The government approves the electricity bill and the establishment of the Egyptian Commodity Exchange


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The Cabinet approved a bill to amend some provisions of the Electricity Law promulgated by Law No. 87 of 2015, and to tighten penalties and fines for anyone who, during the performance of his job in the field of electricity activities or because thereof, committed one of the following acts, from delivering electricity to any of the individuals or entities without Legal basis, or contributed to seizing it in violation of the provisions of this law and the decisions implementing it, or aware of any violation of the conduct of electricity, and he did not initiate taking legal measures or informing the competent authorities, as well as deliberately refraining from providing any of the services authorized without an excuse or support from the law , As well as everyone who unlawfully seized the electrical current, or participated in the commission of this act in any form of participation, with penalties increased in case of returning to commit these facts.

The Cabinet approved a draft resolution on amending some provisions of the law regulating contracts concluded by public authorities issued by Law No. 182 of 2018.

The draft resolution stipulated that “the contractor may not waive the contract or all or some of the sums owed to him. However, those sums may be waived for one of the banks or non-bank financial companies licensed to practice the activity in the Arab Republic of Egypt, and in this case only with approval The bank or the company without prejudice to the contractor’s responsibility for executing the contract, and accepting his descent from the amounts due to him does not prejudice the rights that the administrative authority has before him. ”

The draft resolution mentioned an exception from the provisions of this law, that administrative authorities may, with the approval of the minister or the competent governor, in cases in which the entity achieves its economic or development goals or that require economic or social conditions to be completed quickly at a specific time, or that are related to the state’s economic or social policies or The environmental declared by the Council of Ministers, and in other cases estimated by the minister or the competent governor, to evaluate the real estate assets owned by it by three real estate residents who are registered with the Financial Supervisory Authority or accredited to the Central Bank, and it is considered average These three valuations are the weighted value of these assets.

The draft resolution indicated that if the administrative authority finds that the discrepancy between the lowest evaluation and the higher evaluation from those assessments exceeds (20%), assigning the evaluation of the assets themselves to a fourth resident, within two weeks of the date the administrative authority receives the reports of the residents, in which case it is taken With an average of the four ratings as a weighted value, unless the fourth rating is lower than the average of the first three ratings.

The Council of Ministers approved a draft decision of the President of the Republic regarding the first amendment of the aid agreement between Egypt and the United States on the North Sinai initiative, signed in Cairo on 9/30/2019.

The first amendment to the aid agreement on the North Sinai Initiative aims to provide a new amount estimated at 6 million dollars as a contribution from the United States Agency for International Development, to implement a number of projects, including those related to providing transportation services to connect central Sinai with the surrounding cities, and the construction of a well, desalination plant and groundwater treatment For certain villages, use salt water during the treatment process to support the micro-fish farming project.

The Council of Ministers approved the Prime Minister’s draft decision on restructuring the Board of Directors of the General Authority for Reconstruction and Agricultural Development Projects.

The draft resolution stipulated that the Authority’s Board of Directors be headed by the Minister of Agriculture and Land Reclamation, membership of each of the Ministers of Water Resources and Irrigation, local development, housing, utilities and urban communities, the Deputy Minister of Agriculture for Animal, Fish and Poultry Affairs, the CEO of the General Authority for Investment and Free Zones, and the executive director For the commission, the head of the Fatwa Department of the Ministry of Agriculture and Land Reclamation in the State Council, the director of the National Center for Planning Land Usages, and a representative from the Ministries of Defense and Finance.

The Council of Ministers approved the licensing of the Egyptian Stock Exchange, the Internal Trade Development Authority, and the General Authority for Supply Commodities, to establish a joint stock company in the name of (Egyptian Stock Exchange), whose purpose is to establish an organized market for the circulation of some of the present stockable goods, in accordance with the provisions of the Law of Joint Stock Companies and Partnerships in Shares , Limited liability companies and one-person companies.

The creation of a commodity exchange comes within the framework of creating an organized market for the circulation of storable goods, and to be attractive to a larger segment of traders and investors to deal with it, which would create a market that competes with regional and global exchanges, and put Egypt on the global map of commodity trading through the stock exchange to be established To take advantage of its strategic location and contribute to attracting foreign capital, and increase the state’s ability to plan its needs for basic commodities that may be circulating in the market.

The Cabinet also approved the Prime Minister’s draft decision on organizing the Ministry of Planning and Economic Development.

The Council of Ministers approved the decisions and recommendations issued by the Ministerial Committee meeting to settle investment disputes in its session No. (57) held on 6/1/2020, for a number of topics presented to it.

The Prime Minister asked the Minister of Justice to coordinate with the CEO of the General Investment Authority to present the position of implementing the decisions of the Ministerial Committee for Resolving Investment Disputes.

The Council of Ministers approved the request of Damietta Governorate regarding the management of the portion equal to the share of Damietta Governorate in the issued capital of the Damietta City Furniture Company to be paid based on the decision of the company’s board of directors on 10/10/2019.

The Council of Ministers also approved the request of the Ministry of Higher Education and Scientific Research regarding contracting with the company «GE» Medical Systems to purchase a device (PET CT Discovery 5 rings), for the benefit of the Oncology Center at Mansoura University, due to the importance of this device in diagnosing tumors, and determining The stage reached by the tumor, the diagnosis of the condition, the extent of response to treatment, and its effect in determining the necessary treatment protocol for patients in the field of oncology, hematology, pediatrics and bone marrow transplants to serve thousands of patients annually.

The Cabinet also approved a draft Prime Minister’s decision to authorize the Information Technology Industry Development Authority to establish a joint stock company in the name of (Egypt Digital Investment) whose purpose is to support information infrastructure projects, information technology, and digital transformation services, in accordance with the provisions of the Law on Joint Stock Companies, Limited Partnerships in Shares and Limited Liability Companies , And single-person companies, promulgated by Law No. 159 of 1981, and the Investment Law promulgated by Law No. 72 of 2017.

The Council of Ministers agreed to extend the work of the cooperation protocol concluded between the ministries of petroleum and mineral wealth and the public business sector regarding a mechanism for payment and scheduling debts due to the benefit of oil sector companies with the companies affiliated to the Ministry of Public Business Sector on the value of their withdrawals from natural gas until the completion of the procedures for transferring Ownership of assets subject to settlement.

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