Egy increases inv. in green economy by 40%/ Australian consortium to launch $875M phosphoric acid production plant/ OPEC+ weighs fresh production cuts
In this regard, the economic and social development plan reflects the keenness to monitor all projects and initiatives of the various awarding bodies that have an environmental impact and support sustainable green growth, with the aim of raising the percentage of investments directed to the green economy from its current level, from 30% to about 40% of the total public investment in 2023/2024, and up to 50% by 2024/2025.
The Ministry of Communications and Information Technology and the German Agency for International Cooperation in Egypt (GIZ) signed an agreement to implement the first phase of the project to support e-government and innovation In the Public Administration (INNOPA), with a grant of €8 million out of a total of €17.5 million.
The consortium will establish a company named Osiris to implement the project which will be located in the city on the Red Sea coast, with a total annual production capacity of 692K tons.
The plant will be executed in two phases; the first phase will cost $312 million in investments to produce 346,000 tons of phosphoric acid, while the second phase will be implemented with investments of up to $563 million.
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The House of Representatives approved new amendments to the Income Tax Law no.91/2005?with the goal of increasing the annual income tax exemption from LE 24,000 to LE 36,000.
Changes included implementing a 27.5% tax on individuals earning an annual income over LE 1.2 million, compared to the previous rate of 25%.
There are growing signs that major oil producers led by Saudi Arabia and Russia are considering slashing production further when they meet on Sunday in a bid to prop up prices.
The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including Russia, to review the grouping's future output policy.
The Central Bank of Egypt (CBE) will launch a tender for one-year treasury bills denominated in the American currency, at a value of $540m, on Monday.
The proceeds of this tender will be used to pay off a previous tender that was offered on 7 June 2022, through which the Central Bank obtained $565.1m.