Egypt begins trial operations at Red Sea Container Terminal as first vessel docks at Sokhna Port    Egypt, Saudi FMs discuss Gaza, Sudan and preparations for Supreme Coordination Council    Egypt moves to roll out 'green label' for plastic products to boost circular economy    As Kyiv weighs neutrality, Kremlin eyes a 'cornerstone' for peace while Europe warns of trap    GAFI witnesses first Polish investment agreement in Egypt's frozen food sector    Egypt, Italy's Eni discuss healthcare partnership to operate two hospitals    'Friends become enemies': Trump's new strategy fractures European unity    Egypt's SCZONE to host $200m Qatar's sustainable aviation fuel project    Egypt's SPNEX Satellite successfully enters orbit    Madinaty Golf Club hosts charity tournament for Alzheimer's awareness    Oil prices edge higher on Monday    Asian stocks fall on Monday    Egypt health ministry explores expanded TB screening, water surveillance with Clinilab    Egypt unveils restored colossal statues of King Amenhotep III at Luxor mortuary temple    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    Egypt's Cabinet approves development of Nasser Institute into world-class medical hub    UNESCO adds Egyptian Koshari to intangible cultural heritage list    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egyptian companies, banks in talks over Nile Basin investment projects
Mohsen Abdel Razeq Published in Almasry Alyoum on 26 - 10 - 2010

Talks are currently underway between Egypt's Arab Contractors Construction Company and three Egyptian banks--Ahli, Misr and Bank du Caire--to discuss ways of financing the company's projects in Nile Basin States, Bank Misr President Mohamed Barakat revealed this week.
Barakat told Al-Masry Al-Youm that necessary funding would be raised through the Nile Investment Fund, which currently boasts US$150 million in paid-in capital.
In a statement, National Bank President Tarek Amer noted that the banks that support the fund were willing to increase the fund's capital if the US$150 were to be exhausted on Nile Basin projects. Arab Contractors President Ibrahim Mahlab, for his part, said that Egyptian banks' assistance in financing the company's Nile Basin projects would allow Arab Contractors to compete with Chinese firms currently operating in the region.
According to Mahlab, Egyptian companies are welcome in Nile Basin states since they employ Egyptian labor--unlike Chinese companies, which use Chinese labor. He pointed to the company's plan to soon launch a number of major projects in Ethiopia, including the Addis Ababa airport road project.
Mahlab went on to say that, over the course of the next year, the company also intended to increase investments in countries such as Angola, along with the states of the Nile Basin.
The company has already completed a number of projects in Sudan, Mahlab noted, such as the US$40-million Al-Bashir Bridge spanning the Nile River. He added that the company also had projects in Southern Sudan, including construction of two schools paid for with a grant from Egypt.
Misr Concrete Development Company Chairman Mustafa Nasrat, meanwhile, said that negotiations were ongoing between his company and Bank Misr to provide funding to the Sudanese Khartoum Water Authority for the implementation of the second phase of a water treatment plant. Nasrat told Al-Masry Al-Youm that the project's second phase would cost some US$30 million.
According to Nasrat, Egyptian companies have received instructions to step up the number of projects in Sudan and Nile Basin states with a view towards consolidating Egypt's diplomatic relations with these countries. He also said that a low-cost housing project was nearing completion in Ethiopia, while a number of other projects in the area were currently under study.
Translated from the Arabic Edition.

Clic here to read the story from its source.