Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    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    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    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.



Business recap: IFC and Ministry of Petroleum study mining sector reform
Published in Daily News Egypt on 26 - 01 - 2007

CAIRO: The Ministry of Petroleum (MOP) signed a technical assistance agreement with the International Finance Corporation (IFC) to reform the country s mining laws in favor of investors, IFC announced Wednesday.
Under the agreement, IFC s Technical Assistance Office for the Middle East and North Africa will conduct a joint review of the country s 50-plus year old mining laws and recommend reforms to regulations and taxation to draw more foreign investment to the sector, an IFC statement said. IFC will provide $215,000 (LE 1.3 million) to finance the research.
Egypt s mining sector has outstanding potential, IFC Senior Regional Manager Gulrez Hoda said. An improved policy framework, which clearly defines procedures for private investors, will help attract new investments and improve the country s economy.
Minister of Petroleum Sameh Fahmy, signing on behalf of the government, said reforms aimed at liberalizing the sector have the potential to energize its gold mining industry to bring Egypt to the forefront of exporting African countries.
As of press time, MOP had not announced a timetable for implementing the agreement. IFC is the financial arm of the World Bank Group. The organization is now working on several joint projects with the government to ease restrictions on private sector operations and increase the inflow of foreign direct investment.
Mobinil files complaint with MCIT to resolve EDGE dispute
CAIRO: According to Al Alam Al Youm, Mobinil Chairman Naguib Sawiris filed a complaint with the Ministry of Telecommunication and Information Technology (MCIT) last week, asking for the personal interference of Minister Tarek Kamel to resolve the dispute over the company s use of Enhanced Data for GSM Evolution (EDGE) technology.
The technology offers high data transfer rates which the National Telecommunication Regulatory Authority (NTRA) says require special licensing. Mobinil argues EDGE services are regarded throughout other markets as 2nd Generation and do not reach the speed of 3rd Generation technologies.
Mobinil had been negotiating with the NTRA over lowering the 3G acquisition fee of LE 3.34 billion but no agreement has been reached despite rumors the latter agreed to grant the company the license for half price. NTRA Chairman Amr Badawy denied Tuesday such a deal had been reached and said negotiations were still ongoing with the company.
On Monday, MCIT granted Vodafone Egypt a 15 year license to set up and operate a 3G network for the full fee amount plus 2.4 percent of revenues. Vodafone said it plans to begin offering its 3G services following their launch by Etisalat Misr.
Edge is not a 3G technology, it s a 2.75G technology, EFG Hermes Telecom Analyst Wael Ziada told The Daily Star Egypt. No where else in the world has an operator offering EDGE had to acquire a special license. But NTRA is looking at the case from a product standpoint, not a technology standpoint, which is what matters to the customer at the end.
Telecom Egypt eyes regional expansion to counter sector liberalization effects
CAIRO: Telecom Egypt (TE) Chairman Okail Bashir said Wednesday his company is looking for more expansion opportunities regionally to make up for the expected loss of revenue as a result of losing its monopoly on international calling operations.
The 80 percent government-owned company is already part of a consortium establishing Algeria s second fixed line network and is competing to win the rights to Saudi Arabia s second fixed line operation.
To counter the effects of the expected loss of its monopoly on providing international calling services, TE has recently undertaken several measures including increasing its stake in Vodafone Egypt to 49 percent via a stock market buyout in October and offering discounts ranging from 6 to 12 percent on international bills from LE 3,000 to LE 6,000.
The NTRA announced in December two international calling operators licenses will be offered by the end of Q1 2007. International calling has, in recent years, accounted for more than 25 percent of TE s annual revenues. The company collected LE 2.3 billion in international calling revenues, or 27 percent of total revenues of LE 8.5 billion in 2005.


Clic here to read the story from its source.