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Egypt's Public Prosecution transfers gold to CBE and silver to Ministry of Finance
via Egypt Today1 min read
Egypt’s Public Prosecution announced that on April 21, it transferred gold bullions to the Central Bank of Egypt CBE and over 1.2 tons of silver to the Ministry of Finance. This handover occurred at a ceremony attended by the Ministers of Finance, Local Development, and Housing, Utilities and Urban Communities, along with the Governor of Cairo and other officials. The Public Prosecution stated this action is part of its efforts to manage seized assets, protect public funds, and maximize the value of underutilized resources, emphasizing the economic aspect of its judicial role. It has adopted a systematic approach to managing valuable seized items, focusing on strong governance and oversight to convert idle assets into economic value. The Public Prosecutor also reviewed improvements in managing impounded vehicles, including upgrades to storage facilities and efforts to reduce overcrowding, which led to the return of many vehicles to owners and the clearance of the 15th of May area. Additionally, a new framework for criminal claims management has been introduced, involving digitizing inventories, improving classification, and ensuring regular follow-up and administrative seizure to enhance collection efficiency and protect state rights.
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This summary was AI-generated from a story originally published by Egypt Today.
Egypt and France recently held high-level talks in Cairo to discuss strengthening economic cooperation and addressing the impact of geopolitical tensions on global and regional economies. Ahmed Rostom, Minister of Planning and Economic Development, affirmed Egypt's commitment to fiscal discipline and structural reforms to enhance macroeconomic stability. He highlighted efforts to secure energy supplies, expand strategic reserves, and diversify energy sources, including increased reliance on renewables and exploration. Rostom also mentioned the development of innovative financing mechanisms for infrastructure projects to attract private sector participation. The discussions, which included a French delegation led by Paul Teboul, Assistant Minister of the French Treasury, and French Ambassador to Cairo Eric Chevallier, covered the impact of geopolitical tensions, rising energy costs, and opportunities to deepen economic ties under Egypt’s Vision 2030. Rostom noted Egypt's economy grew by 5.3 percent in the first half of the fiscal year, attributing this resilience to ongoing reforms. The French delegation praised Egypt's policy response to global shocks and expressed readiness to support expanded financial cooperation and investment, particularly in infrastructure and priority development sectors.
The Egyptian Red Crescent ERC announced on Thursday that it has received the 37th group of wounded and ill Palestinians from Gaza via the Rafah border crossing. Concurrently, the ERC dispatched a new humanitarian aid convoy, the 181st "Zad Al-Izzah – From Egypt to Gaza" convoy, carrying over 5,480 tons of supplies to the enclave. This shipment included more than 2,610 tons of food and flour, approximately 1,365 tons of medical, relief, and personal care items, and over 1,505 tons of fuel for hospitals and essential facilities. The convoy also delivered tents, clothing, blankets, and tarpaulins for displaced individuals. The ERC continues to provide humanitarian services at Rafah, assisting patients and their companions with hot meals, clothing, personal care items, and return kits. The total humanitarian aid delivered by the ERC to Gaza has now surpassed 900,000 tons, supported by over 65,000 volunteers.
The Egyptian Exchange has approved the temporary listing of six state-owned companies, with plans to offer their shares for trading within the next six months as part of the government’s IPO program. These companies have a combined issued capital of approximately LE 1.24 billion. Four firms, Al-Nasr Housing and Development, Sinai Manganese, Spring & Transport Needs Manufacturing Co, and the Egyptian Contracting Co. AL Abd, will be listed on the main market. The remaining two, National Asset Management & Investment Company and National Investment and Development NIRCO, will be listed on the SME board. According to Hashem El-Sayed, CEO of the State Ownership Unit, these listings are part of efforts to improve the efficiency of state-owned enterprises and maximize returns on public assets. Omar Radwan, chairman of the exchange, stated that this initiative is expected to deepen the market, boost liquidity, and attract increased local and foreign investment. This follows the listing of six other state-owned firms earlier this month, as Egypt continues to expand its public offerings.
Prime Minister Mostafa Madbouly commenced an inspection tour of the Integrated Sokhna Industrial Zone, a component of the Suez Canal Economic Zone SCZone, to inaugurate nine new industrial facilities. These projects represent a total investment of $182.5 million and span various strategic manufacturing sectors, including engineering and metal industries, pharmaceutical production, textiles, glass manufacturing, chemicals and polyurethane, packaging, and recycling industries. Madbouly emphasized the government's commitment to bolstering local manufacturing and industrial localization through collaboration with the private sector, which he identified as crucial for economic growth. He highlighted that authorities are prioritizing policies to stimulate local investment and attract additional foreign and Arab capital into the industrial sector, aligning with Egypt's goal of becoming a regional manufacturing hub. Madbouly also noted that recent government initiatives aim to foster a more competitive and investor-friendly business environment, promoting the establishment of new production facilities across the country's industrial zones, particularly within the Suez Canal Economic Zone. He stated that the swift expansion of industrial activity in the SCZone indicates increasing confidence among both domestic and international investors in Egypt’s economic prospects and reflects the government's progress in developing a fully integrated ecosystem that connects manufacturing, trade,