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Thursday, 29 November 2018

Cabinet signs off on making all gov’t transactions in Egypt electronic next year

CABINET WATCH- Gov’t transactions to be electronic by 1 January, 2019: The Madbouly Cabinet approved yesterday a Finance Ministry decision that makes it mandatory for all government transactions to be electronic, regardless of their size or value, by 1 January 2019, according to an official statement. The House of Representatives had also approved amendments to the Accounting Act that ban the use of paper cheques for transactions above a set threshold. The move to e-payments for government services, which was mandated by the National Payments Council, is meant to help regulate public spending.

Also approved yesterday:

  • Establishing a 100-feddan dry port and logistics zone in Six October. The facility is meant to alleviate cargo traffic on the country’s roads and railways;
  • Establishing a private freezone in Badr City that is expected to reel in USD 200 mn worth of investment in the manufacture of readymade garments, furniture, and other products;
  • The agreement between Egypt and Germany that resulted in the establishment of the German University in Cairo;
  • A decree from the Education Ministry outlining the responsibilities of various deputy positions within the ministry.

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