Forbes Energy Subsidy Cuts Finally Providing Relief for Egypt Egypt's efforts to chip away at a daunting budget deficit have taken hold, with Cairo reporting that the government spent about 30% less on fuel subsidies during the first half of this fiscal year compared to the same period in 2014. Coupled with myriad other financial challenges facing the country, energy subsidies have proven especially difficult to manage or reduce, creating an enormous challenge for the government's attempts to draw down its daunting debt. According to Sherif El Diwany, Executive Director of the Egyptian Center for Economic Studies in Cairo, government subsidies made up about one-third of the government's budget in 2014 and 75% of that amount is set aside for energy sector subsidies. Despite calls for reform both domestically and internationally, reducing that support system has been especially difficult. Read more: http://www.forbes.com/sites/christophercoats/2015/03/30/energy-subsidy-cuts-finally-providing-relief-for-egypt/ Al Arabiya Egypt seeks to join china-based AIIB Egypt is interested in joining the Beijing-backed Asian Infrastructure Investment Bank, the foreign ministry spokesman said on Monday. Australia, Britain, France, Germany, Italy and Russia have all said they intend to join the bank, despite scepticism about the AIIB in Washington and Tokyo. China and 20 other countries signed a memorandum of understanding last October to establish the Beijing-headquartered $50 billion AIIB. Read more: http://english.alarabiya.net/en/business/economy/2015/03/30/Egypt-seeks-to-join-china-based-AIIB-.html All Africa Egypt, Sudan, Ethiopia to Name Renaissance Dam Consultancy Office – Minister Water Resources and Irrigation Minister Hosam Moghazi said on Sunday 29/3/2015 that Egypt, Sudan and Ethiopia will meet soon to name the international consultancy office that will complete technical studies on the Ethiopian renaissance dam. In press statements, Moghazi expected to receive an invitation on Monday from the Ethiopian irrigation minister to hold the next meeting in Addis Ababa as the previous one was held in Khartoum. Egypt welcomes holding the coming meeting whether in Khartoum or Addis Ababa, he added. Read more: http://allafrica.com/stories/201503310225.html The Washington Post Saudi Arabia's hostile relationship with Russia is leaving Egypt stuck in the middle At a gathering of Arab leaders in Sharm el-Sheikh this weekend, Egyptian President Abdel Fatah al-Sissi read a letter from Vladimir Putin. "We support Arab nations in their effort to ensure a safe future and urge them to resolve all emerging challenges peacefully without any foreign involvement," the Russian president's message read, according to Sputnik News. These comments did not go down well with those in attendance. In particular, Saudi Arabia, which accused the Russian leader of hypocrisy. "He speaks about the problems in the Middle East as though Russia is not influencing these problems," Prince Saud al-Faisal, the Saudi foreign minister, said immediately after the letter was read. In the increasingly complicated web of alliances in the Middle East and farther afield, Faisal's comments highlight a noteworthy split. Egypt and Saudi Arabia are important allies; right now, they are partners in a joint Arab military intervention in Yemen, where Iran-backed Shiite rebels have toppled the government. And under the leadership of Sissi, Egypt has become increasingly close to Moscow and moved away from Washington. Read more: http://www.washingtonpost.com/blogs/worldviews/wp/2015/03/30/saudi-arabias-hostile-relationship-with-russia-is-leaving-egypt-stuck-in-the-middle/ Arutz Sheva Egyptian Troops Show Commitment to Yemen War Egypt is one of several major allies for Saudi Arabia in Operation Decisive Storm, but it is not yet clear just how involved the largest Arab army and largest Arab air force will be in the Saudi-led offensive. Since the Shiite Houthis launched an operation to capture the critical port city of Aden, Egypt has given the impression it is all in behind the Saudis, but Saudi Arabia and the United Arab Emirates (UAE) have also backed Sisi with at least $8 billion in loans. "The Saudi government is a strong backer of Sisi's Egypt and there haven't been major indications of Saudi financing of Egyptian operations," says Zack Gold, Egypt expert at the Institute for National Security Studies. "But there have been joint Egyptian-UAE operations on the Libyan front. It seems a more UAE initiative, and if Saudis funding it it's through the UAE." "I think about a month ago Egypt and Saudi Arabia were conducting joint naval exercises in that same area – counter-smuggling, counter-piracy and rescue naval operations. They often do joint exercises, but it was more coincidence it took place right before the Houthis made their big move." Read more: http://www.israelnationalnews.com/News/News.aspx/193407#.VRpILPnoRZ8
