Draft legislation to allow Finance Ministry to serve as loan guarantor for subsidiaries

The Council of State plans on sending draft legislation to the House of Representatives this month that will allow the Finance Ministry to serve as guarantor for state companies in loan agreements with local and international banks and funding institutions, a top Finance Ministry official tells Al Shorouk. Progress on a number of Egyptian Electricity Transmission Company projects is reportedly stalled until the legislation is issued, including the 250 MW wind farm that Toyota, Orascom, and GD France are developing in Gulf of Suez, the official explains.