Cabinet approved a presidential decree on a bill allocating LE 15 billion from the State Budget of the current fiscal year to face the world financial crisis. The bill will be referred to Parliament for endorsement next month at most. The decree comes in light of the President's directives to increase expenditure without additional burdens on the citizens. The expenditure will be directed to the infrastructure projects, said Cabinet Spokesman Magdi Radhi.
Radhi added that LE 7 billion will be allocated for drinking water and sanitary drainage projects; LE 2 billion for roads and bridges; LE 800 million for local development projects in the provinces; LE 400 million for the construction of health units; LE 200 million for upgrading fire equipment; LE 150 million for building 150 schools and LE 182 million for developing goods and services.
The bill has also allocated LE 600 million for upgrading railway lines and the infrastructure of East Port Said Port as well as increasing the capacity of the Red Sea ports. It also allocated LE 2 billion for supporting exports to increase their competitiveness, subsidizing the Delta industrial zones and internal trade. It also includes pumping LE 800 million in the form of customs exemptions for capital goods.
