Egypt Collects 2,700 Tons of Plastic in 2021

In this June 8, 2018 photo, divers collect plastic and other debris during a cleanup at a dive site off Sharm el Sheik, in Southern Sinai, Egypt. (AP)
In this June 8, 2018 photo, divers collect plastic and other debris during a cleanup at a dive site off Sharm el Sheik, in Southern Sinai, Egypt. (AP)
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Egypt Collects 2,700 Tons of Plastic in 2021

In this June 8, 2018 photo, divers collect plastic and other debris during a cleanup at a dive site off Sharm el Sheik, in Southern Sinai, Egypt. (AP)
In this June 8, 2018 photo, divers collect plastic and other debris during a cleanup at a dive site off Sharm el Sheik, in Southern Sinai, Egypt. (AP)

The private sector in Egypt has collaborated with the government to reduce carbon emissions and get rid of environmental pollutants safely, in line with Egypt’s Vision 2030 and the country’s hosting of the COP27 United Nations Climate Change Conference in 2022 in the Red Sea resort of Sharm El-Sheikh.

In this regard, Egypt’s Plastic Bank announced the results of its efforts in 2021 and plans for 2022 to reduce the country’s plastic pollution.

It said it has managed to collect 2,700 tons of plastic waste, which is equivalent to 150 million bottles during 2021, exceeding the target set at the beginning of the year by 105 percent.

“We are highly optimistic and proud of what we have accomplished in 2021 by boosting the circular economy in a way that serves the sustainable development goals and Egypt’s vision 2030,” said the Regional Director for Egypt, the Middle East and Africa, Amr al-Kady.

“We are also pleased with Plastic Bank’s impact in Egypt and its journey to raising awareness on the negative consequences of plastic pollution and the importance of proper plastic waste disposal.”

“We look forward to achieving further progress in the coming year by expanding across governorates and developing our system for collecting plastic waste and recycling operations,” he added.

According to Kady, the Plastic Bank’s strategy relies heavily on specific factors, including expanding across governorates by increasing the number of collection centers and quantities of plastic waste collected, creating tactical partnerships with major private-sector firms operating in various fields and developing the enterprise’s online application.

Additionally, the social enterprise supports gender equality and empowering underprivileged communities, he noted during a discussion panel on Zoom.

Regarding its expansion, Kady said the enterprise has expanded across several governorates in collaboration with Henkel Egypt, establishing 11 collection centers nationwide in 2021.

Plastic Bank is a social enterprise that aims at creating a recycling-based community through providing job opportunities and income resources for collecting plastic waste.

It is helping the world stop ocean plastic, while improving the lives of collector communities and establishing a collection ecosystem in coastal communities and integrate the plastic back into recycling value chains as Social Plastic to be reused in global industries.

Plastic waste collectors receive money, services or goods in exchange for plastic waste, providing them with secure lives.

Also, Plastic Bank fights child labor, converts informal sector into a formal one, develops work places according to HSE standards, encourages education and improve collectors’ lives.



Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.