Ministry of Finance announced Wednesday the completion of a draft law to amend some provisions of Law No. 67 of 2010 concerning regulating the participation of the private sector in infrastructure projects, utilities and public services. <\/p>\n
The ministry added in a statement that the law is aimed at simplifying procedures, reducing the timetable for implementation and providing more flexible mechanisms for contracting to contribute to achieving sustainable development. <\/p>\n
\u201cThe proposed draft was approved by the Council of Ministers and was referred to the State Council for review,\u201d it noted. <\/p>\n
Minister of Finance Mohamed Ma\u2019it pointed out that the programs of participation with the private sector in the infrastructure, utilities and public services projects currently enjoy political support and cooperation among all concerned ministries to ensure the speed and accuracy of implementation and to contribute effectively to achieving the goals of sustainable development. <\/p>\n
Ma\u2019it added that the draft law aims to deepen partnership with the private sector by expanding the scope of work that it may undertake in infrastructure projects, utilities and public services. <\/p>\n
\u201cThe proposed amendments allowed the private sector to operate existing projects by injecting the necessary funding for its rehabilitation, development and maintenance to ensure optimal utilization,\u201d he said. <\/p>\n
He added that the draft law includes the creation of a joint committee comprising representatives of the ministries of finance and planning and the Central Unit to participate with the private sector to study the infrastructure projects provided by the administrative bodies and select the projects that can be implemented in partnership with the private sector. <\/p>\n
The draft law also includes the creation of new mechanisms for contracting projects with the private sector, in line with economic changes and the speed of completion of procedures, such as contracting projects submitted by the private sector, by direct agreement or by tender or limited bidding. <\/p>\n
The draft law also included eleminating some of the stages of the pre-contracting procedures to be a pre-qualification stage for projects that require pre-qualification for those wishing to enter into contracts, in addition to reducing the period of grievances issued in the pre-contracting stage. <\/p>\n
Egypt Today<\/p>\n","protected":false},"excerpt":{"rendered":"
Ministry of Finance announced Wednesday the completion of a draft law to amend some provisions of Law No. 67 of 2010 concerning regulating the participation of the private sector in infrastructure projects, utilities and public services. The ministry added in a statement that the law is aimed at simplifying procedures, reducing the timetable for implementation […]<\/p>\n","protected":false},"author":40,"featured_media":136923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[2484,23633,48614],"class_list":["post-136922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-egypt","tag-finance-ministry","tag-private-sector"],"yoast_head":"\n