Egypt to set up supreme council and fund for sustainable transport
Egypt’s cabinet has approved the creation of a supreme council for vehicle manufacturing as well as a fund to support the transition to sustainable transport, according to an official June 1 statement.
The council, which will be headed by the Prime Minister, will be responsible for approving general policies and strategic plans necessary for the development of the automotive industry in Egypt and considering appropriate solutions to address obstacles in the industry.
Meanwhile, the fund will be set up with a head office in Greater Cairo and a number of offices across the country.
The fund aims to finance the transformation towards sustainable transport, in addition to the creation of technology and research centers to develop the sector.
In another context, the cabinet ratified a bill amending some of the provisions of the Sovereign Wealth Fund of Egypt (TSFE) issued in accordance with Prime Minister’s Decree No. 555 of 2019.
In addition, the cabinet approved the incentives required for an additional build-own-operate (BOO) project executed by a consortium comprising French utility company Engie, Japan’s Toyota and Orascom Construction, to produce electricity. wind energy in the Gulf of Suez, with a capacity of 500 megawatts.
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