Identifier
Created
Classification
Origin
09CAIRO1913
2009-10-05 14:51:00
UNCLASSIFIED
Embassy Cairo
Cable title:
EGYPT'S ECONOMY: October 5 PRESS ROUND-UP
how-toVZCZCXYZ0091 RR RUEHWEB DE RUEHEG #1913 2781451 ZNR UUUUU ZZH R 051451Z OCT 09 FM AMEMBASSY CAIRO TO RUEHC/SECSTATE WASHDC 3783 INFO RUCPDOC/DEPT OF COMMERCE WASHDC RUEATRS/DEPT OF TREASURY WASHDC RUEHRC/DEPT OF AGRICULTURE WASHINGTON DC
UNCLAS CAIRO 001913
SIPDIS
STATE FOR NEA/ELA
E.O. 12958: N/A
TAGS: ECON EINV EFIN ETRD ENRG PGOV EG
SUBJECT: EGYPT'S ECONOMY: October 5 PRESS ROUND-UP
UNCLAS CAIRO 001913
SIPDIS
STATE FOR NEA/ELA
E.O. 12958: N/A
TAGS: ECON EINV EFIN ETRD ENRG PGOV EG
SUBJECT: EGYPT'S ECONOMY: October 5 PRESS ROUND-UP
1. (U) The following are notable economic news stories that appeared
over the past week in the Egyptian press:
--------------
GOE to Cut Energy Subsidies within 5 Years
--------------
2. (U) Minister of Finance Youssef Boutros Ghali indicated in a
conference call organized by the investment bank Beltone that the
Government of Egypt is planning to phase out subsidies on most
energy products by 2014. The Ministry of Finance estimates that
current petroleum product subsidies will cost the government LE 33.6
billion (US$6.11 billion)in FY2009/10 (Al Shourouk, 9/30/2009).
--------------
Highlights of the Euromoney Conference
--------------
3. (U) The Egyptian press widely covered the Euromoney Conference in
Egypt, which featured a roster of GOE speakers including Minister of
Investment Mahmoud Mohieldin and Minister of Trade and Industry
Rachid Mohamed Rachid. Mohieldin told the conference he expects real
GDP growth during FY2009/10 to be between 5% and 5.5% and he expects
Foreign Direct Investment inflows of US$10 billion in FY2009/10.
Mohieldin announced the introduction of new public-private
partnership and bankruptcy laws that should facilitate private
investment in infrastructure and ease the process of closing a
company. Rachid announced that he expects trade will recover by
10-15% by FY2010/11 and asserted that the recovery will result from
an increase in both the value and volume of Egypt's exports. (Al
Ahram, Al Akhbar, 9/30/2009).
--------------
Societe Generale Intends to Expand in Egypt
--------------
4. (U) Fredrick Odes, CEO of the French banking group Societe
Generale, says the group intends to expand in Egypt. He says the
Egyptian market has strong potential given its youthful population
of 80 million, and its continued growth amidst the financial crisis.
Societe Generale plans to open twenty new branches in the next two
years. (Al Alam Al Youm, 9/27/09).
Scobey
SIPDIS
STATE FOR NEA/ELA
E.O. 12958: N/A
TAGS: ECON EINV EFIN ETRD ENRG PGOV EG
SUBJECT: EGYPT'S ECONOMY: October 5 PRESS ROUND-UP
1. (U) The following are notable economic news stories that appeared
over the past week in the Egyptian press:
--------------
GOE to Cut Energy Subsidies within 5 Years
--------------
2. (U) Minister of Finance Youssef Boutros Ghali indicated in a
conference call organized by the investment bank Beltone that the
Government of Egypt is planning to phase out subsidies on most
energy products by 2014. The Ministry of Finance estimates that
current petroleum product subsidies will cost the government LE 33.6
billion (US$6.11 billion)in FY2009/10 (Al Shourouk, 9/30/2009).
--------------
Highlights of the Euromoney Conference
--------------
3. (U) The Egyptian press widely covered the Euromoney Conference in
Egypt, which featured a roster of GOE speakers including Minister of
Investment Mahmoud Mohieldin and Minister of Trade and Industry
Rachid Mohamed Rachid. Mohieldin told the conference he expects real
GDP growth during FY2009/10 to be between 5% and 5.5% and he expects
Foreign Direct Investment inflows of US$10 billion in FY2009/10.
Mohieldin announced the introduction of new public-private
partnership and bankruptcy laws that should facilitate private
investment in infrastructure and ease the process of closing a
company. Rachid announced that he expects trade will recover by
10-15% by FY2010/11 and asserted that the recovery will result from
an increase in both the value and volume of Egypt's exports. (Al
Ahram, Al Akhbar, 9/30/2009).
--------------
Societe Generale Intends to Expand in Egypt
--------------
4. (U) Fredrick Odes, CEO of the French banking group Societe
Generale, says the group intends to expand in Egypt. He says the
Egyptian market has strong potential given its youthful population
of 80 million, and its continued growth amidst the financial crisis.
Societe Generale plans to open twenty new branches in the next two
years. (Al Alam Al Youm, 9/27/09).
Scobey