The Cabinet, during its weekly meeting on Wednesday initially approved a proposal to conclude a partnership agreement between the Public Treasury, the Egyptian Mint and the UK’s Royal Mint to establish a British-Egyptian mint in the Suez Canal Economic Zone, alongside the issuance of an LE2 denomination coin.
This comes out of the Ministry of Finance’s aspiration to establish a partnership beyond transferring technical expertise – more based on participation in the production and operational process – with the aim of settling metallurgical industries in Egypt.
The step aims as well to make Egypt a leading regional hub for the production and minting of Arab, African and Middle Eastern currencies, depending on local inputs in the manufacture, instead of importing it as raw discs.
