egypt off war risk list

Jun 27, 2005
Egypt off war risk list


"The Commercial War Risk Committee of Lloyds Bank has decided to remove Egypt from its war risk list and abolish the additional fees on Egyptian exports and imports, "said Minister of Foreign Trade and Industry Rasheed Mohamed Rasheed yesterday, noting that the decision was taken during a recent meeting in London.

Rasheed stressed the positive impact of this decision on Egypt's air and maritime transport sectors, stressing that it comes as good news for maritime insurers, activating exports from and imports to Egyptian harbors, as well as attracting investments and decreasing costs for Egyptian exporters and importers.

The Minister pointed out that Egypt was added to the war risks list in the wake of the events of 11/9, that led to a number of global navigation companies working in Egypt increasing the fees on imports and exports, leading to Egyptian consumers having to pay more for imported commodities.

Rasheed revealed that his Ministry, via Egypt's trade representation office in London and its contacts with Lloyds, had worked very hard to have Egypt's name removed from the list.

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Should reduce insurance costs for Gip in case they actually get anything happening at all!

d.