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Egypt completes amendments of bidding law

Egypt completes amendments of bidding law
Egypt’s Minister of Finance Amr El-Garhy

Cairo – Mubasher: Egypt’s Minister of Finance Minister Amr El-Garhy said that  tender and auction law amendments are almost completed.

Changes aimed at tightening control over public funds, use of loans and grants, as well as flexibility in law application.

These changes are aligned with the economic state Egypt is currently facing, said El-Garhy in a Saturday press release.

The changes will have a positive effect on the government’s plans for development as well as aims to achieve transparency standards that provide equal opportunities to everyone and promote freedom of competition, said El-Garhy.

El-Garhy explained that the amendment would also allow administrative bodies to rent vehicles rather than buy them, part of one avenue that would cut spending.

The cabinet also now has the ability to grant permission for projects to both Egyptian citizens and international residents as long as an investment plan for the project has been submitted. This move would aim to improve economic sustainability and development, added the press release.

A new article has also been updated that would require administrative authorities to estimate their needs and create an annual plan that includes all of the expenses needed during the coming year. This should be completed three months before the start of the next fiscal year.