{"id":604871,"date":"2018-12-16T04:04:04","date_gmt":"2018-12-16T04:04:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/16\/cabinet-green-lights-land-grant-program-for-industry\/"},"modified":"2018-12-16T04:04:04","modified_gmt":"2018-12-16T04:04:04","slug":"cabinet-green-lights-land-grant-program-for-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/16\/cabinet-green-lights-land-grant-program-for-industry\/","title":{"rendered":"Cabinet green lights land grant program for industry"},"content":{"rendered":"

<\/a> CABINET WATCH- Government to begin land grant program for industry: <\/b>Cabinet greenlit at its weekly meeting on Thursday presidential decrees designating state-owned land to be allocated at no cost to select manufacturing projects. The decrees identified land in underdeveloped areas around El Wadi El Gedeed, Minya, Beni Suef, Upper Egypt and the Red Sea. Qualifying investments can apply for up to 40k sqm each. Investments will need to be labor or tech-intensive, highly reliant on locally-sourced inputs, an SME or micro enterprise, or bound for export. Investors will be required to start work on their project within a year of allocation.<\/p>\n

Cabinet completes review of SWF bylaws and articles: <\/b>Cabinet also approved on Thursday the articles and bylaws governing Egypt\u2019s forthcoming sovereign wealth fund, according to a Cabinet statement<\/a>. The 53-article document now goes to the Council of State (Maglis El Dawla) for review. The framework would establish the SWF as a separate legal entity with authorized capital of EGP 200 bn and issued capital of EGP 5 bn. It also lays out the SWF\u2019s organizational and governance structures.<\/p>\n

The bylaws also outline principles under which its affiliated companies ought to operate<\/b>, as well as procedures to follow in the case of conflicts of interest or in the face of liquidation. The fund\u2019s stated mission is to \u201ccontribute to Egypt\u2019s sustainable economic development through its assets and funds, which are to be managed efficiently and purposefully in compliance with globally-recognized best practices and standards.\u201d The bylaws also require the HQ for the fund to be set up in Cairo, with branches in other governorates. The fund will move into \u2018setup phase\u2019 within a month of finishing the bylaws and naming a chief executive. The former is expected<\/a> before the end of this month and the latter by mid-January.<\/p>\n

Also approved during the Council of Ministers\u2019 weekly meeting:<\/b><\/p>\n