Keep Us Strong WikiLeaks logo

Currently released so far... 5420 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
QA
YM YI YE

Browse by classification

Community resources

courage is contagious

Viewing cable 09CAIRO1913, EGYPT'S ECONOMY: October 5 PRESS ROUND-UP

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09CAIRO1913.
Reference ID Created Released Classification Origin
09CAIRO1913 2009-10-05 14:02 2011-02-16 21:09 UNCLASSIFIED Embassy Cairo
VZCZCXYZ0091
RR RUEHWEB

DE RUEHEG #1913 2781451
ZNR UUUUU ZZH
R 051451Z OCT 09
FM AMEMBASSY CAIRO
TO RUEHC/SECSTATE WASHDC 3783
INFO RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUEHRC/DEPT OF AGRICULTURE WASHINGTON DC
UNCLAS CAIRO 001913 
 
SIPDIS 
 
STATE FOR NEA/ELA 
 
E.O. 12958:  N/A 
TAGS: ECON EINV EFIN ETRD ENRG PGOV EG
SUBJECT: EGYPT'S ECONOMY: October 5 PRESS ROUND-UP 
 
1.(U) The following are notable economic news stories that appeared over the past week in the Egyptian press: ------------------------------------------ GOE to Cut Energy Subsidies within 5 Years ------------------------------------------

2.(U) Minister of Finance Youssef Boutros Ghali indicated in a conference call organized by the investment bank Beltone that the Government of Egypt is planning to phase out subsidies on most energy products by 2014. The Ministry of Finance estimates that current petroleum product subsidies will cost the government LE 33.6 billion (US$6.11 billion)in FY2009/10 (Al Shourouk, 9/30/2009). -------------------------------------- Highlights of the Euromoney Conference --------------------------------------

3.(U) The Egyptian press widely covered the Euromoney Conference in Egypt, which featured a roster of GOE speakers including Minister of Investment Mahmoud Mohieldin and Minister of Trade and Industry Rachid Mohamed Rachid. Mohieldin told the conference he expects real GDP growth during FY2009/10 to be between 5% and 5.5% and he expects Foreign Direct Investment inflows of US$10 billion in FY2009/10. Mohieldin announced the introduction of new public-private partnership and bankruptcy laws that should facilitate private investment in infrastructure and ease the process of closing a company. Rachid announced that he expects trade will recover by 10-15% by FY2010/11 and asserted that the recovery will result from an increase in both the value and volume of Egypt's exports. (Al Ahram, Al Akhbar, 9/30/2009). ------------------------------------------- Societe Generale Intends to Expand in Egypt -------------------------------------------

4.(U) Fredrick Odes, CEO of the French banking group Societe Generale, says the group intends to expand in Egypt. He says the Egyptian market has strong potential given its youthful population of 80 million, and its continued growth amidst the financial crisis. Societe Generale plans to open twenty new branches in the next two years. (Al Alam Al Youm, 9/27/09). Scobey