95.6 percent of the GDP in the fiscal year 2022-2023 that ended in June. In a statement, Maait attributed the rise to "fluctuation in the currency exchange rate and decline of the local currency against the U.S. dollars." "The government targets taking the gross debt down to 80 percent of the GDP in the next four years," Maait was quoted as saying in the statement. It added that despite international unfavorable conditions that have driven up the prices of most strategic commodities due to supply chain disruptions that resul

Egypt speeds up cash payment for exporting companies

STORY: Egypt speeds up cash payment for exporting companies DATELINE: July 13, 2023 LENGTH: 00:00:53 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of ports STORYLINE: Egyptian Minister of Finance Mohamed Maait confirmed that on Wednesday and Thursday, about 7.5 billion Egyptian pounds (about 242 million USD) will be disbursed, the total value of export support which are due for 750 exporting companies. Advisor to the Deputy Minister for Financial Policies and Institutional Development, Nevine Mansour, stated that the first installment dues will be disbursed in the sixth phase of the "immediate cash payment" initiative, pointing out that more than 42 billion Egyptian pounds (1.3 billion USD) have been disbursed to exporting companies. She indicated that the sixth phase of the "immediate cash payment" initiative aims at providing cash liquidity to exporting companies to stimulate them to expand their production and export activities, especially in light of the circumstances witnessed by the global

Egypt releases imports worth 32 bln USD in 5 months: finance minister

STORY: Egypt releases imports worth 32 bln USD in 5 months: finance minister DATELINE: July 3, 2023 LENGTH: 00:00:56 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of Egypt's Finance Ministry in Cairo 2. various of Egypt's Minister of Finance Mohamed Maait speaking 3. various of goods at a port STORYLINE: Egypt's Minister of Finance Mohamed Maait said on Sunday that over the past five months, the authorities at various ports and outlets granted customs clearance for imported goods, commodities, and products worth approximately 32 billion U.S. dollars. He said that basic commodities, food manufacturing components, medicines and production supplies were at the top of the list. The minister added that fees and penalties were reduced to ease the burden on importers. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egypt revises budget deficit estimate to 6.9 pct of GDP

STORY: Egypt revises budget deficit estimate to 6.9 pct of GDP DATELINE: May 10, 2023 LENGTH: 00:00:46 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egypt's Parliament 2. various of the Egyptian Finance Minister Mohamed Maait speaking STORYLINE: Egypt's Finance Minister Mohamed Maait announced on Tuesday before the House of Representatives that the government has revised its budget deficit estimate for the 2023-2024 fiscal year to 6.9 percent of the gross domestic product (GDP), 0.6 percent higher than the previous forecast. According to Egypt's state-run Al-Ahram newspaper, Maait attributed this revision to interest rate hikes in Egypt and global markets, as well as increased spending on social protection and the rising cost of basic commodities. Both the World Bank and the IMF have adjusted their growth forecasts for Egypt. The World Bank now predicts a real GDP growth rate of 4 percent for both 2023 and 2024, down from its previous projection of 4.5 percent in December 2022. Similarly,

Egypt launches initiative to support industry, agriculture with loans

STORY: Egypt launches initiative to support industry, agriculture with loans DATELINE: Feb. 19, 2023 LENGTH: 00:00:50 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of Finance Ministry in Cairo 2. various of Egypt's Finance Minister Mohamed Maait speaking 3. various of banknotes counting STORYLINE: Egypt's Finance Ministry announced on Saturday the details of the new initiative that aims to support the productive sectors by allowing 150 billion Egyptian pounds (about 4.9 billion U.S. dollars) in soft loans available at 11 percent interest rate for agricultural and industrial projects. The initiative came after the announcement made by the International Monetary Fund (IMF) last month outlining Egypt's commitments under a fresh 3-billion-USD loan deal approved in December. The ministry stressed that the state's public treasury bears 10 billion Egyptian pounds annually. According to Mohamed Maait, Egypt's Finance Minister, 140 billion Egyptian pounds are allocated to finance wor

Egypt's accession to AFC opens up broad horizons for economic development: minister

STORY: Egypt's accession to AFC opens up broad horizons for economic development: minister DATELINE: Dec. 29, 2022 LENGTH: 0:00:52 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of banks 2. various of street STORYLINE: Egypt's Finance Minister Mohamed Maait has said the country's accession to the Africa Finance Corporation (AFC) contributes to opening up broad horizons for investment in infrastructure projects, heavy industries, communications, transport, logistics and green transformation. He explained that Egypt's accession to the AFC is in accordance with the country's goals to increase green investments to 50 percent in 2024/2025 budget through the expansion of clean energy projects, smart transportation and other developmental and national projects. The minister indicated that the country is keen to strengthen Egyptian presence in Africa and move towards consolidating continental integration, in a way that contributes to achieving common interests. Africa Finance Corporation (AFC) welcomed

Egypt targets primary budget surplus of 2.3 pct in FY 2024-25

STORY: Egypt targets primary budget surplus of 2.3 pct in FY 2024-25 DATELINE: Oct. 26, 2022 LENGTH: 00:00:58 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various exterior shots of the Central Bank of Egypt 2. various of employees counting banknotes 3. various exterior shots of Egypt's Finance Ministry in Cairo STORYLINE: Egypt is targeting a primary budget surplus of 2.3 percent of the GDP for the fiscal year 2024-25, Finance Minister Mohamed Maait said on Tuesday. Egypt's fiscal year begins in July and ends in June. Maait's remarks came on the sidelines of the Egyptian Economic Conference 2022 that kicked off on Sunday in the new administrative capital east of Cairo. The minister added that Egypt's budget deficit narrowed to 6.1 percent in June 2022, down from 12.5 percent in June 2016. He also said that the Egyptian government aims to decrease the budget deficit to 4 percent by 2027. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egypt's total foreign debt accounts for 19.2 pct of GDP: minister

STORY: Egypt's total foreign debt accounts for 19.2 pct of GDP: minister DATELINE: Aug. 30, 2022 LENGTH: 00:01:20 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of the Egyptian Ministry of Finance 2. various of the conference STORYLINE: Egyptian Finance Minister Mohamed Maait held a press conference on Monday to introduce the economic situation in Egypt. The minister explained that the debt-to-GDP ratio decreased from 103 percent in June 2017 to 87.2 percent in June 2022. According to the minister, 77 percent of the government's debt is domestic to institutions and individuals in Egypt, and only 23 percent is external in hard currency, and the external debt of the budgetary organs accounted for 19.2 percent of the GDP in June 2022. The minister said that the size of the Egyptian economy has tripled during the past six years, at rates that exceed the government's indebtedness, in a way that reflects the government's success in directing development funds to real investments.

Egypt allocates 58.3 mln USD for industrial complexes

STORY: Egypt allocates 58.3 mln USD for industrial complexes DATELINE: July 13, 2022 LENGTH: 00:00:46 LOCATION: Cairo CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. various of the Finance Ministry in Cairo 2. various of Egypt's Finance Minister Mohamed Maait in a press conference STORYLINE: Egypt's Finance Minister Mohamed Maait said on Tuesday the government has assigned 1.1 billion Egyptian pounds (about 58.3 million U.S. dollars) in the new budget to resume establishing utilities for 13 industrial complexes in several governorates to provide the small and medium-sized enterprises (SMEs) with a stimulating infrastructure. Maait said the move would also help create more job opportunities. Maait also announced that the country's House of Representatives approved a new law to reduce up to 65 percent of fines and delay interest charged on taxes, customs, and real estate taxes not paid by the original due date. However, this reduction will be provided on the condition that the original taxes are paid before the en

Rising wheat, oil prices put pressure on Egypt's economy: minister

TORY: Rising wheat, oil prices put pressure on Egypt's economy: minister DATELINE: July 6, 2022 LENGTH: 00:01:44 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egypt's Finance Ministry 2. Egyptian Finance Minister Mohamed Maait 3. various of wheat being unloaded 4. various of a gasoline station STORYLINE: The continuous rises in the prices of imported wheat and oil have posed a burden on Egypt's finance and budget, Egyptian Finance Minister Mohamed Maait said on Monday. In a recent interview on local TV, the minister said the country is one of the world's largest wheat importers, buying 12 million tonnes of wheat annually. The minister noted that the government has kept a relatively lower price for wheat in Egypt, creating a price difference between the domestic and international markets, which puts the country's budget under great pressure. In addition, Maait said Egypt also faces financial pressure from the high oil price, adding that the country imported around 120 million barrels

Egypt replaces 17,900 old vehicles with cars running on natural gas

STORY: Egypt replaces 17,900 old vehicles with cars running on natural gas DATELINE: April 14, 2022 LENGTH: 00:00:51 LOCATION: Cairo CATEGORY: SOCIETY SHOTLIST: 1. various of gas stations in Egypt providing natural gas STORYLINE: Egyptian Minister of Finance Mohamed Maait said on Wednesday that Luxor and Aswan were included in the country's presidential initiative to replace old vehicles with new ones powered by natural gas. The minister added that the state's public treasury paid 405 million Egyptian pounds (about 22 million U.S. dollars) for about 17,900 new cars allocated to citizens who completed the procedures on the website, including 16,750 private cars and 1,150 taxis and microbuses. The initiative aims to attract investors to green projects to contribute to economic growth and achieve comprehensive and sustainable ways. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egypt to launch new phase of digital tax collection system as of July 1

STORY: Egypt to launch new phase of digital tax collection system as of July 1 DATELINE: April 8, 2022 LENGTH: 0:01:06 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of Finance Ministry in Cairo 2. various of Finance Minister Mohamed Maait meeting with the members of the Egyptian Businessmen Association and the Egyptian-Lebanese Businessmen Association (Egypt's Finance Ministry) STORYLINE: Egypt's Finance Minister Mohamed Maait said on Thursday that the country is set to launch a new phase of its automated and electronic system for tax collection starting from July 1, saying that the current phase of this project will be fully completed by the end of June 2022. The minister's remarks came during a meeting with the members of the Egyptian Businessmen Association and the Egyptian-Lebanese Businessmen Association. Maait explained the step will contribute to including informal business activities into the formal sector, adding that the government does not intend to impose new taxe

Egypt issues 500 million USD Samurai bonds on Japanese market

STORY: Egypt issues 500 million USD Samurai bonds on Japanese market DATELINE: March 25, 2022 LENGTH: 00:00:59 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of Finance Ministry in Cairo 2. a shot of the logo of the ministry 3. various of Egypt's Finance Minister Mohamed Maait speaking 4. various of the headquarters of Finance Ministry 5. various of the Central Bank of Egypt STORYLINE: Egypt's Finance Ministry announced on Thursday that the country has issued 60 billion yen (about 500 million U.S. dollars) in five-year Samurai bonds on the Japanese market. Therefore, Egypt became the first country in the Middle East to issue international bonds denominated in Japanese yen on the Japanese market, the ministry said. It is Egypt's first international offering since it has devalued its currency by 14 percent against the dollar on Monday. The Finance Ministry made the issuance through a credit guarantee from the Sumitomo Mitsui Banking Corporation and the coverage of Nippon Export

Goods not complying with European standards not allowed to enter Egypt from April

STORY: Goods not complying with European standards not allowed to enter Egypt from April DATELINE: March 7, 2022 LENGTH: 00:00:46 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of Egyptian Finance Ministry 2. various of Egypt's Minister of Finance Mohamed Maait speaking to the press STORYLINE: Egypt's Minister of Finance Mohamed Maait said on Sunday any commodities which don't comply with the European standards will not be allowed to enter the country's land and seaports starting from April. The minister's remarks came during Al Ahram's first conference for Financial Technology. Maait referred that Egypt preceded several countries across the world since this March in implementing the Advanced Cargo Information (ACI) customs system. Maait said that the average customs clearance time was reduced by 50 percent, with a testimony of confidence from the World Bank, after applying the single-window system, a single digital trade portal for all import, export, and transit operations,