Following the Arab Spring, the Swiss Authorities blocked 700 million Swiss francs held by Mubarak’s clan. Despite the opening of criminal investigations in Switzerland and Egypt, it appears that the confiscation of this money is increasingly unlikely. One quarter of the money frozen on Swiss bank accounts was already released in December 2016.
Programs: Economic and Social Justice
This is the first report on the implementation of the economic adjustment program, agreed upon by the Egyptian government and the International Monetary Fund as a condition for Egypt’s receipt of $12-billion loan under the Extended Fund Facility, to be disbursed in six tranches. Egypt will receive each tranche of the loan after a team of IMF experts confirm that the Egyptian government has complied with the terms of the agreement within the specified timetable.
Following the Arab Spring, the Swiss Authorities blocked 700 million Swiss francs held by Mubarak’s clan. Despite the opening of criminal investigations in Switzerland and Egypt, it appears that the confiscation of this money is increasingly unlikely. One quarter of the money frozen on Swiss bank accounts was already released in December 2016. Last August, the Federal Prosecutor discontinued the cooperation with Egypt – explaining that it had led to no result.
For many years, the residents practiced many forms of peaceful protests against the factory. They wrote petitions, filed complaints, held negotiations with factory officials, talked about their cause in the media, used social media, produced documentary films, and even conducted researches and proposed alternatives.
Residents of Wadi al-Qamar have recently posted a video, dated 18 May 2017, on Facebook, which depicts very large emissions coming out of a chimney of the Alexandria Portland Cement’s plant (APCC), which is adjacent to their homes. APCC is a subsidiary of TITAN Cement Group, a multinational cement and building materials producing company, based in Greece. Residents of the area have been complaining for years about the environmental pollution caused by the plant and the harmful effects it has had on their health and the health of their children.
An international network of leading investigative journalists is today contacting 7,000 politicians in 20 countries, including about 600 politicians in Egypt, to request they publish details of their own tax records as part of a new global drive f
When the IMF agrees to extend a loan to a country, there is a number of documents the IMF team is obligated to publish and several more the government in question must release.
The undersigned organizations urge Egypt to accede to the agreement and join the global climate movement. Not only is this a common responsibility of all states in order to confront climate change; it is also of direct interest to Egypt.
The Dekheila Felony Court on June 28, 2016, acquitted all former workers with Alexandria Portland Cement-Titan of charges brought against them by the company in case 23944/2015.