Page 9 - Egypt

Joint exercise between special forces of India, Egypt underway in Rajasthan

The first-ever joint exercise between the special forces of the Indian Army and the Egyptian Army named "Exercise Cyclone-I" is underway in Rajasthan, according to an official statement. The exercise which began on January 14 is aimed at bolstering defence cooperation between the two nations and focus on sharing professional skills and interoperability of the special forces in desert terrain while undertaking counter-terrorism, reconnaissance, raids and other special operations, the statement added. This is the first exercise of its kind bringing the special forces of both the nations on a common platform. "The 14-day exercise which is being carried out in the deserts of Rajasthan engages both the contingents to advance special forces skills such as sniping, combat free fall, reconnaissance, surveillance and target designation, sharing of information on weapons, equipment, innovations, tactics, techniques and procedures," the release said. The participants would also undertake join

WEF 2023: ReNew Power explores green hydro project in India, Egypt

The firm, which now generates nearly 1.8% of India's total electricity annually, has a total capacity of 13 Gigawatts (GW) of wind and solar, including projects in the works

India, Egypt to hold first-ever exercises with special forces: Ambassador

Talking about the bilateral trade target, Ambassador said that the $12 billion doesn't represent the potential of both of the countries

Egypt's annual headline inflation increased to 21.9% in December 2022

The increase in prices of basic commodities was behind the rise in the monthly inflation rate: CAPMAS said

Egypt's inflation surges on amid currency's dramatic slide, say statistics

Egypt continues to battle surging inflation amid a dramatic slide of its currency as many Egyptians struggle with price hikes, the country's statistics bureau said on Tuesday. The state-run Central Agency for Mobilisation and Statistics released figures showing that the annual inflation was at 21.9 per cent last month, up from 19.2 per cent in November. That's compared to 6.5 per cent in December 2021, before inflation ballooned in 2022, following the outbreak of Russia's war on Ukraine that rattled the world economy. Prices in Egypt rose across many sectors, from food items and medical services to housing and furniture. Food prices increased by 4 per cent on the average in December, with fruits and dairy products leading the list with 7.6 per cent and 6.4 per cent spikes, respectively. The higher inflation has inflicted heavy burdens on consumers, especially lower-income households. Nearly 30 per cent of Egyptians live in poverty, according to official figures. Most of Egypt's mo

Firm says cargo vessel 'MV Glory' ran aground in Egypt's Suez Canal

A cargo vessel ran aground in Egypt's Suez Canal on Monday, a canal service firm said. Leth Agencies said the vessel, MV Glory, ran aground near the city of Qantara, in the Suez Canal province of Ismailia. The firm said canal rigs are currently trying to refloat the vessel. A spokesman for the Suez Canal Authority did not respond to calls seeking comment.

Egypt's Suez Canal registers record revenue of $7.9 billion in 2022

Egypt's Suez Canal registered a record-breaking revenue of $7.9 billion in 2022, authorities said

IMF approves $3-bn loan to Egypt amid high inflation, forex funds shortage

The International Monetary Fund (IMF) has said that its executive board had approved a loan to Egypt of about $3 billion over 46 months

IMF approves deal to provide $3 bn support package to cash-strapped Egypt

The International Monetary Fund has approved a deal that will provide a USD 3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in additional USD 14 billion in financing for the Middle East country. The announcement from the IMF's executive board late on Friday comes after a preliminary agreement was reached in October between Egypt and the fund, hours after Egypt's central bank introduced a series of reforms, including a hike in key interest rates by roughly 2 percentage points. The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine, events that have played havoc with global markets and hiked oil and food prices worldwide. Egypt is the world's largest wheat importer, most of which came from Russia and Ukraine. The country's supply is subject to price changes on the international market. The deal announced on Friday known as an Extended Fund Facility Arrangement is expected to

COP27: A mirage in the desert

We cannot be parties to this procrastination and lack of intent

Tech Mahindra signs MoU with Egyptian agency for delivery centre in Cairo

Facility will serve firm's clients across telecom, oil & gas, BFSI, Energy & Utilities and public sector; company to hire 1,000 staff to serve global and local customers from centre

Egypt president al-Sisi to be India's chief guest at Republic Day event

Egypt's President Abdel Fattah al-Sisi will be the chief guest at the Republic Day celebrations in January, the Ministry of External Affairs said on Sunday. "This is the first time that the President of the Arab Republic of Egypt will be the Chief Guest at our Republic Day," the MEA said in a statement. Prime Minister Narendra Modi had sent a formal invitation to al-Sisi which was handed over to the Egyptian president by External Affairs Minister S Jaishankar on October 16. Both countries are celebrating the 75th anniversary of the establishment of diplomatic relations this year. Egypt has been invited as a 'Guest Country' during India's Presidency of G-20 in 2022-23, the statement said. "India and Egypt enjoy warm and friendly relations based on civilisational and deep-rooted people-to-people ties," the statement said. Leaders of friendly nations have graced the Republic Day celebrations since 1950, when the then Indonesian President Sukarno was invited as the chief guest. In 1

Egypt govt announces freedom, mass pardon for 30 jailed activists

Egypt has announced the release of 30 political activists from jail, the latest in a series of mass releases from detention amid intensifying international scrutiny over the country's human rights record. There was no immediate word on the identities of the activists and it was not immediately possible to confirm how many of them have already been freed. The announcement came from Tarik el-Awady, a member of Egypt's presidential pardon committee, late Thursday. He said the 30 had been in pre-trial detention, facing charges related to their "opinions". El-Awady later posted photographs, describing them as showing several of the freed detainees hugging family members and friends. Since 2013, Egyptian President Abdel-Fattah el-Sissi's government has cracked down on dissidents and critics, jailing thousands, virtually banning protests and monitoring social media. Human Rights Watch estimated in 2019 that as many as 60,000 political prisoners are incarcerated in Egyptian prisons, many .

Best of BS Opinion: Protecting data privacy, the FTX fraud, and more

Here is the best of Business Standard's opinion pieces for today

Good and bad news

COP27 does not push forward India's agenda significantly

COP27 summit 2022: Informal draft has little new for poor nations

Sticks to coal phase-down, seeks 'phase out and rationalisation' of fossil fuel subsidies

ReNew Power to set green hydrogen plant in Egypt with $8 bn investment

ReNew Power on Tuesday announced that it has signed a framework agreement with Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone with an investment of USD 8 billion. "ReNew Power Private Ltd, a subsidiary of ReNew Energy Global Plc (ReNew), one of the leading renewable energy companies globally, today signed the framework agreement with the government of Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone with an investment of USD 8 billion and a targeted annual production of 2,20,000 tonnes of green hydrogen," a company statement said. Framework agreement follows the Memorandum of Understanding (MoU) signed in July this year. This project is scheduled to be implemented in phases, the first of which is a pilot phase to produce 20,000 tonnes of green hydrogen, along with derivatives, annually. In the next phase (Phase I), the production of 2,00,000 tonnes per year of green hydrogen, along with derivatives, will be achieved thereby bringing the

Global cooperation is not necessary to fight climate change

Efforts to strengthen multilateral cooperation on climate change are likely to be futile. But competitive technological progress, even if promoted by protectionist policies, could save the planet

COP27: Biofuels and green H2 to power India's low-carbon growth

Minister outlines plan for carbon reduction

UN probes Egypt police misconduct claims at international climate talks

The United Nations says it is investigating allegations of misconduct by Egyptian police officers providing security at this year's international climate talks. This follows claims that attendees of events at the German pavilion for the COP27 summit were photographed and filmed after Germany hosted an event there with the sister of a jailed Egyptian pro-democracy activist, Alaa Abdel Fattah, who also holds U.K. citizenship. In a statement provided Sunday to The Associated Press, the U.N. climate office confirmed that some of the security officers working in the part of the venue designated as United Nations territory come from the host country, Egypt. This was due to the scale and complexity of providing security at a large scale event" such as the COP27 climate talks, the global body said. It added that their work takes place under the direction of the operations of the U.N. Department for Safety and Security (UN DSS). The security officers provided for this COP by the host countr