Egypt: No More Paper Cheques in December

 

Cairo- The Egyptian Ministry of Finance intends to implement the Government Fiscal Management Information System (GFMIS) to reform public fiscal management.

Mohamed Maayat, the deputy finance minister for treasury affairs, said the implementation of the GFMIS would have many advantages such as quick e-communication with the finance ministry, planing, providing instant delicate information, and abiding by appropriation determined by the budget.

He added that this system also saves energy and time in preparing final accounts and providing accurate data of expenditures and revenues.

In his statement, Maayat said that there is full integration between the GFMIS and the e-payment system, expecting paper cheques to be out of circulation in Egypt by next December.

In a related matter, the finance minister is preparing to issue a quantity of coins worth more than EGP100 million, double what has been issued last year, to facilitate the work of citizens and businesses.

Further, Infrastructure fund Africa50 has signed a joint development agreement with Scatec Solar and Norfund to fund an eight-million-dollar project to establish an 400 MWP-capacity solar power plants in Egypt.

“These plants represent a significant first step in Africa50’s commitment to working with Egypt, an important shareholder, to improve its power generation capacity,” said Africa50 chief executive Alain Ebobisse. Currently 92 percent of Egypt’s generation capacity of about 36 GW is thermal.

Africa50 is an infrastructure Investment platform that contributes to Africa’s growth by developing and investing in bankable projects, catalyzing public sector capital and mobilizing private sector funding with differentiated financial returns and impact.

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