{"id":619463,"date":"2024-05-02T00:00:00","date_gmt":"2024-05-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/cabinet-approves-usd-88-mn-auto-cables-plants-atidi-membership-fresh-foreign-assistance\/"},"modified":"2024-05-02T00:00:00","modified_gmt":"2024-05-02T00:00:00","slug":"cabinet-approves-usd-88-mn-auto-cables-plants-atidi-membership-fresh-foreign-assistance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/cabinet-approves-usd-88-mn-auto-cables-plants-atidi-membership-fresh-foreign-assistance\/","title":{"rendered":"Cabinet approves USD 88 mn auto cables plants, ATIDI membership, fresh foreign assistance"},"content":{"rendered":"

The cabinet ministers approved a slew of decisions, proposals, and amendments<\/strong> at their weekly meeting yesterday<\/strong>, including a new automotive cable manufacturing project Egypt becoming an ITIDA member, and amendments to Egypt-US climate change and economic governance grants, according to a cabinet statement<\/a>.<\/p>\n

#1- Tunisia\u2019s Coficab to set up auto cables and electrical wires plant:<\/strong> The ministers approved a request from Tunisian automotive cable manufacturer Coficab<\/a> to establish an automotive cable and electrical factory, with investments up to USD 88 mn.<\/p>\n

What we know:<\/strong> The plant will span some 30 k sqm in the Tenth of Ramadan industrial zone and create 205 jobs. The factory will earmark a sizable portion of its output \u2014 made using 60% locally-sourced materials \u2014 to exports. There were no details regarding the timeline, or when the new plant will be operational.<\/p>\n

This isn't the first time we heard o<\/strong>f Cofica<\/strong>b:<\/strong> The company said in May 2023<\/a> that it would invest an initial EUR 25 mn to build a first phase of the cable factory in Tenth of Ramadan City, and intends to use part of the factory\u2019s production to fulfill local demand and direct the remainder to export.<\/p>\n

#2- Egypt to become an ATIDI member:<\/strong> The ministers also approved a proposal for Egypt to join the African Trade and Investment Development Ins. (ATIDI)<\/a> in a bid to boost trade with other African nations. This should reduce the costs of transactions, as well as the cost of credit and ins. between Egyptian and African investors, lenders, exporters, and importers.<\/p>\n

#3- West Alexandria plant gets a boost:<\/strong> The cabinet has approved additional funding from the European Investment Bank and the EU to expand and develop the West Alexandria wastewater treatment plant.<\/p>\n

#4- Fresh funds for climate change fight:<\/strong> An amendment to the Egypt-US climate change grant adds USD 5.5 mn to the existing agreement was also approved yesterday, raising the total US contribution to USD 20.5 mn. The extra funds will enhance Egypt\u2019s capacity to address climate change impacts and support ecosystem preservation, including efforts in the Red Sea.<\/p>\n

#5- Boosting inclusive economic governance:<\/strong> The ministers approved an additional USD 13.5 mn from USAID to the US-funded comprehensive economic governance aid grant, increasing total aid to USD 110.0 mn. The grant focuses on improving economic governance activities, enhancing government service delivery, especially for marginalized groups, and expanding women's economic participation.<\/p>\n","protected":false},"excerpt":{"rendered":"

The factory will earmark a sizable portion of its output \u2014 made using 60% locally-sourced materials \u2014 to exports<\/p>\n","protected":false},"author":1,"featured_media":619464,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7306],"tags":[144,282,72,2234,246,7111,125,180,1350,366],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-automotive","tag-cabinet-watch","tag-enterpriseam","tag-foreign-exchange","tag-green-economy","tag-infrastructure","tag-investment-watch","tag-legislation","tag-madbouly-cabinet","tag-wastewater","wpautop","entry"],"acf":{"mongo_id":"3dd46579-9495-4539-b44f-9ec472164ba4","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/142.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian 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The new procedures will grant a 60-day window after declaration forms are submitted to the Tax Authority for citizens to submit the remaining necessary\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631445,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/19\/cabinet-approves-amendments-to-inland-water-transport-law-unified-building-code\/","url_meta":{"origin":619463,"position":4},"title":"Cabinet approves amendments to inland water transport law, Unified Building Code","author":"enterpriseam admin","date":"19 March 2018","format":false,"excerpt":"CABINET WATCH- The Ismail Cabinet signed off yesterday on amendments to the law regulating inland water transport, according to a statement. 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Infractions would result in imprisonment of no less than two years and a fine of no more than EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604622,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/09\/cabinet-likes-amended-customs-act-egypt-to-receive-eur-148-mn-from-ebrd\/","url_meta":{"origin":619463,"position":5},"title":"Cabinet likes amended Customs Act, Egypt to receive EUR 148 mn from EBRD","author":"enterpriseam admin","date":"9 December 2018","format":false,"excerpt":"CABINET WATCH- Cabinet gives preliminary nod to Customs Act amendments: The Madbouly Cabinet has approved \u201cin principle\u201d amendments to the Customs Act, according to a statement. The amendments should create an expedited track for customs clearance, a \u2018whitelist\u2019 of trusted importers, and broaden the Customs Authority\u2019s discretion. The government is\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=619463"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619463\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619456"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619464"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619463"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619463"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}