Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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
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.