Egypt roundup: Zimbabwe collaboration, $150m loan, renewable energy pact
Zimbabwe agricultural collaboration
The governments of Egypt and Zimbabwe have signed a memorandum of understanding to commence collaborations in the development of the agriculture and agro-manufacturing industry in their respective countries. Egyptian President, Adel Fattah Al-Sisi and Zimbabwe’s Emmerson Mnangagwa during the 3rd intra-African Trade Fair (IATF) discussed extensively the need to cooperate in maximizing amongst others in the areas of food security, livestock and fishing for the benefit of citizens, Daily News Egypt reported. The two leaders further touched on the need to contribute to the full rollout of the African Continental Free Trade Area (AfCFTA) and the benefits the two nations stand to gain.
Gaza ceasefire calls
President Abdel Fattah Al-Sisi has backed international calls for a ceasefire in Gaza to protect civilian lives in the area while further rejecting the continual displacement of Palestinians. He made this known while discussing recent developments in the Israeli-Palestinian conflicts with the President of the European Union, Ursula von der Leyen. President Al-Sisi briefed the EU president on efforts and measures his country has undertaken to douse the incessant involvement and displacement of civilians in the ongoing conflict, Daily News Egypt reports. The two leaders further interacted on possible means of helping resolve the conflict between the warring factions.
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Egyptian CIB borrows $150 million
The Commercial International Bank in Egypt has secured a $150 million loan from the European Bank for Reconstruction and Development (EBRD) to act as a safeguard against economic crisis. EBRD First Vice President Jürgen Rigterink said: “The EBRD is delighted to sign this facility with our longstanding private sector partner, CIB. This subordinated loan will contribute to reinforcing CIB’s overall capital base and support the stability of a systemically important market player in Egypt,” EBRD reports. The Chairman of CIB, Hisham Ezz El Arab, said: “Our strategic partnership with the EBRD has proven to be a very valuable asset to CIB, especially in the most challenging of times. This subordinated loan will not only help CIB further boost its capital base but also support our ambitious growth plans and unlock numerous opportunities the Egyptian market has to offer.”
Belgium renewable energy pact
The Egyptian Electricity Transmission Company (EETC) has signed an agreement with Belgian company, Jan De Nul Group for the transmission of renewable energy from Egypt to Belgium. The Minister of Electricity and Renewable Energy, Mohamed Shaker said, the mode of transportation of renewable energy according to the parties would be through the Mediterranean, Business Today Egypt reported. “The process will be carried out using a marine interconnection line with a capacity of less than 2 gigawatts,” he said.
World Cup qualifiers
Captain of the Egyptian national team, Mohammed Sallah has become the country’s top scorer in the World Cup qualifier after netting a quadruple against Djibouti on November 16. Mo Sallah now has 15 goals in 21 qualifiers, making him the top for his nation. The Liverpool star’s overall goal tally for the Pharaohs of Egypt is pegged at 53 in his 93 appearances for the team, The Egyptian Gazette reported. Egypt won 6 – 0 against Djibouti in the first game of Group A.
