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Egypt Independent
12-07-2025
- Business
- Egypt Independent
Expert comments on state of GERD funding and involvement from the US and Arab world
A Professor of Geology and Water Resources at Cairo University Abbas Sharaky discussed US President Donald Trump's statements regarding US funding for the Grand Ethiopian Renaissance Dam (GERD). During a phone interview with Amr Adib on his show 'al-Hekaya' (The Story), on MBC Masr, Sharaky said that Egypt has been urging countries from the beginning not to finance any projects without Egypt's approval. 'Indeed, there is no funding from the World Bank or the European Union, but there is indirect funding from some countries, including the US,' he noted. Sharaky pointed out that China is financing the electricity grid and turbines with approximately two billion dollars, via Chinese banks. He also explained that the company currently building GERD is an Italian company. 'There is a well-known businessman of Ethiopian origin who was involved in GERD and has investments, but most of the primary investments are from Ethiopians themselves,' he said. Sharaky noted that the US grants Ethiopia approximately one billion dollars annually, which the Ethiopian government can use for the GERD and other projects. He referred to statements made by the US ambassador to Addis Ababa in 2021, in which the ambassador said that the US had provided approximately three billion dollars to Ethiopia over the previous three years. Sharaky stated: 'These three years were during Trump's first term.' He explained that Ethiopia announced in February 2011 that the cost of GERD was $4.8 billion, adding: 'But I believe it exceeded eight billion dollars, and perhaps even surpassing $10 billion.' Sharaky explained that most of the announced funding is from within Ethiopia through bonds issued by Ethiopians both at home and abroad. He added however that several nations, including an Arab country, invested three billion dollars in Ethiopia in 2018, including one billion in the Central Bank of Ethiopia, which the Ethiopian government can direct in any direction – such as with the GERD project.
Egypt Independent
01-07-2025
- Politics
- Egypt Independent
Businessman donates LE38 million to families of Menoufia road accident victims: Amr Adib
TV host Amr Adib, the presenter of 'al-Hekaya' (The Story) show on MBC Masr, said that an Egyptian businessman donated LE38 million to the families of the victims of the microbus crash on the Regional Ring Road at Menoufia on Friday, with two million LE for each family. During his show on Monday, Adib added 'Tomorrow and the day after, you will find a line of good deeds. This is the Egypt we know. We don't know a single evil or traitor among the 120 million Egyptians.' Adib added that 'I don't doubt anyone. All the individuals and officials are patriotic and work for the good of the nation.' 'This is the country I know. In times of hardship, they stand up, support, sympathize, and pay. The martyrdom of these girls should not be in vain and should have a price. The country must be mindful with no arrogance. We don't want to be haughty toward one another. We want to get our nation back on its feet.' Egyptian President Abdel Fattah al-Sisi ordered the government to increase compensation by LE100,000 for each death and LE25,000 for each injury, above the amounts already decided by the Ministries of Labor and Social Solidarity regarding the accident. President Sisi also ordered the government to closely monitor road maintenance and repairs, particularly on the Regional Ring Road, and finalize them quickly. He also ordered the government to ensure clear signage is in place in the repair areas, to reroute the road in a clear manner, and to work immediately to remove any obstacles that cause accidents on these roads. He further directed the government to monitor speed limits on these roads. A tragic accident A truck-trailer collided with a microbus carrying 18 young women on their way to work at seven am, at the Menoufia Governorate on Friday. They were all killed alongside the microbus driver. Police and traffic forces responded to the scene of the accident on the Regional Road immediately. The victims ranged in age from 14-22, and most were working in factories in Sadat Industrial Zone. Some were the sole breadwinners for their families, while others had dropped out of school to support their families
Al-Ahram Weekly
30-06-2025
- Business
- Al-Ahram Weekly
Eastern Company to cap cigarette price at EGP 45: CEO - Economy
Eastern Company CEO Hany Aman announced that cigarette prices will be capped at EGP 45 per pack starting Tuesday following recent tax bracket changes. Aman told MBC Masr that the company had reached the upper limit of the current tax bracket, and maintaining previous prices was causing losses. Rising raw material and transportation costs have significantly increased production expenses. Approximately 90–95 percent of cigarette components, including tobacco, paper, and agricultural gum, are imported and priced in foreign currency, which adds financial pressure amid currency fluctuations and global price hikes. Before the tax changes, cigarettes were officially retailed at EGP 38 per pack, with nearly 60–65 percent of the price collected in taxes. The new rules allow prices up to EGP 48 per pack, but Aman confirmed Eastern Company will keep prices below that ceiling, not exceeding EGP 45. Sales were paused on Sunday and Monday to adjust pricing, with the new rates taking effect on Tuesday. Aman said the company is still assessing the full impact of the updated tax regulations and may provide further updates soon. Shisha tobacco (Muʽassel) will not be affected by the new taxes. 'There has been no increase in taxes on Muʽassel, and price hikes are unlikely during this period,' Aman said. Cigarettes remain Eastern Company's largest product by consumption and contribution to the national budget. Separately, Ibrahim Embaby, head of the tobacco division at the Federation of Egyptian Industries, stated that the revised price brackets stand at EGP 48 for the lowest tier and EGP 69 for the mid-tier. Earlier on Sunday, the House of Representatives approved a government-drafted law amending the Value Added Tax (VAT) on cigarettes, which will increase the minimum and maximum retail prices by 12 percent annually for three years starting next November. Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Independent
25-05-2025
- Science
- Egypt Independent
has Egypt entered a danger zone?
The professor of Geology at Benha University Zakaria Hamimi, discussed concerns of Egypt entering an earthquake zone following recent earthquakes off the Greek coast, felt by citizens in Egypt on May 14 and May 22. In a phone interview with TV host Amr Adib on the 'al-Hekaya' (The Story) show on MBC Masr on Saturday, Hamimi said that the source of the recent earthquakes is the Hellenic Arc region of Crete. This region is an active seismic belt, and earthquakes occur at great depth, he said, which mitigates their effects. The professor noted that 'The devastating 1992 (Cairo) earthquake had its epicenter in Dahshur, which is why its impact was so significant.' Hamimi emphasized that Egypt is completely isolated from seismic belts, assuring, 'Egypt is immune to dangerous earthquakes.' He explained that sometimes the delta's terrain amplifies the magnitude of an earthquake, which is why citizens feel it, but the earthquake's magnitude is less than that of its epicenter. Edited translation from Al-Masry Al-Youm
Egypt Independent
21-05-2025
- Politics
- Egypt Independent
Relations between Egypt and Saudi Arabia are solid: Official
Egyptian Cabinet Spokesperson Mohamed al-Homsany said that the visit of the Speaker of the Saudi Shura Council to Egypt and his meeting with Prime Minister Mostafa Madbouly comes as part of reciprocal visits between both countries. During a phone interview with TV host Sherif Amer on the program 'Yahdoth Fi Masr' (Happening in Egypt), broadcast on MBC Masr, Homsany emphasized that relations between the two countries are strong and solid, with ongoing communication at various levels. Telations between Egypt and Saudi Arabia, both at the official and popular levels, are very close, a point Madbouly emphasized during the meeting on Tuesday. Homsany indicated that an agreement was reached on Tuesday to form the joint Egyptian-Saudi Supreme Coordination Council. He assured that the visit is, 'Not a response to any rumors, but rather comes to strengthen cooperation between the two countries and as part of a series of ongoing visits that reflect the depth of bilateral relations.'
