Category: ECONOMY

News about economy

  • Moody’s expects economic growth for Egypt by 4% in 2017

    Moody’s expects economic growth for Egypt by 4% in 2017

    CAIRO, Jan 16 (Aswat Masriya) – Moody’s Investor Service expects that Egypt’s economy will grow by 4% in 2017, and the growth rate will increase 4.5% in the following year.

    Moody’s attributes this potential increase to private consumption and foreign investments which will push forward economic development in Egypt, in a report published on Sunday.

    The report, which forecasts the economic progress for the Levant and North African countries, also said that the weak government performance, internal challenges, and geopolitics remain a threat to its dominant debts.

    The report expects that the report expects that trade deficits will reach 7.5%, but will improve in the following year by going down to 6%.

    “Meanwhile, Egypt maintains its position as the strongest economic assessment in the region; which not only reflects its significance but also its growth prospects compared to other countries,” the report read.

    Deputy director Elisa Parisi-Capone said the abundance of foreign funding through IMF loan programmes which are followed by 4 out of 5 countries in the Levant and North Africa bolsters Moody’s credit expectations for the region, in an official statement.

    (en.aswatmasriya.com)

  • Belarus to assemble tractors in Egypt’s Alexandria

    Belarus to assemble tractors in Egypt’s Alexandria

    An official ceremony to open a modernized plant to assemble Belarus tractors took place in Alexandria, Egypt, BelTA has learned. The company used to assemble tractors of other producers before. However, the production stopped over time and the plant was abandoned. Last year Belarus reached an agreement with private Egyptian companies to refit the production line at the company with a view to start assembling Belarus tractors. “The modernization of the plant will make it possible to export the goods which will be produced in Egypt. The terms of the free economic zone provide an opportunity for healthy competition in neighboring regions. I think that in a two years’ time it will be an exemplary production facility in our friendly country, Egypt,” MTZ Director General Fyodor Domotenko said.
    In his words, Minsk Tractor Works has undertaken commitments to provide engineering support to the company as a producer of all types of farming equipment. Apart from that, Belarus is ready to train specialists for the plant in Alexandria free of charge.
    The company’s current capacity is 2,000-2,500 tractors a year. There are plans, however, to increase it to 5,000 vehicles a year in the future. At least 30% of the goods will be bound for export. The commissioning of the Belarusian-Egyptian manufacturing facility was an important event for Alexandria, with the local authorities, representatives of the Egyptian ministries and economic zones attending the official opening ceremony.

    (eng.belta.by)

  • Zohr, Atul, North Alexandria fields to start production this year: Petroleum Ministry

    Zohr, Atul, North Alexandria fields to start production this year: Petroleum Ministry

    Minister of Petroleum Tarek El-Molla said that the gas fields of Zohr, Atul, and North Alexandria will start the first phase of production this year.

    El-Molla added in a statement that starting production in these fields will have a positive impact on increasing the production of gas and reducing the gap between production and domestic consumption in Egypt.

    Egypt imports petroleum products worth about $700m per month, at a time when the country is suffering from the scarcity of hard currency.

    Saudi Aramco stopped supplying Egypt with petroleum products since October, despite the agreement between Egypt and Saudi Arabia stating that the latter will secure Egypt’s requirements for petroleum products for five years.

    Italy’s Eni discovered the Zohr field, the largest natural gas field in the Mediterranean Sea, in Shorouk offshore concession back in August 2015.

    A memorandum of understanding was signed on the development of the Atul exploration during the Egypt Economic Development Conference in Sharm El-Sheikh.

    The Atul field was discovered in March 2015 and has proven reserves of 1.5tn cubic feet of gas and 31m barrels of condensates, according to the Ministry of Petroleum.

    El-Molla said during the general assembly of the Belayim Petroleum Company (Petrobel) that the large investments of foreign partners in research, exploration, and production works, especially in the deep Mediterranean waters, confirm the tremendous opportunities available in the Mediterranean region.

    Chairperson of Petrobel, Atef Hassan, said in a statement that the company approved investments worth $834m in the current fiscal year (FY) 2016/2017 to intensify exploration, drilling, and development activities of discovered fields in the Nile Delta and the Gulf of Suez.

    Hassan said that these investments have increased oil and gas production rates of the company’s fields by 30% and they also contribute to conducting new explorations.

    He added that the company adopted investments worth $630m and about $214m under the approved budget for the next FY in order to continue intensifying exploration activities and develop fields.

    (www.dailynewsegypt.com)

  • “Wise Greece”: growing big with social entrepreneurship

    “Wise Greece”: growing big with social entrepreneurship

    Social Enterprises do not aim to make profit but to create jobs– especially at local level- and to improve welfare services delivery. They intervene by taking actions of mild economic growth and contribute to inclusive and sustainable growth.“Wise Greece” operates in the field of social entrepreneurship and has been honoured with the Award for Sustainable Enterprise and Development, based on social responsibility, in the “Startup Greece Awards 2016”contest. In another contest organized in 2015 by the Citizens’ Movement and the Greek Guiding Association, “Wise Greece” was awarded by the President of the Hellenic Republic Prokopis Pavlopoulos with the “Models of Excellence 2015″, for meeting social needs in an innovative way while serving the general interest and common good for the benefit of the community. 

    These distinctions render “Wise Greece” a successful model of a start-up non-profit organization with a double mission: that of selling over 300 top quality Greek food products, as well as raising money for food to be donated to people in need.

    Finding new ways to stimulate forms of active civic participation through an emphasis on social economy, “Wise Greece” aspires to raise awareness and support from responsive consumers around the world, so that they will embrace these high quality products, follow and integrate the healthy Mediterranean diet in their daily lives and, above all, support its cause. It is worth noting that the “Wise Greece” logo is inspired by the Athenian tetradrachm depicting an owl as a symbol of wisdom.

    “Wise Greece” consists of a group of young people who wish to inspire consumers to embrace the beneficial values of the Mediterranean diet, to use Wise Greece products in their everyday lives and contribute to their non-profit mission. “Wise Greece” selects the best Greek products and places them in various retail points around Greece and abroad. The team is supported by specialists in various fields of expertise (Food Specialists, Chefs, Quality Maintenance, Marketing, Sales, etc.)so as to achieve the objectives set by “Wise Greece” and all products are available for purchase online: οlive oil from well known Greek regions, herbs and spices individually selected, jams and sweets made with care from traditional recipes, vinegar, coffee, honey, organic chocolates, wines from local varieties, tsipouro and ouzo, pasta, rusks and cosmetics are some of the “Wise Greece” products that buyers could find in Greece, the UK, Germany, Poland, Lithuania, the Netherlands, Sweden and in New York.

    For every product sold with the “Wise Greece” sticker on it, the producer pays back a percentage of the profit to “Wise Greece”, in order to raise funds to buy food for people in need. The more “Wise Greece” products are sold, the more food products will be donated to Institutions and Organizations that support the homeless, children and the elderly.

    Social innovation and social economy in Greece 

    Social innovation and social economy are relatively new concepts in the country, and it was due to the economic crisis that social innovation became a necessity. Social entrepreneurship was formally recognized through legislation in September 2011, when the law for Social Economy and Social Entrepreneurship was passed by parliament and the distinct legal form of Co-operative Social Enterprises was created. As of January 2015, over 700 Social Cooperative Enterprises have been established.

    In its electoral programme, SYRIZA had highlighted the importance of reviving the co-op movement as a form of social and economic activity for the future, and suggested drawing up a strategy by looking at the most suitable sectors for co-operative development. On October 2016, the Greek Parliament adopted a new law that creates a supportive legal environment for the further development of Social and Solidarity Economy. According to Alternate Labour minister Rania Antonopoulos, the law provides solutions to issues like “funding, tax, social welfare and access to public procurement” and “clarifies the relationship between social economy operators and  the public sector” with a view to establish this new type of economic activity and to combat unemployment.

    In order to improve social economy studies, a new educational programme on social entrepreneurship has been offered by the Athens University of Economics since 2015. The course aims to teach students what Social Economy is, and how they can create their own viable and financially independent social enterprise. In addition, Athens University of Economics and Business is committed to developing socially responsible leaders who can recognize and link profit objectives with social impact opportunities. The Unit of Social Entrepreneurship (USE) is the first research and academic laboratory in Greece with particular emphasis on the advancement of social entrepreneurship nationally and worldwide. It applies managerial disciplines and innovative business practices to drive the entrepreneurial pursuit of sustained social impact.

    (www.greeknewsagenda.gr)