Madbouly Cabinet approves Traffic act
CABINET WATCH- Madbouly Cabinet approves Traffic Act: The Madbouly Cabinet signed off on amendments to the Traffic Act that would simplify ownership transfer procedures for car purchases, the cabinet said in a statement following its Wednesday meeting. The amendments reduce the number of authorizations required from the seller to complete the transfer to one, and mandating that ownership be handed over to the buyer three months from when the authorization was issued. They also gives car owners a one-time pass to renew their licenses at their car distributor. Other decisions taken at the meeting include:
- Approved amendments to the executive regulations of the Intellectual Property Act mandating that Egypt’s patent office inform all relevant parties of its decisions electronically;
- Approved a series of decisions impacting port fees and services as incentives to shipping companies, though the cabinet did not provide details on the decisions. The decision comes in tandem with a Transport Ministry decision to offer discounts up to 45% on vessels passing through the Suez Canal.
- Approved raising a grant from the Japanese government to fund Cairo University Children’s Hospital to USD 18.3 mn from USD 14.4 mn.