FEB Making Recommendations to Allure Investment Atmosphere
Published 2014-04-20 12:52:42| Ahmed Ali, Mohamed Hamdy, Sayed Badr
Federation of Egyptian banks (FEB) is doing a numbers of recommendations in cooperation with the Central Bank of Egypt (CBE) in order to encourage the investment atmosphere and facilitate the investment process for the Egyptian market, targeting to review it on the Cabinet by the upcoming phase. An official source in FEB said one of the most prominent recommendations is facilitating obtaining of the necessary license so as to establish projects and amend the investment laws. Central bank played an important role in encouraging the state’s investment process through covering 100% of the previous dues along with activating a new mechanism for converting the foreign investors funds and facilitate exit of the Egyptian market. The foreign direct investments which entered the Egyptian market registered US$2.1 billion within the first half of the ongoing year according to a previous statements for the Egyptian Investment Minister, Osama Salah , while the foreign net investments in the Egyptian market reached US$9.2 billion within the last years. FEB played a major role in the framework of the social responsibility through adopting the greatest project for supporting slums and providing EGP150 million in 2013 from the bank’s profits to develop around 20 slum areas, the banks plan allocating 2% from its annual profits periodically.
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Clover Brokers Insurance Ltd assigned Eagles International’s Policy insurance in favor of Egyptian Saudi Insurance House for one year able to renew. The total value of policy reaches up EGP10 million, Mohamed Al Nagger the director of marketing at Clover Brokers said. Al Nagger quoted Amwal Al Ghad Arabic’s Website that the policy involves the coverage of all risks including fire, burglary of the assets and property for Eagles International Inc, noting that EGP5 million has allocated to the coverage of fire risks. Al Nagger further said it is schedule for Egyptian Saudi Insurance House to preview financial situation for Eagles International within a few coming days as a prelude to activate the policy.
Six of October Development & Investment (SODIC) (OCDI.CA) announced that the state-owned New Urban Communities Authority (NUCA) has extended the deadline on the time frame to execute the projects of two land plots in Sheikh Zayed City by one year. The Company added in a statement to the stock exchange that due to the exceptional circumstances that the country is currently going through the NUCA agreed on the extension.
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