4 January 2013

Egypt: Qandeel - EGP 20 Billion Yield of Settlements With Investors, Elections Law to Be Ready in 15 Days

Prime Minister Hsiham Qandeel said settlement of contracts and land deals with investors would bring about EGP 20 billion to the state by the end of this year.

Qandeel has stressed that the new year will witness big events including parliamentary elections, adding the transitional period ended with the constitution ratification, but it will be completed by legislative polls.

"We wait the achievement of political and economic boom," added the premier in an address to the opening ceremony of the national initiative for the economic boom, launched by the Cabinet Information and Decision Support Center (IDSC).

He said the settlement of disputes over land contracts with investors will be made though a specialized committee.

The settlements' revenues will reach about EGP 20 billion until late 2013, Qandeel said, adding the money will be used in covering part of the budget deficit.

Qandeel said the initiative followed bilateral meetings with representatives of political parties and powers. The premier highlighted the importance of serious work to combat corruption.

Qandeel vowed to combat corruption across the country with actions. He said fighting corruption is a top priority for his government because corruption would hinder development in Egypt.

PM Qandeel made his comments in an anti-corruption symposium organized by the IDSC.

The government will leave no stone unturned in uprooting corruption, Qandeel said, adding that boosting the role of monitoring bodies is one of measures taken by the government to fight corruption.

The symposium came within the government's efforts to cast alight on the economic development initiative.

On the other hand, Qandeel revealed that the parliamentary elections law will be finalized in 15 days and will later be referred to the Supreme Constitutional Court for review.

Egypt will surpass the transitional period once the parliamentary elections end, Qandeel noted.

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