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News in brief

Egyptian nuclear station consultant house to be named next week, says minister Egyptian Electricity Minister Hassan Younis said the name of the consulting house for the Egyptian nuclear station would be announced next week. In a statement released Monday, Younis said that the chosen firm would help in setting up the first Egyptian nuclear station. …


Egyptian nuclear station consultant house to be named next week, says minister

Egyptian Electricity Minister Hassan Younis said the name of the consulting house for the Egyptian nuclear station would be announced next week.

In a statement released Monday, Younis said that the chosen firm would help in setting up the first Egyptian nuclear station. The minister s statements came following the signing of an agreement with European development partners to finance a wind power project in Gabal El-Zeit. -MENA

Euroconsult Mott MacDonald assists on Egyptian irrigation project

Euroconsult Mott MacDonald, in collaboration with project partners, is assisting the Egyptian government as Chief Technical Adviser on the Integrated Irrigation Improvement and Management Project (IIIMP), the company said in a statement.

The IIIMP is worth several hundred million euros and has been introduced to increase efficiency and sustainable use of land and water leading to a positive impact on water distribution and hence poverty alleviation. Once complete, the project is expected to improve irrigation and drainage in the Mit Yazid and Mahmoudia command areas in the Nile Delta.

Euroconsult Mott MacDonald is working in collaboration with the Egyptian Ministry of Water Resources and Irrigation and project partners MM (UK), CES (Germany) and CBI and Sabbour (Egypt) to provide institutional, technical and administrative assistance to the project management and the regional coordination units and implementation teams.

The consultants team will assist in preparing documents for the release of donor funds, initiate and coordinate project monitoring, identify technical and hydraulic problems in the irrigation systems, advise on potential solutions and report on the overall progress.

Dirk Smits, Euroconsult Mott MacDonald s project director, said: “We look forward to assist the Ministry in delivering this project in accordance with the principles set out in the Natural Water Resources Plan 2017. The principles include user participation; sustainable use of scarce water resources and involvement and recognition of women s role in water management; integration of ministerial services as well as adoption of an enabling framework. Euroconsult Mott MacDonald, a member of the Mott MacDonald Group, works primarily in developing countries and economies in transition. The company, established in 1956, has over 45 years of experience in land and water resources development, rural development, agriculture, environ-mental protection and management, and institutional capacity building. -AMEinfo

Egypt, Europe sign two agreements for development projects

The Egyptian government and several European institutions signed on Monday two LE 5 billion agreements to build a power wind plant and carry out a project to improve potable and drainage water services.

The agreements reflect the strong partnership between Egypt and Europe as both seek to bring about stability and development in the Mediterranean area, Egyptian Prime Minister Ahmed Nazif said during a meeting with representatives of the European institutions that signed the agreements.

The French Development Agency (AFD), the European Commission, European Investment Bank and German Development Bank are going to finance the two projects.

Nazif noted the importance of the timing of these projects as it shows how Egypt is keen to push forward infrastructure projects to improve economic performance at a time when the entire world is facing an economic crisis. Both projects serve State s plans to protect environment and rationalize traditional energy usage, he added. The Egyptian private sector will participate for the first time in renewable energy projects as of 2009, the electricity minister said.

Minister Hassan Yunis said Egypt is one of the best wind and solar energy sources in the world and this is why it can export such renewable energy sources to the entire world and lure more direct foreign investments that can create job opportunities. Egypt has taken long strides on the road of improving drinking and potable water services in all villages but still it needs LE 60 billion to achieve a boom in these vital sectors, the Egyptian housing minister said.

Despite the current world economic slowdown, the next period will witness more cooperation agreements between Egypt and the European Union, representatives of the European institutions said. These agreements will mainly aim at providing more jobs to Egyptians, improving services and pushing forward sustainable development process, they added. -MENA

Eye on the market

GB Auto intends to list its shares on both the New York and London Stock Exchanges during the first quarter of 2009, Al Alam Al Yom reported. Lecico Egypt cancelled its previous offer to buy 500,000 local shares from investors at a price of LE 14 per share, HC Brokerage reported in its Morning Notes. Lecico announced that it will buy 500,000 shares from investors at market price from Dec. 17, 2008 to Jan. 16, 2009. Eastern Tobacco signed a medium term loan contract with a value of LE 670 million with five banks. In addition, it will soon be signing leasing contracts with a total value of LE 1 billion, HC Brokerage reported in its Morning Notes.

Topics: FJP

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