The cabinet has approved a presidential draft resolution on Egypt’s accession to the African Trade and Investment Development Insurance (ATIDI), as per an official statement.

Joining ATIDI would boost African trade opportunities by providing flexible solutions to alleviate political and trade risks at the regional level, the statement read.

In addition, the cabinet has endorsed the offer submitted by COFICAB Egypt to implement a new project in the field of manufacturing automotive electric cables and wires.

The project is set to be established on a land plot of up to 30.3 square meters in 10th of Ramadan City, with investments of up to $88 million.

Moreover, it is planned to employ 205 Egyptian workers, use local components in 60% of production, and export abroad.

The cabinet has also authorized the Minister of Finance to issue non-circulating commemorative silver coins in EGP 50 and EGP 20 on the occasion of the 70th anniversary of the first national circulating coin issued by Public Treasury and Mint Authorities.

 

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