AutoMech opens today THE ELEVENTH Pan-Arab-African AutoMech Akhbar El-Yom Exhibition 2006 will start today. Hosted at the Cairo International Fair Ground, the five-day automotive event which was held for the first time in 1996, hosts some 300 exhibitors. It will feature, besides the car shows, spare parts, accessories and equipment. "It is ideal that the show is being held in Egypt, which is the gateway to the entire region. Most of the leading vehicle brand manufacturers have chosen Egypt as their regional headquarters," said Ahmed Ghozzi, chairman of ACG-ITF, who organised the event. Ghozzi added that General Motors, Nissan, Hyundai, Daimler Chrysler, BMW and others have already launched their regional manufacturing plants in Egypt, while other leading manufacturers have appointed agencies to serve the growing local market as well as the regional surrounding markets. Egypt is currently home to 18 car-manufacturing plants. Payback time IN AN ATTEMPT to bring closure to the Money Investment Companies (MIC) dilemma which stirred public opinion back in the 1980s, Central Bank of Egypt (CBE) Governor Farouk El-Oqda has announced that the CBE will refund the remaining 35 per cent of MIC deposits within the next two months. The notorious MICs crisis erupted around two decades ago, when a number of private financial companies received millions of pounds from individuals by luring them with promises of inflated returns which were never delivered. Small IMC depositors whose investment was less than LE6,000 have already received their money. Individuals whose deposits were over LE6,000 have received 65 per cent of their deposits, over three instalments. The remaining 35 per cent is scheduled to be distributed as a final instalment by the CBE. According to El-Oqda, the CBE has decided to provide the deposits from its own accounts. The National Bank of Egypt (NBE) will be responsible for refunding the deposits of the Al-Rayan Company, while Banque Misr will repay depositors who put their money in the remaining MICs including the Al-Sherif Company. Siemens to the rescue IN ORDER to boost local competence in industrial automation technology, a programme has been launched by Siemens Automation and Drives and the Industrial Modernisation Centre (IMC). The programme will survey local equipment manufacturers, conduct a gap analysis for them, and issuing recommendations for manufacturers whose businesses are eligible for modernisation. "Egypt's economic development critically hinges upon the growth of the industrial sector," said Hani Luqa, senior vice-president of Siemens Limited Egypt, and head of Automation and Drives. "And so creating an environment in which the private sector can lead the way to global competitiveness has become an essential need, which can only be fulfilled through a strong public-private partnership." Upgrading railways A DEVELOPMENT plan for the Egyptian Railways Authority topped recent discussions between Egyptian Minister of International Cooperation Fayza Abul-Naga, and a high-level World Bank delegation headed by Michel Bellier, senior expert on transportation. The plan which is scheduled to be applied in 2007-2008 is funded by a World Bank loan estimated at $270 million. The Arab Fund for Economic and Social Development in cooperation with the Kuwaiti Fund for Development will participate in funding the plan which aims to upgrade the Egyptian Railways Authority. Abul-Naga and the World Bank official discussed the prospects of future cooperation, in addition to the implementation of a long list of projects in the energy, electricity, sewage and transportation sectors as well as the financial sector. According to figures issued by the Ministry of International Cooperation, the World Bank funded $5.7 billion worth of development projects in Egypt from 1975 to 2006, of which almost $1 billion are in 14 projects that are currently being implemented in the agricultural, health and industrial sectors. A sum of $15.8 million has also been provided in technical assistance and grants.
