Tag: Egypt

  • New Pyramid Discovered in Egypt

    New Pyramid Discovered in Egypt

    After thousands of years, researchers are still making incredible finds in Egypt (case in point, the giant statue unearthed in Cairo last month). Now, researchers have made another big find: earlier this week the Egyptian Ministry of Antiquities announced that a team of their archaeologists discovered the remains of pyramid dating back to the 13th Dynasty, which ruled about 3,700 years ago reports the Associated Press. The only problem is that an inscription indicates that the pyramid may have been built for a ruler that already has a pyramid next door.

    The Egypt Independent reports that the remains were uncovered at the Dahshur Necropolis, an area about 25 miles south of Cairo on the west bank of the Nile. That area is home to what is considered to be some of the earliest pyramids including Sneferu’s Bent Pyramid and Red Pyramid.

    While the pyramid-shaped upper section is gone, the substructure still remains. “The uncovered remains of the pyramid represents a part of its inner structure, which is composed of a corridor leading to the inner side of the pyramid and a hall, which leads to a southern ramp and a room to the western end,” Adel Okasha, the director general of the Dahshur Necropolis says in a statement, reports Owen Jarus at LiveScience.

    Though the writing on the slab has not been translated by the Antiquities Ministry, Jarus shared images of the hieroglyphics with Egyptologists. He reports that two have said the writing is a religious text often used inside pyramids, and that the text appears to include the name of the pharaoh Ameny Qemau, the fifth king of Dynasty XIII, who briefly ruled around 1790 B.C.

    That raises some questions, however, since Ameny Qemau’s pyramid was discovered in Dahshur in 1957, Aidan Dodson, a research fellow at the University of Bristol who has written about artifacts from that earlier pyramid, tells Jarus. He suggests one possibility for the discrepancy is that Qemau may have hacked out the name of a predecessor king and inserted his own name. That practice was common in the ancient world when a new ruler wanted to bury the memory of an enemy or unpopular ruler. 

    The AP reports that the Ministry of Antiquities plans to continue excavations and hope to find more evidence of which ruler or high-ranking official the pyramid belonged to.
    (www.smithsonianmag.com)

  • 6 archeological missions to resume underwater excavations in Egypt

    6 archeological missions to resume underwater excavations in Egypt

    Six local and international excavation missions have obtained the necessary approvals to resume their underwater archeological excavations for antiquities along the shores of Alexandria and Red Sea governorates, according to the Department of Underwater Antiquities in the Ministry of Antiquities.

    The head of the department, Mohamed Abdel Maguid, said the missions submitted their papers for approval in December in an effort to be ready before April. Only two of the six missions will resume work next month, he added.

    The first of these two missions is the French Le Centre d’études Alexandrines (CEAlex), headed by Isabelle Hairy. This mission will complete its work in Fort Qaitbay by May 20. The second is the Egyptian mission which will work along Red Sea coasts from April 15 until May 7, headed by Mohamed Mostafa.

    Maguid said the other four missions have asked for the commencement of their work to be delayed until fall. These include Frank Goddio with the European Institute of Underwater Antiquities in France; Harry E. Tzalas with the Institute of Hellenic Underwater Archaeology in Greece; Galina A. Belova with the Russian Institute for Archaeology and Egyptology Studies; and Paolo Gallo with Turin University in Italy.

    (www.egyptindependent.com)

  • EBRD is studying financing five feed-in tariff projects in its 2nd phase

    EBRD is studying financing five feed-in tariff projects in its 2nd phase

    Janet Heckman, managing director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development (EBRD), said that the bank is currently studying to finance five projects in the second phase of the feed-in tariff projects starting from the second half of this year.

    Heckman told Daily News Egypt that the bank refused to finance the first phase of the feed-in tariff projects due to the domestic arbitration clause, as they wished it to be outside Egypt.

    According to Heckman, EBRD is planning to inject investments worth €1bn in Egypt during the current year.

    She explained that most of the investments will be allocated to small and medium-sized enterprises (SMEs), as well as the private sector projects and the new and renewable energy projects.

    She said that the SME financing portfolio at the bank in Egypt recorded $410bn for 5 local banks, of which $150m have been signed last year.

    She added that the bank is currently studying with a number of Egyptian banks to provide financing lines for SMEs and trade operations.

    Heckman believes that the economic reforms applied by Egypt, including the flotation of the pound, support the competitiveness of Egyptian exports and attract foreign investments.

    Heckman expected that the Egyptian economy will grow by 4% this year, which is the same growth ratio as last year. The bank has invested €700m over the past year.

    (www.dailynewsegypt.com)

  • Egypt, Russia to finalise contracts for Dabaa nuclear plant within two months

    Egypt, Russia to finalise contracts for Dabaa nuclear plant within two months

    The government is set to complete the agreement on two contracts with Russia regarding the Dabaa nuclear power plant within two months. The two contracts include provisions on technical support, operation, maintenance, and fuel depots.

    Government sources said that Egyptian and Russian officials are meeting daily, in presence of the technical advisor for the project, WorleyParsons, and the legal adviser, Shearman & Sterling, to finalise the rest of the contracts.

    The sources added that the two parties expect the contracts to be ready within two months. After the draft is completed, the contract will be sent to the State Council for approval.

    The commercial contract between Egypt and Russia to establish, supply, and operate the Dabaa nuclear plant includes four agreements: the main establishment, fuel supply, technical support during operation, and establishing storage for consumer fuel.

    Following the State Council’s approval, the Egyptian presidency will organise an inauguration ceremony attended by President Abdel Fattah Al-Sisi and Russian president Vladimir Putin. This is expected to take place in June, according to the sources.

    They furthermore said that talks and consultations are ongoing regarding the spare parts of the plant and the details of their shipment, next to penalties for non-compliance regarding timely payment of instalments.

    The sources added that the discussions with the Russian side are very clear and that both parties share the same concept, which is to reach the best technical, financial, and legal solutions in the contract to avoid future problems.

    Egypt signed an agreement with Russia to establish a nuclear power plant in Dabaa with a capacity of 4,800MW for $30bn.

    Russia will provide a government loan of $25bn to finance equipment and services for construction and operation.

    The loan is used to finance 85% of the value of each contract to implement works, services, and shipments of the project. The Egyptian side will pay the remaining amount, representing 15% in the form of instalments. The amount will be paid for the benefit of the authorised Russian institutions in a way that suits the contracts, in the form of an advance or any payment that is made later after implementing works and services and delivering supplies. The term of the loan is 13 years over the period from 2016 until 2028, at a 3% annual interest rate.

    (www.dailynewsegypt.com)