WEEKLY ECONOMIC REVIEW

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP78-02771R000400310036-2
• Release Decision: RIFPUB
• Original Classification: K
• Document Page Count: 2
• Document Creation Date: November 16, 2016
• Document Release Date: April 6, 2000
• Sequence Number: 36
• Publication Date: November 5, 1957
• Content Type: AIRPOUCH

AfortoRaIribr Release 2001:0?011171142MR0p04003
PRIORITY erurity alssification)
FOREIGN SERVICE DESPATCH
FROM American- Embassy CAIRO 462
DESP. NO.
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THE DEPARTMENT OF 'STATE, WASHINGTON.
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WEEKLY EOM= REVIEW-::;/---4-k" /{.2- ,/,-:,f. / 7 -7 ' /33 =' 241- 1-
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rfittasszame_Zsgdauttimilkinga.a.usausugga;
The Director of the Industrial Banks Rashid El
BaX5Wig who is reputed to be hr to the left politically% has been removed from
his poaltion and has bean put under house arreet. Action against him was taken
reportedly because of his involvement In financial and currency irregularities?
The Independent administration of Liberation Province* an experimental
socialistic land development project* has been abolished and the Directors Magdi
Hassaneins now a member of the National Assembly has been relieved of his ad-
ministrative responsibilities according to the local press. Hassanein had been
widely accused in political debate during the recent election campaign of being
\
involved personally in graft and of carrying out the Liberation Province project
in a costly* uneconomical manner,
unced or forecasts Dr, Abdel-60111 rl-Emari, Directo of positions haveGinning appointments o conserv n
Company% President of the Cotton Exporters Association and former Minister of
Finances to become the Governor of the National Bank of Fgypt; Dr. Aly Elo
Girths Director of the Bank of Alexandria* to become Sub-Governor of the
National Bank of Egyptit Dr, Abdel Hakim Rifat, former SuboCovernor of the
National Bank of Egypt* to become the Director of the Industrial Rank.
...L&SaTja/; nqlotavott TalI?lasean Abbas Zakyst head of the Egyptian
delegations has returned to Rome to resume Angloorgyptian economic discussions
which were broken off October I4. It was alleged In local press commentary on
the talks between Secretary Dulles and Prime Minister Macmillan that the Secretary
spoke of the necessity of suspending the Anglo-Egyptian talks so as not to weaken
the American economic blockale of Egypte
MIOALIMalas d
Use eviet,C0000 SERCUP Soci? Egyptiennaage at Is Coemerce
du Pdtrole) is reportedly planning to expand Its production capacity o adapt
its facilitiess woe limited to the use of Saudi A.rabian crude* to the use of crude
from other sources, including the Soviet Union, SERCOlg's Director has just
returned has a visit to various European countries including Czechoslovakias
Which was reportedly undertaken to obtain equipment for these purposes.
Palsringsgm LIMITED OFFICIAL USE
Approved1CWRelease2000/05/2&p4-AQFM4A2741N00400310036-2
State Dept. declassifteation,instriidtacmerenifiWdance with security regulations.
Page 2 of
Approved For Release 2000/040=01411104421aR000400310V36-Y?
(Classification) Desp. No 41104
ra
CA.. . oeu? sttuqtg b Estabte and .ko have
An American oil company has reported that*
eh it regards as reliable, a Petroleum Institute
ab1shed shortly by the Egyptian Government with "Russian experts"
es advisors, ekly Economic Review of October 159 reference was
made to local press reports which indicated that the Soviet Union was parti-
cipating In supplying an oil processing and research plant to Egypt at a cost
of LE 100,000 to be financed by local Government and private activities.)
APPROVED;
Philip
Second Secretary 0
Robert 110 Carr
Counselor for Economic Affairs
Addis Ababa, Amman, Ankara, Athena, flaghdad, Beirut*
art, Damascus, Jidda, Khartoum, floacovi New Delhi, Paris,
g Romeo Tehran; Tel Aviv, Tripoli, Tunis; bmgenragns Alexandria,
ano Jerusalem; Aden, Port Said; pgfen;la Cmdr 17th Air Force;
Trip1i, Libya; Comdr Air Div, Dhahran, Saudi Arabia; CINCUSAFE9 APO 633.
baden; Germany; CttCEUR, Paris, France; CINCWELM, London, UK; OASAIRELM,
Naples* Italy (Navy); ETCELM, FP(/ 214, New York* N.Y. (Navy); USVQCSOUTH,
Naples* Italy.
Approved For Release 2000/05/23 : CIA-RDP78-02771R000400310036-2