Cabinet lays out criteria for strategic + national projects: Projects in electricity and renewable energy, petroleum, mineral resources, transport, CIT, housing, tourism, youth and sports, and military production could be considered a national or strategic project under a set of criteria the Madbouly cabinet approved on Thursday, according to a statement.

To qualify, projects in these fields must also fulfill at least two of the following criteria:

• Contributing to the country’s export volumes by exporting at least 50% of its total production output each year, within a maximum of three years of starting operations;
• Helping to slash imports and localize manufacturing, while meeting a minimum 50% local component quota;
• Relying on financing from foreign funders and investors, with the funding transferred from abroad through an Egyptian bank;
• Setting up or operating the project in one of the areas cabinet previously identified as most in need of development;
• Contributing to localizing new and advanced technology in Egypt and transferring know-how;
• Supporting innovation, development, and scientific research;
• Contributing to securing the country’s supply of strategic commodities and cutting down on their imports;
• Relying mostly on Egyptian laborers;
• Contributing to climate goals, including reducing emissions.

ALSO- Minimum capital requirements for sole proprietorships slashed: Establishing a sole proprietorship now has a minimum capital requirement of EGP 1k, down from EGP 50k previously, after cabinet approved amendments to the Companies Act, the statement said. The reduced requirement is designed to encourage entrepreneurs and startups to set up businesses in their own name and reel in more investments.

IN OTHER REGULATION NEWS-

Cabinet in a separate meeting approved measures meant to make it easier for industrial developers to buy land, a statement read. A government committee has approved a per-meter pricing mechanism to sell state-owned land to industry that takes into account the cost of utilities and is set to offer more attractive prices to investors, the statement read. Cabinet also agreed to extend the 7% interest rate on installment plans for industrial land for another three years.