Stock market reacts to geopolitical shifts, EGX30 drops by 0.73%    Egypt, World Bank discuss development strategy at Spring Meetings    Egyptian president meets Russian intelligence chief to discuss regional stability    IMF: Egypt's GDP to grow 3% in 2024, 4.4% in 2025    Egypt issues EGP 500m fixed-coupon T-bonds    US data lifts dollar, yen weakens    US House passes Iran-China crude sanctions    EU pledges €3.5b for oceans, environment    Strategic reductions: Balancing CO2 cuts with economic stability    Prices of electrical appliances drop by 30%    Egypt gears up for launch of massive '500500' oncology hospital    Sydney in turmoil after stabbing of prominent bishop    Russia eyes lunar nuclear energy facility in joint Moon base with China    Prime Minister oversees 'Decent Life' healthcare initiatives, Universal Health Insurance progress    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    US awards Samsung $6.4b chips grant for Texas project    Debt swaps could unlock $100b for climate action    US Steel shareholders approve Nippon Steel buyout    Acts of goodness: Transforming companies, people, communities    Eid in Egypt: A Journey through Time and Tradition    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Tourism Minister inspects Grand Egyptian Museum, Giza Pyramids    Egypt's healthcare sector burgeoning with opportunities for investors – minister    Egypt starts construction of groundwater drinking water stations in South Sudan    Russians in Egypt vote in Presidential Election    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Egypt's powerhouse 'The Tank' Hamed Khallaf secures back-to-back gold at World Cup Weightlifting Championship"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    Egypt builds 8 groundwater stations in S. Sudan    BYD، Brazil's Sigma Lithium JV likely    WFP delivers 1st Jordan aid convoy through Israeli crossing    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Parliament to discuss tenders, auctions draft law within days
Parliament decides percentage of local product within government contracts shall not be less than 15% to encourage local producers to invest, expand projects
Abdel Razek Al Shuwekhi Published in Daily News Egypt on 27 - 06 - 2018

The Egyptian Parliament will hold a general session to discuss and vote on the tenders and auctions draft law within a few days.
Yasser Omar, representative of parliament's planning and budget committee, said that the committee approved the draft law and sent it to parliament's general committee to set a date for a voting session.
Omar added that the planning and budget committee sent its observations and amendments to the draft law to the Ministry of Finance and parliament's general committee to be discussed during the coming general session.
Parliament decided that the percentage of local product within government contracts shall not be less than 15% in order to encourage local producers to invest and expand their projects in the coming period.
Meanwhile, President Abdel Fattah Al-Sisi ratified this week a new law to prefer local products in government contracts.
“We have demanded that the percentages stipulated in the new law be close to those mentioned in the current draft law to avoid any contradictions between the two laws,” Omar said.
The new law obliges the administrative authorities to apply Article 4 of Law 5 of 2015 regarding the preference of Egyptian products in government contracts. The products that meet the required Egyptian industrial component shall be considered the lowest price, as long as the increase in its price does not exceed 15% compared to the lowest unfilled bid.
The tenders and auctions draft law does not only concern pricing standards of various contracts, but also the evaluation of contracts to reach a balanced deal between the parties, Omar said.
Article 24 of the draft law stipulates that the bid evaluation committee shall be obliged to exclude the lowest price bid if its price is extremely low compared to other bids to ensure the execution of the project in accordance with the declared specifications.

Clic here to read the story from its source.