Egypt joins WFE THE EGYPTIAN Stock Exchange (ESE) is to join the World Federation of Exchanges (WFE). Egypt's request to join WFE was approved by the WFE's board of directors during its 45th session held recently in Bombay. Thomas Krantz, secretary-general of the federation, visited Cairo in August to look into Egypt's request. Krantz met Hani Serrieddin, head of Capital Market Authority and Maged Shawqi, head of ESE. WFE boasts 53 members, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, Euronext and OMX Exchanges. Shawqi said WFE membership allows for the exchange of expertise among members, assists them in drawing up operating strategies and guides them in technical and administrative aspects. Relief for farmers THE GOVERNMENT has decided to reschedule debt owed by farmers to the Principal Bank for Development and Agricultural Credit (PBDAC). Prime Minister Ahmed Nazif said the decision will allow 114,327 farmers who owe nearly LE892 million to PBDAC, to pay their loans over an additional 10-year period without paying any fines for delays. The new facilities provided to farmers will cost the government LE100 million. During his visit to Al-Menoufiya, Nazif said interest rate on new loans to farmers will be reduced from 7.5 per cent to five per cent. New MobiNil CEO ISKANDER Naguib Shalabi has been appointed CEO of the Egyptian Company for Mobile Services (ECMS). Shalabi, who assumed the post 1 November, was unanimously elected by the company's board of directors after an agreement was reached between the two major shareholders, Orange and Orascom Telecom. Shalabi has been a MobiNil board member since 1998 and chief regulatory and legal affairs officer. He replaces Osman Sultan, CEO of MobiNil since its inception in 1998. CIB invests in Abraaj COMMERCIAL International Bank will be investing in the $500 million second Buyout Fund managed by Abraaj Capital, a leading private equity firm in the Middle East. Abraaj Capital currently manages funds worth approximately $1 billion. Its investment strategy is to acquire controlling equity positions in stable, mature and profitable businesses in the Middle East, North Africa and South Asia, and to create value through various methods including consolidation, financial restructuring and operational enhancements. CIB Chairman Hisham Ezz El-Arab said the move was meant "to expand operations in the Middle East and specifically in the Gulf. We believe private equity is the catalyst for economic growth in the region." Egypt is among the target markets for Buyout Fund. "With the announcement of the government's ambitious privatisation plan, we believe there will be numerous opportunities for private equity firms in the coming period," Arif Naqvi, vice- chairman and CEO of Abraaj Capital, said.
