Economic news today .. 5 5.5 billion, wood panel factory investment

Today, Saturday, May 14, 2022, the news of the Egyptian economy varied, especially the announcement of the Ministry of Oil, that the project of the factory for the production of wood planks of medium density. MDF It is built from the rice straw of the Egyptian Wood Technology Company (WOTEC), at an investment cost of around 5 5.5 billion.

Oil: EGP 5.5 billion investment for a medium density wood panel production plant

As part of his ongoing tours of new projects and production sites, engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, inspected the construction works and project installations of the medium-density wood plank factory. MDF From the rice straw linked to the Egyptian wood technology company (WOTK), which is being held in Idku city, Beheira Governorate, to determine the progress of work on the project, which is being held at an investment cost of nearly $ 5.5 billion . pound.

Engineer Tariq Al-Mulla confirmed that the project comes as a translation of political leadership tasks to take care of local production and value-added projects, which achieve economic, social and environmental returns at the same time, explaining that the project helps transform rice. straw from an environmental challenge in case of improper disposal in an investment opportunity.To use it in the production of high quality and value-added products

Minister of Communications: We aim to strengthen Egypt’s position in the design and production of electronics

Dr. Amr Talaat, Minister of Communications and Information Technology, received Ricardo de Sa Erbe, Executive Vice President of ST Microelectronics. STMicroelectronics » The world’s leading manufacturer of electronics and semiconductors; The meeting was addressed with the discussion of the company’s investment plans in Egypt in light of the launch of its operations in Egypt and the opening of a research and development center in the technology zone in Maadi..

STMicroelectronics offers semiconductor solutions, which has become one of the important and strategic industries in light of the growing in the fields of Internet of Things and the growing demand for semiconductors and electronic chips that process digital information and is an essential component in computers, devices communication, automobiles and equipment Household, medical equipment, etc..

The company has opened a center in the technology zone in Maadi, where about 45 engineers are working in the new center specializing in the field of electronic design and software development and the company aims to increase the number of employees to 60 specialized engineers. end of this year.

Planning: Egypt expands in the face of climate change moving towards a green economy

Hala Al-Saeed, Minister of Planning and Economic Development and Chairman of the Board of Directors of the Sovereign Fund of Egypt, participated – by default – in the roundtable of the Forum of Official Financial and Monetary Institutions, which is independent. think tank for central banks, economic policies and public investment, and its scope of work revolves around global policy and investment in central banks and sovereign funds. The forum provides a neutral platform for public and private sector participation in countries around the world. The forum was attended by Dr. Mahmoud Mohieldin, Executive Director of the International Monetary Fund and Special Envoy of the Secretary-General of the United Nations for the Financing of the 2030 Agenda for Sustainable Development..

Dr. Hala Al-Saed discussed during her participation in the report on financing sustainable development in Egypt, as the first national report on financing development in the world, emphasizing that Egypt, since the beginning of its vision for sustainable development in 2016; It has spared no effort in reforming its economy and improving the business environment, setting priorities and implementing national programs that emphasize the principle of leaving no one behind. She explained that Egypt is the first Arab country to publish the Development Financing Report under the umbrella of the League of Arab States and in cooperation with all development partners.

Etisalat Emirates Group buys 2.7 million Vodafone shares worth $ 4.4 billion

Emirates Telecommunications Group, Etisalat Group, announced it had bought about 2.766 million shares of Vodafone Group, representing 9.8% of the company’s capital, excluding treasury shares, at a $ 4.4 billion acquisition cost..

This came in a statement from the Emirates Telecommunications Group on the Abu Dhabi Stock Exchange and the group said it had invested in Vodafone with the aim of benefiting from the expertise of the world leading company in the field of communications and services..

World Bank: Remittances will reach $ 630 billion in 2022 and Egypt will be among the top five countries

The World Bank expects officially recorded remittance flows to low- and middle-income countries to increase by 4.2% this year to $ 630 billion, following a near-record 8.6% recovery in 2021, this came at the Briefing. the latest from the World Bank for Migration and Development. .

Remittances to Ukraine, the largest recipient in Europe and Central Asia, are expected to grow by more than 20% in 2022, but remittance flows to many Central Asian countries, of which Russia is the main source, are likely to fall sharply..

These declines, combined with rising food, fertilizer and oil prices, are likely to increase food security risks and worsen poverty rates in many of these countries..

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