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Thursday, 1 December 2022

Cabinet approves exec regs on the Water Resources Act

The Madbouly cabinet approved the executive regulations for the Water Resources Act in its weekly meeting yesterday, it said in a statement. The regulations lay out the details of the Water Resources Act, which was signed into law in October 2021 after years of back and forth between legislators. The executive regulations will become official when published in the Official Gazette.

Water Resources Act? The bill aims to regulate how we use our water resources in light of threats to supply, including from climate change and the Grand Ethiopian Renaissance Dam. It includes regulations on groundwater management and storage, provisions against acts of vandalism near coasts, modernizing the irrigation system, and fees for pumping stations on the Nile and canals.

ALSO- Cabinet has signed off on all the hydrogen agreements out of COP27: Ministers approved the framework agreements signed with international energy companies to construct nine green hydrogen and ammonia facilities in the Suez Canal Economic Zone (SCZone). The agreements, which were signed earlier this month during COP27, are worth as much as USD 83 bn in investments. The projects will collectively produce up to 4.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year when fully operational, putting Egypt on the road to becoming a regional hub for green hydrogen.

AND- Good news for freezone companies: The cabinet approved postponing a 15% hike on usufruct fees from companies operating in freezones for another year. The hike had been set to go into effect on 1 January, 2023, following an initial year-long postponement. Freezone investor associations requested the delay in view of global economic headwinds, the statement reads.

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