The Egyptian Cabinet has approved the establishment of a supreme council for manufacturing vehicles as well as a fund to support the transition to sustainable transport.

The council, to be headed by the Prime Minister, will be responsible for endorsing the necessary general policies and strategic plans for the development of the automotive industry in Egypt and considering suitable solutions for facing obstacles in the industry.

Meanwhile, the fund will be set up with a headquarters in Greater Cairo and several offices across the country.

The fund aims to finance the transformation to sustainable transport and the establishment of technology and research centres to develop the sector.

In another context, the cabinet has ratified draft law on the amendment of some of the provisions of the Sovereign Fund of Egypt (TSFE) issued as per the Prime Minister's decree No. 555 of 2019.

Moreover, the cabinet endorsed the required incentives for an additional build-own-operate (BOO) project being executed by a consortium comprised of French utility company Engie, Japan’s Toyota, and Orascom Construction, to generate wind power in the Gulf of Suez, with a capacity of 500 megawatts.

Source: Zawya

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