House greenlights SFE amendments: The House of Representatives gave final approval for amendments to the law regulating the Sovereign Fund of Egypt yesterday. The amendments secured the body’s preliminary approval on Monday,

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The details: The amendments give the prime minister the power to appoint the minister in charge of the fund — rather than the responsibility falling to the planning minister.They also put the fund directly under the cabinet’s control and change up the fund’s general assembly.

The why: The amendments come in line with July’s cabinet shuffle and have the aim of boosting the SFE’s contribution to the country’s economic development and optimizing the use of its affiliated assets.

ALSO APPROVED AT THE HOUSE-

A whole lotta funding: MPs greenlit a number of foreign agreements that unlock mns in grants.

#1- USD 35 mn from USAID to back higher education initiatives, aiming to create more jobs for graduates to meet the market needs, while also supporting the strategic partnership between Egyptian and American higher education institutions.

#2- EUR 25 mn from the EU to boost job creation, with the aim to improve vocational school graduates’ skills and offer them training programs.

#3- USD 13.5 mn from USAID to support socioeconomically marginalized groups and expand women’s participation in the economy. The funds will also help the Madbouly government improve services offered to local and foreign investors.

#4- USD 2 mn from the African Development Bank to fund a feasibility study for a shipping line linking Victoria Lake and the Mediterranean.

#5- EUR 3.5 mn from the European Bank for Reconstruction and Development to modernize the infrastructure of Cairo Metro Line 1.

There’s more: The House also passed a presidential decree approving the Euro-Mediterranean partnership agreement between Egypt and the EU, which aims to facilitate the flow of Egyptian exports into European markets.

What’s next? MPs will take a break and reconvene again on Sunday, 20 October.

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