Cabinet ratifies resolution to boost government spending
Updated 8/3/2023 9:08:00 AM
Arab Finance: The Egyptian Cabinet has ratified a number of resolutions, including scaling up the efficiency of government spending and boosting state revenues amid the current economic crisis, as per a statement on August 2nd.
It has also approved adding up EGP 2 billion to the amount allocated for the sixth phase of the country’s immediate cash payment initiative to support export to reach a total of EGP 12 billion.
Moreover, the cabinet has accredited licensing the Egyptian National Railways (ENR), in cooperation with Linza Egypt Company for Engineering Projects and Equipment, to set up a joint stock company.
The new company aims to localize the railway industry in Egypt, alongside exporting its production overseas, particularly Africa, to achieve revenues in foreign currency.
Additionally, the cabinet has assigned the General Authority for Land and Dry Ports (GALDP), in cooperation with another firm, to manage, operate and maintain the warehouse and refrigerators on a 28-feddan area in Salloum land port, which is expected to include 10 warehouses and 24 refrigerators.
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