Big Yen business THE SEVENTH session of the Egyptian-Japanese Business Council (EJBC) was held in Cairo on Monday, concluding in a contract for a new Japanese investment project worth LE1.2 billion. It was attended by a number of Egyptian ministers and businessmen and a Japanese business delegation representing 300 giant Japanese companies. The new project pertains to the cultivation of 7,500 feddans in Qena by one of the largest Japanese companies in the field of food industries. A food factory is also to be established in Nagaa Hamadi. The production of the factory will be exported to the Japanese market. Moreover, the company intends to sponsor training programmes on international specifications for graduates of agriculture faculties, in an attempt to create a new generation of agriculture specialists to help promote agricultural exports to Japan. EJBC Chairman Abdel-Moneim Saudi announced that several Japanese companies are currently looking for new investment opportunities in Egypt. It is anticipated that Japan will rank sixth among foreign investors in Egypt. This year witnessed remarkable growth in trade relations between the two countries as result, analysts say, of the Egytpian economy's competent performance . The trade volume between Egypt and Japan rose to $796 million during the first half of 2006, compared to $478 million during the same period in 2005. As for economic assistance, 2006 witnessed the largest-ever aid extended to Egypt by Japan, amounting to nearly $500 million in grants and soft loans. Minister of International Cooperation Fayza Abul-Naga signed a protocol in April on two key projects. These are the Industrial Pollution Fight project (funded by a Japanese soft loan worth $41 million); and the Grand Egyptian Museum Project (also funded by a soft loan worth $300 million). Thus, Egypt ranks ninth among thee recipients of Japanese assistance on the bilateral level, and the first in the Middle East. According to Abul-Naga, Japanese loans to Egypt since 1974 have totalled $3.782 billion. These loans financed strategic projects such as the deepening and widening of the Suez Canal, the Shubra Al-Kheima Thermal Electric Power Plant, Borg Al-Arab Airport and the Zaafarana Wind Power Generation Plant. In an unprecedented move, the Japanese Ministry of Foreign Affairs published a report on its website lauding Egypt's prudent management of the Official Development Assistance Programme (ODA) in Egypt and the projects implemented within it. First of the fleet THE LOW-COST carrier Air Cairo this week received the first of four new Airbus A320s which will form its initial fleet. The new aircraft landed at Cairo International Airport on Sunday, where a welcome ceremony was held at the VIP Hall, and EgyptAir Chairman Atef Abdel-Hamid held a joint conference with Airbus Regional representative Fekih Habib. EgyptAir owns up to 60 per cent of Air Cairo shares, while Egyptian banks own the rest. "The new fleet will be operated for charter flights since we already have the airline Express Air for domestic and regional operation, in addition to the international airline EgyptAir," explained Abdel-Hamid. The chairman of the national carrier added that the company would study expanding the new carrier's fleet, soon after operations begin. According to Air Cairo Chairman Kamal Zaki, the new aircraft will mainly operate on European routes as well as in the Middle East, where passengers mostly prefer the A320 family. "We will also benefit from commonalty with the other airbus A320 aircrafts in the EgyptAir fleet," stated Zaki. Fekih noted that the A320 is categorised as other low-cost airlines in the region, adding that, "we are also pleased to be building on the longstanding partnership that we have with Air Cairo parent company EgyptAir." EU field trip KLAUS Ebermann, EU ambassador to Cairo, along with all EU member state ambassadors to Cairo, visited projects funded by the EU in several governorates, including Menoufiya, Sharqiya and Ismailia last week. The EU visit from which took place 11 to 12 November aimed to view the extensive bilateral cooperation between Egypt and the EU in health, education and culture. The delegation visited a primary health care clinic in Kafr Tanbady in Menoufiya, and archeological sites in Sharqiya, as well as the First District School in Ismailia City. The partnership between the EU and Egypt includes a substantial financial cooperation programme supporting economic and social reform. Currently, EU-funded programmes amount to more than LE7.5 billion. Water projects funded MINISTER of Economic Development Osman Mohamed Osman approved on Monday an additional LE50 million to fund eight water projects in Assiut Governorate. The extra funding is an attempt to help the National Authority for Water and Drainage implement its plan for the fiscal year 2006/2007. Osman announced that the eight water projects, located in the cities of Assiut, Al-Qousiya, Manfalout, Abu Teeg, Soudfa, Al-Ghanaiem, Al-Badari, Abanoub and Dayrout, aim to meet drinking water needs in those cities. Once completed, the projects are ex [ected to increase the average of individuals' share of drinking water from 150 litres to 300 litres daily.
