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  • Yes guests are allowed provided they are accompanying the cardholder on the same flight.
  • Each guest will be charged by $32 per visit (to be paid at the lounge)

6 free access throughout the calendar year then every extra visit will be charged by $32 (it will be debited from the registered credit card)

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Mutual funds and Certificates of Deposit (CDs) are two distinct investment options that differ in several key aspects, including structure, risk, returns, diversification and liquidity. below is a comparison:
  1. Investment Type
  • Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks treasury bonds or other securities. The value of your investment fluctuates based on the performance of the underlying assets.
  • CDs: A CD is a fixed-term deposit offered by banks and credit unions. You deposit money for a set period (e.g." 1 year 3 years etc.) and the bank pays you a fixed interest rate over that term. The principal is guaranteed and the interest is usually fixed.
  1. Return and Risk
  • Mutual Funds: These carry market risk because the value of the underlying securities can rise and fall. As a result" returns are variable and depend on the performance of the assets within the fund. Equity mutual funds tend to have higher potential returns but with greater risk whereas bond funds offer more stable albeit lower returns.
  • CDs: Generally considered low risk because your principal and interest are guaranteed by the issuing bank. However CDs face interest rate risk- if interest rates rise during the CD term your fixed rate become less attractive. The return is fixed and predictable but it is typically lower than the potential mutual fund earnings especially in a low-interest-rate environment.
  1. Liquidity
  • Mutual Funds: Generally liquid allowing investors to buy or sell shares daily. Some funds may offer weekly liquidity for entry and exit.
  • CDs: Funds are locked in until the maturity date. Early withdrawals may result in penalties such as losing some of the accrued interest and withdrawals are usually not allowed within the first six months.
  1. Diversification
  • Mutual Funds: Provide built-in diversification since the fund invests in a variety of securities helping to spread risk across multiple assets.
  • CDs: offer no diversification as the investment is concentrated in a single fixed-income product.

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Crédit Agricole Egypt Foundation for Development and Schneider Electric concluded the second phase of the community development projects in Menofia

Cairo, Egypt, 13 May 2024: Crédit Agricole Egypt Foundation for Development and Schneider Electric have announced the successful completion of the second phase of their latest joint community development projects in Menoufia governorate in Ezbet Ateya, Tita village.

Demonstrating both parties’ commitment to developing the Water, Energy, and Food Nexus across Egyptian villages, a solar-powered irrigation pump was installed in addition to the canal lining of 1.5 km in Tita village.

Situated at the heart of the Nile Delta and predominantly populated by farmers, Tita village relies heavily on farming and agriculture as its primary economic activity.

With a population of approximately 20,000 residents, the village predominantly cultivates strategic crops such as corn, wheat, clover, and various vegetables. The agricultural lands depend on canals for irrigation, drawing water from the Nile.

Sebastien Riez, Cluster President of Schneider Electric Northeast Africa & Levant, remarked: “It is truly gratifying to return to Menoufia governorate for the inauguration of yet another remarkable community development project, following the successful launch of Shubra Qubala and Mit El Qasri just a few months ago. This reaffirms our unwavering dedication to advancing sustainability as a fundamental principle of our operations and values, aiming to create a positive impact within local communities while maximizing the utilization of available resources and accelerating progress towards a climate-positive world. We are thrilled to celebrate another significant milestone in our partnership with Crédit Agricole Egypt Foundation for Development, further extending our reach to benefit more individuals throughout Egypt.”

The project in Tita village aims to generate value for the local community, promote energy efficiency, optimize resource utilization, and advance decarbonization efforts. It is anticipated to benefit approximately 20,000 individuals, increase the income of 1,200 farmers and 200 families, and facilitate irrigation across 120-200 feddans.

Jean-Pierre Trinelle, Chairman of Crédit Agricole Egypt Foundation for Development and Managing Director, Crédit Agricole Egypt explained: “We are thrilled to witness the successful launch of the second phase of our development project in Tita village, Menoufia just a few months after the launch of the first phase in Shubra Qubala and Mit El Qasri villages. Using clean technologies in Tita village helps create a positive impact on the environment and ensures a better, efficient use of water resources for agricultural land irrigation. We are proud of our collaboration with Schneider Electric benefitting additional local communities.” He added: “We look forward to continue providing funding to development projects, for building a more sustainable future and enhancing people’s lives.”

Through the provision of 65MWh of clean energy annually and the substitution of diesel pumps with a 30-kW photovoltaic-operated system, farmers shall be able to operate water pumps at minimal cost, significantly reducing carbon emissions by 32.5 tons, and saving up to 10,000 liters of diesel per year. Additionally, the project is expected to ensure sustainable and expedited access to water by 80%, pumping over 890,000 m3 of water annually.

To maximize the efficacy of the solar-powered irrigation pump, the 1.5 km canal underwent lining to minimize water, and evaporation loss during transportation from the pump to the agricultural lands. Water access was enhanced by 80%, reducing the delivery time from pump to land from 30 to 5 minutes. As a result, 10 instead of 3 feddans gain access to water per irrigation cycle.

This ongoing partnership between Crédit Agricole Egypt Foundation for Development and Schneider Electric has already seen the successful inauguration of similar initiatives in the villages of Shubra Qubala and Mit El Qasri within Menoufia Governorate. Under this joint agreement, a range of sustainable infrastructure has been implemented, including greenhouses, fishponds, chicken incubators, irrigation pumps, and a compost unit, all powered by solar energy.

These initiatives align closely with the commitments of both entities towards achieving the Sustainable Development Goals. They also resonate with Egypt’s Vision 2030, aimed at fostering environmental sustainability and enhancing the quality of life and living standards for Egyptian citizens.