Author: Ola Noureldin

Despite rising inflation and a falling pound, Egypt’s newly appointed Minister of Education Reda Hegazy has kept the 7% tuition increase restriction for private schools. Private schools have faced a strict cap on tuition increases the past four years after parents urged the Education Ministry to prevent what they saw as arbitrary increases. Private schools with tuition fees of EGP 10,000 annually have been limited to raising costs by only 7% per year on their 2015-2016 fees, which the government deemed their baseline year. Meanwhile, schools with yearly tuition costs less than EGP 10,000 are subject to a 10- 25%…

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The long-awaited project to develop tourist services and facilities on the Giza Plateau is now catching a glimpse of light as pilot operations of its first phase have launched with the trial operation of the plateau’s new main gate on the Cairo-Fayoum Road, the visitor center, the international restaurant complex, and the inauguration of the Khufu restaurant. Shaded seats and benches have been installed, and excursions for groups and individuals have been organized. The first environmentally friendly electric buses and golf carts are in trial operation, with seven stops on the plateau fitted with services for visitors and parking lots.…

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Egypt’s Suez Canal Economic Zone (SCZONE) has signed seven memoranda of understanding (MoUs) with global energy companies for green energy production projects worth a value of $31.75 billion. The MoUs were signed in partnership with The Sovereign Fund of Egypt (TSFE), the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA) at the Egyptian Cabinet headquarters in the new Alamein city, in the presence of Prime Minister Mostafa Madbouly, SCZONE said in a statement Thursday. In the past few months, the SCZONE signed several MoUs with private sector companies, including one with DP World in August…

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Despite their limited contribution to global emissions, MEA countries are among the most at risk from climate change and are the most in need of investment to adapt it. AmCham Egypt’s latest research note looks at energy sector decarbonization projects in the region and how they can help achieve the global net-zero emissions target by 2050. To read the report online, click here.

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With more than 25 million students, Egypt has the largest educational system in the Middle East, yet the quality, effectiveness, and market value of education are still poor. Consequently, the Ministry of Education and Technical Education began its Education 2.0 reform program in 2017 to shift teaching towards critical thinking rather than memorization to address these issues. The U.S. and Egyptian governments have long partnered to improve access, to high-quality education. Starting in the 1980s, USAID helped make primary education accessible for all Egyptian children – with the greatest impact on girls’ enrollment – by building 2,000 schools and providing…

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As governments and companies inch toward the deadlines for meeting their climate pledges, they must develop sustainable business models that meet the climate challenges and risks. Elsewedy Electric is one of Egypt’s pioneers, having reported on its environmental, social, and governance (ESG) goals since 2017. The Financial Regulatory Authority only announced in May that listed companies must file such reports in 2023. For their efforts, Elsewedy Electric received the European Bank for Reconstruction and Development (EBRD) sustainability award for 2022 for environmental and social best practices at its logistics facility in Sixth of October City. Additionally, it has supplied Sharm…

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*This piece has been updated on 18 July, 2022 with news of CBE’s approval. For the first time ever, an Egyptian digital banking startup, Telda, received Monday The Central Bank of Egypt’s (CBE) approval to start operating its card and application in the Egyptian market, in a stride to fulfill financial inclusion and digital transformation goals as envisioned by CBE. “We are very happy to have received the final license from the Central Bank of Egypt to launch the Telda app and card, as we strive to participate in the country’s transformation into a digital economy and help accomplish the…

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In Egypt, USTDA awarded grants in 2020 to the Amreya Petroleum Refining Company (APRC) and Suez Oil Processing Company (SOPC) for feasibility studies to modernize each company’s refinery. These grants are a part of USTDA’s ongoing collaboration with the Ministry of Petroleum and Mineral Resourced to make Egypt a regional energy hub. The grants aim to increase the efficiency and profitability of their refineries while reducing environmental impacts. Business Monthly took the chance on the sidelines of the U.S GreenTech Business Mission to Egypt to secure a one-on-one with Director Enoh T. Ebong to learn more about planned investment opportunities…

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Financial assistance for developing countries must be at the top of the agenda for UN climate talks this year so that countries can move from pledges to implementation.  For three decades, the U.S. Trade and Development Agency (USTDA) has been offering funds for sustainable infrastructure in developing countries by connecting U.S. companies with export opportunities. In fiscal year 2021 alone, USTDA supported more than $2.3 billion in U.S. exports to emerging economies through early-stage infrastructure development projects, USTDA said on its website. The agency supports projects in the Middle East, North Africa, Europe and Eurasia regions that represent both high…

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Egypt is set to launch soon a national strategy for developing the automotive industry, which includes incentives to locally manufacture electric vehicles. Prime Minister Mostafa Madbouly reviewed in March the final draft of the strategy, through which Egypt will establish itself as the main gateway for emerging vehicle markets in Africa. Egypt aims through the new strategy to build strong commercial and investment relations with the main regional trade partners to ensure sustainable development growth for both sides, according to a cabinet statement. The initial scope of the new strategy dubbed: the Egyptian Automotive Industry Development Program (AIDP) includes providing…

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