Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 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
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 07CAIRO3365, FINANCIAL SECTOR CASH TRANSFER UPDATE

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. #07CAIRO3365.
Reference ID Created Released Classification Origin
07CAIRO3365 2007-11-29 15:53 2011-08-24 16:30 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Cairo
VZCZCXYZ0016
RR RUEHWEB

DE RUEHEG #3365/01 3331553
ZNR UUUUU ZZH
R 291553Z NOV 07
FM AMEMBASSY CAIRO
TO RUEHC/SECSTATE WASHDC 7584
RHEHNSC/NSC WASHDC
INFO RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/USDOC WASHDC 0357
UNCLAS CAIRO 003365 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
STATE FOR NEA/ELA, NEA/RA AND EEB/IFD 
NSC FOR RICK WATERS 
USAID FOR ANE/MEA MCCLOUD AND RILEY 
TREASURY FOR MATHIASON AND HIRSON 
COMMERCE FOR 4520/ITA/ANESA/OBERG 
 
E.O. 12958:  N/A 
TAGS: EAID PREL ECON EG
SUBJECT: FINANCIAL SECTOR CASH TRANSFER UPDATE 
 
REF:  Cairo 2968 
 
Sensitive but Unclassified.  Please handle accordingly. 
 
------- 
Summary 
------- 
 
1.  (SBU) Since the Financial Sector (FS) MOU cash transfer's first 
disbursement of $275 million in January 2007, the GOE has met 
several additional benchmarks.  Pending conclusion of ongoing 
financial analysis of banking sector performance, up to $275 million 
could be disbursed in 2008, bringing the total disbursed to $550 
million.  The just-completed IMF/World Bank Financial Sector 
Assessment Program Update shows that Egypt continues to make 
progress in financial sector reform.  We expect financial sector 
reform to continue and extend well beyond completion of the 
benchmarks in the FS MOU, as evidenced by the planned privatization 
of Banque du Caire.  End summary. 
 
------------------------------ 
Possible Disbursements in 2008 
------------------------------ 
 
2.  (SBU) We anticipate as many as three separate disbursements in 
2008 under the Financial Sector MOU.  One would be based on specific 
actions taken in the corporate governance and real estate financing 
area, and the other two will be based on actual performance achieved 
in improving the quality of the public banks' balance sheets.  We 
cannot prejudge the outcomes of the audits of the public banks, but 
continue to believe that over the three year life of this program, 
significant progress will be made, particularly in reducing NPLs and 
increasing the cash recoveries by the government.  In a recent 
conversation with Sub-Governor Tarek Kandil, he hinted that the NPL 
improvements may not show up in this first round of audit 
comparisons, at least for the state-owned banks, based on the 
nearly-complete audit for FY 2006. 
 
--------------------------------------------- --------- 
1st POSSIBLE DISBURSEMENT - JANUARY 2008 - $50 MILLION 
--------------------------------------------- --------- 
 
3.  (SBU) In Policy Area 4 (Real Estate Financing) and Policy Area 5 
(Corporate Governance), the formal USG verification has started and 
when it is finished in the next two weeks, we expect to disburse $50 
million against the following benchmarks: 
 
-- Establish a private sector credit bureau 
-- Facilitate a securitization process 
-- Enact modern bankruptcy and foreclosure procedures 
-- Establish a national land title registration system 
-- Define rules for joint property ownership 
-- Publish a code of corporate governance 
 
--------------------------------------------- ------ 
2nd POSSIBLE DISBURSEMENT - MARCH 2008 - UP TO $100 
MILLION 
--------------------------------------------- ------ 
 
4.  (SBU) In Policy Area 3 (Reforming the Banking Sector), the GOE 
is working to reduce non-performing loans in the public banks, 
recovering substantial cash repayments in the process, which 
ultimately will increase the private banks' role in the system.  We 
are awaiting data from the private auditing firms which are 
currently in the public banks assessing 2006 performance.  This data 
will be compared against the 2005 data in order to calculate the 
cash transfer's first year pro rata disbursements.  The 2006 data 
should be available by January 2008 and assuming positive progress, 
we anticipate a disbursement of up to $100 million could be made by 
March 2008. As noted above, until we see the data, we will not know 
if the ongoing NPL reductions will have been captured in this 
particular audit year or not. 
 
--------------------------------------------- --------- 
3rd POSSIBLE DISBURSEMENT - LATER IN 2008 - UP TO $125 MILLION 
--------------------------------------------- --------- 
 
5.  (SBU) After completing the 2006 audit work, the auditing firms 
are to continue work immediately on the 2007 data.  We are told they 
could start in February 2008 which potentially leads to a second 
annual pro rata disbursement by September 2008 (the audit takes 3-4 
months, and verification/comparison takes roughly 2 months.) 
 
6.  (SBU) We also expect it may be possible to disburse against the 
insurance privatization benchmark (Policy Area 6 - $25 million), as 
Minister Mohieldin told PDAS Liz Dibble that this is scheduled to 
happen by June 2008. Note that the insurance benchmark requires a 
51% privatization level, and there remains some uncertainty about 
whether that level of privatization will be achieved. 
 
7.  (SBU) Therefore, by the end of FY 2008, we reasonably hope to 
disburse $275 million.  More is possible but it will depend upon the 
amount of progress the GOE achieves in meeting the pro-rata 
benchmarks.  This would leave $250 million remaining to be disbursed 
in 2009. 
 
------------------- 
Remaining benchmark 
------------------- 
 
8.  (SBU) CBE Sub-Governor Kandil and Sub-Governor Mohamed Tammam 
told PDAS Dibble that the CBE remains hesitant to sign the 
Repurchase Agreement (a benchmark worth $25 million -- part of 
Policy Area 2, designed to support a well functioning securities 
market). In reaction to that timeframe, PDAS Dibble suggested that 
the GOE notify USAID officially if it does not foresee implementing 
any of the outstanding benchmarks in the MOU within two years, so 
that a decision can be made about re-programming those funds. 
Kandil promised to do so.  Dibble's discussion of outstanding MOU 
benchmarks with other GOE officials will be reported septel. 
RICCIARDONE