On 14 September, Egypt’s Cabinet approved in principle a proposal for a partnership agreement between the Egyptian Mint Authority and the British Royal Mint to establish a British-Egyptian mint in the Suez Canal Economic Zone.
According to a Cabinet press release, the Ministry of Finance, to which the Egyptian Mint is affiliated, is aspiring for more than just borrowing technical expertise; the idea behind the partnership is for the Egyptian side to gain hands -on participation in the production and operation process.
The Egyptian government aims to nurture metallurgical industries in Egypt, and the Ministry of Finance is seeking for Egypt to become a hub for the production and minting of coins for Arab, African and Middle Eastern countries. In that, the Ministry aims to rely on local components for the production and minting of local currencies and for those set for export.
In the same meeting, the Cabinet approved the issuance of two-Egyptian pound coins and releasing them in the market.
15 September 2022