Egypt’s Cabinet approved on Wednesday, a draft decision to pardon the remaining sentence of some convicts, on the occasion of the celebration of Police Day and the January 25 Revolution for the year 2025.
During its meeting, the cabinet, chaired by Prime Minister Mostafa Madbouli, has also approved a new mechanism to settle LE 60 billion in overdue payments owed to export companies through the Export Development Fund.
The move aligns with President Abdel Fattah El Sisi’s directives to support the export sector and strengthen its role in the national economy.
From 2019 to 2024, the government disbursed EGP 70 billion to approximately 2,500 companies. The new mechanism aims to complete the payment of remaining dues, offering flexible options tailored to companies’ needs.
The first phase will release 40–50% of the outstanding amounts, providing much-needed financial support while balancing government resources.
The ministers also reviewed the final draft of the new labor law, which was previously approved in the 18th government meeting on November 6.
The meeting reached a number of other comments raised, in preparation for sending the final version to the parliament.
The Cabinet also approved, during its meeting a draft presidential decree regarding Egypt’s contribution to financing the fifth phase of the International Monetary Fund’s Middle East Technical Assistance Center (METAC) program, in support of the center’s role in providing technical and technological support to the countries of the Middle East and North Africa region, to assist in developing financial and monetary policies.
Egypt is one of the founding countries of the METAC, contributing to its financing, and benefiting from the technical support provided through it to member states.
Egypt will also host a number of the METAC meetings, and it is scheduled to sign a memorandum of understanding (MoU) regarding the Egyptian contribution to financing the fifth phase during the Center’s celebration in Cairo on the 20th anniversary of its establishment.
The Cabinet also approved a draft presidential decree regarding decisions of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) Nos. 259 and 260 regarding amending the agreement establishing the EBRD, to enable the geographical expansion of its operations in Sub-Saharan Africa and Iraq, to enhance the Bank’s activity in economic development.
Removing legal restrictions on the capital for regular operations was also discussed in order to protect the financial soundness and sustainability of the EBRD.