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Monday, 16 October 2017

World Bank Fall Meetings, new administrative capital, and a post-mortem of UNESCO elections

A number of topics kept our nation’s talking heads busy last night on the airwaves, including the Egyptian delegation in D.C, the new administrative capital, and the UNESCO elections.

The government’s upcoming eurobond issuance will not be preceded by a roadshow like its predecessor, Finance Minister Amr El Garhy told Hona Al Asema’s Lamees Al Hadidi. The minister phoned in from Washington, DC, to update Lamees on the IMF and World Bank’s Fall Meetings, where he sat down with IMF Managing Director Christine Lagarde and several finance ministers from the MENA region to discuss inclusive growth and each country’s challenges in achieving it.

The minister also recapped some positive economic indicators, including month-on-month declines in inflation, which he said also reflects price stability and a nascent economic recovery. That will eventually lead the CBE to reduce interest rates that have slowed private investment (watch, runtime 10:48).

Lamees also hosted the chairman of the New Administrative Capital Company (NACC), Ahmed Zaki Abdeen, who said that his company reworked the project’s blueprints to cope with the “massive turnout” of eager investors, converting certain areas from residential to investment districts. Land plots are currently going for EGP 3,500 per sqm, and NACC has sold 1,600 feddans to investors so far (watch, runtime 3:12).

Despite the strong demand, rising costs as a result of the float have been a challenge for the NACC, which is 49%-owned by the New Urban Communities Authority, with the military holding the balance (watch, runtime 3:53).

Meanwhile on Kol Youm, Foreign Minister Sameh Shoukry told Amr Adib that the decision to push an Egyptian nominee into the race for UNESCO’s top job was partially due to Qatar’s early announcement of its intention to run (watch, runtime 6:00). The minister said he was surprised when some of Egypt’s backers withdrew their support during the election (watch, runtime 1:24)

Over on Masaa DMC, Eman El Hosary discussed the Palestinian reconciliation with Fatah spokesperson Hazem Abou Shanab, who said that the Rafah border crossing will be under Palestinian Authority control once Egypt is done reconstructing its side (watch, runtime 5:00).

Yahduth fi Masr’s Sherif Amer spoke to US Squash Open champions, Ali Farag and Nour El Tayeb, about their victory last weekend — the first time a married couple win a major championship on the same day.

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