Economic Conference projects threatened by bureaucracy routine

A government source said the presidency had inquired about the recent developments in the projects launched during the Sharm El-Sheikh Economic Conference in March, in order to sign contracts and begin implementing them during the opening ceremony of the New Suez Canal in August.
The anonymous source said the presidency had asked for an urgent response from the government in this regard, after receiving reports that most of the projects face obstacles from the relevant ministries.
The source said the ministries insisted on handling the projects in accordance with the standard tender procedures, which may take up to a year, contrary to the directives of President Abdel Fattah al-Sisi, who had requested to implement the projects immediately.
The source added that most ministries decline assigning projects by direct orders, even within the scope of their legal competence, and that Finance Minister Hany Kadry Demian is not willing to issue letters of guarantee for basic infrastructure projects, such as the construction of roads, bridges, power plants, ports and railways, requesting that they be guaranteed by foreign funds that the relevant ministries receive.
The source pointed out that the only project that has kicked off so far is that of the German Siemens company, the foundation stone of which would be laid during the August ceremony.
Edited translation from Al-Masry Al-Youm

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