Customs, renewables, and monetizing state assets continue to command the attention of the cabinet, with a raft of proposals, agreements, and draft laws passed in the cabinet’s weekly meeting.

#1- Efforts to speed up customs clearance got the cabinet thumbs up, with a plan from the finance and investment ministries to improve the process of exporting and importing goods being passed in its bid to cut customs clearance times down from eight days to just two. The details of the plan were not disclosed in the statement. However, Deputy Finance Minister for Tax Policies Sherif El Kilani said at PwC Middle East’s annual Tax and Legal Seminar — which was attended by EnterpriseAM — that the changes will allow businesses to pay import duties on raw materials in installments for the first time.

Kilani also told EnterpriseAM late last year that the government is revisiting customs procedures to align with global standards and improve efficiency. This includes a plan to introduce a four-tier system — green, red, blue, and orange — for importers, allowing for faster clearance for compliant businesses.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

#2- A power purchase agreement between Saudi Arabia’s ACWA Power and the Egyptian Electricity Transmission Company was also approved to allow energy supplies from wind energy projects totaling 2 GW to be fed into the national grid.

#3- The cabinet greenlit a draft law regulating central business and financial districts with the stated aim of helping these areas grow and attract foreign investments. The draft law lays out the overall regulatory framework for the districts, along with incentives for companies operating in them.

The General Authority for Central Areas for Finance and Business will be granted “broad powers” under the draft law, enabling the newly-formed body to set most of the rules and regulations, including issuing licenses to practice certain activities.

#4- A draft law to replace the Egyptian Mineral Resources Authority (EMRA) with the Egyptian Mineral Resources and Mining Industries Authority was also approved, which will transfer all of the EMRA’s assets and employees to the new organization.

The new organization will be an economic body — as opposed to a public service body — meaning that it will be able to utilize “untapped mineral resources, maximizing the authority’s revenues, and supporting and localizing the Egyptian industry,” MP Mohamed El Sallab has previously told local media.

#5- A plan to simplify private healthcare regulation detailed in a draft law was also passed, which is designed to make it easier to license new private healthcare facilities, disentangle administration from ownership, and greenlight foreign players wanting to open up shop in the country.

Tags: