An Egyptian project for reclaiming 300,000 feddans in Western Delta
Egypt, Economics, 12/6/2000

Egypt's Prime Minister Atef Ebeid said rules have been set for avoiding any accumulation of the government debts, adding the government would provide a sum of LE 2.1 billion monthly for repaying debts owed by the government to contractors and suppliers.

He said the government has so far managed to repay nearly 15 billion worth of debts owed to suppliers and contractors adding all arrears owed until last June 30 were paid.

Ebeid emphasized that the government would not shoulder any new financial burdens in the new development projects such as Western Delta development project whose investments amount to LE 3.4. This came during the cabinet meeting yesterday.

Emerging from the meeting, Minister of Information Safwat Al Sherif said the cabinet has agreed on the appointment of 7000 of excellent graduates and agreed in principle on telecommunications bill.

Safwat El Sherif said the cabinet agreed to amend expenditures of investment plan at a rate of LE 1.2 billion monthly.

He said the cabinet agreed on the establishment of adhoc units for making feasibility studies in all ministries.

He said these units would be managed by efficient experts.

He said the cabinet reviewed Western Delta development project which covers an area of 300,000feddans adding this project covers the goveronates of Beheira, Matruh and Alexandria and has investments worth LE 3.4.

He said these investments will be managed by a special fund adding the state would not provided any stake of these investments.

Safwat El Sherif said the government will give priority to projects ending in the year 2001-2002. He said the cabinet also agreed on rationalizing foreign inputs adding utilization of grants and loans will be rationalized.

He said the government will apply a project for rehabilitating leaderships through a program financed by the World Bank and industrial development organization.

Safwat El Sherif said the cabinet has agreed in principle on a demand by one of biggest US companies for the establishment of a factory for assembling and developing Electro-Mechanic systems at aggregate investments of 100 million dollar.He said this factory will be established under the special free zone systems.

He said the cabinet also agreed in principle on an offer by a German-Czech company for acting in the field of developing exports and activities of domestic trade mainly developing wholesale trade at investments worth 200 million marks.

He said the cabinet has agreed on assigning four zones for this company to assemble Egyptian products and to render them good for storage.

The cabinet has agreed in principle on a bill for organizing telecommunications adding it has taken remarks by the ministries concerned into account.

He said all ministries concerned would coordinate efforts for drafting the bill in preparation for raising it again before the cabinet for endorsing it in its final form.

Previous Stories:
  Mubarak discusses preparations for new parliamentary session   (12/5/2000)
  A new plan to develop local markets   (11/6/2000)
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