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Sisi directs CBE’s governor to end obstacles to import, manufacture within two months

by Radarr Africa
written by Radarr Africa

President Abdel Fatah El-Sisi directed the Governor of the Central Bank of Egypt, Hassan Abdullah, to end all obstacles facing import and local manufacturing operations, resulting from the Russian-Ukrainian crisis, within two months.

This came during President Sisi’s inauguration of a number of new national projects in the investment zone in the city of Banha in Qalyubia Governorate, via “video conference”.

“The private sector in Egypt represents about 75 percent of the size of the economy and the state directs great support to the industry, and we will facilitate all obstacles and difficulties that businessmen and manufacturers may face,” according to President Abdel Fatah El-Sisi.

In his speech, Sisi indicated that Egypt aims to reach the value of exports to $100 billion, which is a modest number when compared to a country with a population of more than 104 million, as he described it.

Earlier in September, the Central Bank of Egypt (CBE) issued new instructions to facilitate import operations, as well as other instructions it had previously issued, after a meeting of the Deputy Governor of the Central Bank, Gamal Negm, with manufacturers.

These instructions included the release of imported shipments that worth up to $25,000 to importers once every 6 months, while shipments with a value exceeding $25,000 are released using Form 4.

The CBE also excluded the foreign component from opening a documentary credit in the case of electronic goods that are assembled in Egypt and consist of local parts next to the imported parts, and shipping documents are accepted in light of the fact that they are a production requirement.

“Accepting the proceeds of companies’ cash deposits in foreign currencies resulting from export operations with neighboring countries “Libya – Syria – Sudan – Palestine – Iraq – Yemen”,” the instructions revealed.

In addition to using it in the implementation of import operations, taking into account the proportion of the value of deposits with the volume and nature of the customer’s usual activity and the value of the documents indicating the export operation.

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According to the Central Bank of Egypt’s statement, the exporter must complete a true copy of the customs declaration certified by the competent customs, the General Organization for Export and Import Control, and the foreign trade sector in the Ministry of Trade and Industry, according to the two periodicals issued by the Central Bank on May 13, 2015 and October 20, 2015.

Source: Egypt today

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AfricaAFRICA NEWSBusinessHospitality, Travel & TourismINVESTMENTNewsNigeriaWestern Africa

FGN seeks $400m private investment to complete millennium tower

by Radarr Africa
written by Radarr Africa

The Federal Government of Nigeria has called on private investors particularly art lovers to join hands on the completion of the Millennium Tower and Cultural Centre (MTCC).

The call was made when the Ministers of Information and Culture, Alhaji Lai Mohammed and Federal Capital Territory, Malam Mohammed inspected the project located in the heart of Abuja.

The News Agency of Nigeria reports that the MTCC is a multifunctional edifice with facilities for cultural exposition, tourism, socialisation, recreation, hospitality and commercial activities.

Conceived in 2005, the project which has reached 40 per cent completion, is expected to upon completion, self-finance itself through the revenues generated from the running of all the commercial activities in the complex.

Speaking after a tour of the complex and the tower – the tallest artificial structure in Abuja – Mohammed said  they were there to showcase the project for private sector collaboration and investment.

He said that all that was needed to complete the project was 400 million dollars and it would be sourced from the private sector.

“This is the only part of the world where every infrastructure is built by government.

“In other parts of the world where you have this kind of project, it is done in collaboration with the government and the private sector.

“As a matter of fact, government is just to be an enabler

“My appeal, therefore, is to the private sector , particularly lovers of arts and recreation to join hands with the Federal Government to complete the project.

“All the facilities have to do with contents,  cultural centre,  five star hotel, museums, arcades and others, it will generate a lot of revenue for whoever has the courage to partner with us,’’ he said.

The minister, who commended the vision of the past leaders who initiated the project, said when completed, it would rival the most audacious national monuments across the globe.

For its part, the FCT minister whose office is supervising the project said there were no enough resources from budgetary allocation to complete it.

He said over the past years, the FCT Administration identified a number of capital projects within the city and has spent a lot of resources to complete them in phases.

“We started by tackling the road networks, the rail system and now water.

“As you can see, this is a massive project that will require a lot of funding.

“We are here to see how we can identify other sources of funding apart from budgetary allocation or Internally Generated Revenue (IGR),’’ he said.

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NAN reports that the scope of the CCMT project comprises cultural centre with four museums, expansive arcade consisting of 40,000m2 platform for hosting national and other events and a five-star hotel with 55 luxury rooms and nine suites for about 130 persons.

Others are, offices, passive and active recreational facilities, 1200 capacity auditorium, conference rooms, exhibitions halls, shops, a sport centre with an indoor pool, gyms, fitness, squash courts and a two-level 1,200 capacity basement car parks.

The millennium tower itself is a 170 meter tall structure accommodating a revolving panoramic restaurant for more than 130 diners.

Source: The Eagle Online

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