- The Government refuses to get a quick $ 750 Million loan from the IMF.

- Increasing diesel fuel  allocation by LE. 7 billion since the beginning of this year.

 - The Egyptian economy is recovering......public-private partnership (PPP) creates a new market for long-term financing .

 - Legal measures against a news website released a  interpolated letter related to Orascom dispute .

 - Sooner, the announcement of a public plan for developing  the Suez Canal Axes and LE. 17 billion expected investments for PPP projects.

 The Minister of Finance, Dr. Al Morsy Hegazy, confirming that the Egyptian economy  is recovering and restoring stability , announcing  the Egyptian Government refusal to the IMF offer  of  a quick $ 750 million loan , pointing out that the Egyptian government completed preparing and  launching  an economic and social reform program.Egypt  s a charter member the  IMF has the right to get a ratio of  300% of its contribution in the fund as a loan  estimated at $ 4.7 billion.

As for the shortage of diesel fuel, the Minister stressed that the government didn't delay increasing financial allocation to arrange  purchase of all our needs of petroleum products, noting that  public treasury provided LE. 7 billion since the beginning of the current fiscal year, an increase in diesel allocations, compared to the same period in the previous fiscal year.

The Minister confirmed that the initial approval of the Shoura Council of Sukuk law and also the trend towards PPP projects provide new mechanisms to attract foreign investments, which is confirmed by the world increasing interest to invest in Egypt's PPP Programs.

He also indicated that the recent PPP project, which is the establishment of a wastewater treatment plant at Abu Rawash, with an expected investment of  LE. 5.5 billion, attracted the attention of 70 international companies, submitted to have TOR and specifications in the tender.

He also said that the PPP program allows many advantages for Egypt, the most important is to find new source for capital investment in the infrastructure projects needed by the society, reducing the state borrowing and the related risks. This will contribute  in setting up new local market for long-term financing, in addition to another private sector's market to manage the assets of such projects, to promote economy, create  job opportunities, in addition to increase the efficiency of the provided public services.

The above mentioned was during the press conference held by the Minister yesterday and joined by the economic adviser to the Minister of  Finance, DR. Abdallah Shehata, and the head of the  PPP central unit, Mr. Ater Hannoura.

The Minister of Finance also declared that Cairo will host in 24^th of  March, 2013 the second international conference on Investment in PPP Projects in Egypt. The conference will be joined by delegates from the European Bank for Reconstruction and Development (EPRD), the European Union( EU), the World Bank , the International Finance Cooperation(IFC), the Islamic Development Bank(IDB), the African Development Bank(ADB) , along with large number of  international companies’ representatives that want to invest in the Egyptian markets, indicating that official  delegates from England , India, South Africa , and some Arab countries will participate in the conference .

The Minister of Finance also revealed that during the conference the government will announce the Suez Canal Axis’ general plan, as well as the presentation of  PPP projects studied by some ministries, increasing their  expected investments over LE. 17 billion.

The economic advisor to  the Minister of Finance, Dr.Abdallah  Shehata , announced that the Minister of Finance approved  to take all legal measures against AL-mashhad website, an electronic Newspaper ,which published an interpolated letter attributable to the Minister of Finance and sent it to the Prime Minister ,included totally incorrect information on the dispute between Tax Authority  and Orascom Company .

He said that,  the  number of spelling mistakes, false information ,even mistakes in the said names in the letter and putting the eagle seal beside the  Minister’s signature, which do not occur in official letters, all  that confirm the forgery of such letter.

Dr. Abdallah Shehata confirmed  that  tax dispute  with Orascom, is a dispute with a company and not personal one  with investors  , affirming that the government is extremely   prudent in supporting private sector institutions ,which encouraged us  to hold direct negotiations with the company before taking any legal measures  , we have taken these measures, only  for not to lose time , as the law permits for Tax Authority to review any tax return within five years from submission date, otherwise it would be   lapsed.

Dr. Shehata confirmed that the Ministry of Finance ( MoF)  still wants to settle  the dispute and to reconcile amicably, in order to  support economic institutions, pillars of national economy .

The Head of  PPP Central Unit in MoF , Ater  Hannoura , declared that the conference activities will continue for two days, as it is expected that , the Prime Minister, Dr. Hisham Kandil will deliver the opening speech, Ministers of Finance, Housing & Utilities, Planning & International Cooperation, Transportation, Electricity & Energy, Investment , and Industry & Foreign Trade will contribute in the sessions.

As for PPP Projects, Ater Hannoura indicated that the PPP Central Unit in MoF has chosen a number of projects, are to be offered  recently through the current year,  mainly : Solid Waste Recycling, Development and Expansion Project of the Industrial Port of Safaga , establishment of the  second and third phases of the Technological Area Project to export communication and technology services in Maadi, Development project of  the Suez Canal University Specialist Hospital, establishment projects of  seawater desalination plants, three projects of Transportation Ministry, which are constructing  Banha –Shubra road, extending the metro line from Ain Shams to the Tenth of  Ramadan City and the River Bus Project .

He said that other projects are also being discussed within the future PPP Project plan , e.g.: development projects of  river transport and university hospitals  including the  establishment  of an academy of heart surgery at Ain Shams university  and  brain & neurosurgery  & road accidents center  , sport projects include establishment of an  international stadium in Sixth of  October City , development of the Olympic Center in Maadi  and establishment of an international compound for sport development in Hurghada and in Sharm El-sheikh. 

As for entities  support  partnership program, in concluding  feasibility studies  of the targeted projects , Ater Hannoura indicated that Egypt benefits from the grants  of International Finance Corporation (IFC), Arab Infrastructure Finance Fund  , in cooperation  with the private sector , European Bank for Development and European Bank for Reconstruction and Development. Egypt also benefits from the grants allocated by the European Union and the World Bank for such studies.

He said that the PPP projects are long-term contractual relationships between the state’s administrative authorities and the private sector, targeting that the private sector provide services or implement projects, instead of the  State’s  agencies . He confirmed that the above mentioned does not abolish the role of government in improving services and public projects but it supervises and controls the projects through different system for contracting, providing services and the pay-for-service.

He added that the PPP Central Unit succeeded, over the past few years , in stabilizing  Egypt's position where it became one of the prominent countries in the Middle East and North Africa   in PPP program . The World Bank praised in its annual reports  Egypt's achievements in such field, reflecting the interest of many countries, organizations and international donors to participate in Egyptian PPP program , to provide financial and technical assistance (TA) to develop the program , finance the preliminary  studies , training and build capacity.

As for the international awards got by the central unit, he said that it has got the award for the best partnership program for 2008 at the Euro-Mediterranean countries level , best performance of governmental institution in Africa in 2009, the  best agreement in water sector in 2010 worldwide , the best PPP project in Africa 2010 , it also got The World Finance Public Private Partnership award in 2013, for the best institutional and legislative PPP system, the best governmental performance supporting PPP infrastructure projects and urban development in Africa and in the Middle East.