· Egypt has discovered a gold deposit estimated at more than one million ounces in the country’s southeast, according to a statement issued by the Egyptian petroleum ministry. The discovery is reported to be worth over US $1 billion and would last for the next 10 years. The state-owned Shalateen Mining Company was involved in the exploration. It was found in the mineral-rich Eastern Desert.
· Egypt has reopened the famed pyramids of Giza after the COVID-19 induced curfew restrictions, which lasted for three months. This marks the Egyptian government’s attempts to restart tourism. The Covid-19 has brought the hospitality industry to a standstill. Tourists are slowly trickling to Egypt. The authorities also reopened the Egyptian Museum next to Cairo’s Tahrir Square.
· Italian oil and gas company Eni has drilled the first exploration well in the waters of Egypt’s Nile
with contractor members of BP and Total. The newly discovered prospect “Bashrush”, located 22 meters deep, will be
field and around 1 kilometers away from Baltim South West field. The three companies of Eni, BP and Total will start testing the development options of Bashrush, in coordination with the petroleum sector of the Egyptian side, in order to “fast track” production, the statement added.
· The International Islamic Trade Finance Corporation (ITFC) garneted Egypt US$9.6 billion from 2008 to June 2020, according to Minister of Planning and Economic Development Hala Al-Saeed. The Egyptian General Petroleum Corporation and other public sector beneficiaries benefit from financing operations, in addition to the Social Fund for Development and 3 companies from the private sector.
· Belarus Ambassador in Cairo Sergei Terentiev said that Belarus is keen on boosting relations with Egypt in the domain of economic development. Terentiev said that there is a chance for Egypt to export high-quality goods like fruits, veggies, medical equipment, clothes, furniture, home appliances, and chemical products. Terentiev
especially in the fields of technology and investment. The bilateral trade between Egypt and Belarus witnessed a dynamic development in the past years, adding that the trade exchange increased by 30% in 2019.
Chairman of the General Authority for Investments and Free Zones (GAFI) Mohamed Abdel Wahab discussed during a meeting with Egyptian Drug Authority (EDA) Chairman Dr.Tamer Essam joint investments and cooperation to ramp up pharmaceutical and medical supplies’ industries. The meeting also discussed measures required for developing and shoring up local production of medical equipment.
