{"id":588623,"date":"2023-06-14T00:00:00","date_gmt":"2023-06-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/"},"modified":"2023-06-14T00:00:00","modified_gmt":"2023-06-14T00:00:00","slug":"mps-pass-law-to-unify-banking-regulations","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/","title":{"rendered":"MPs pass law to unify banking regulations"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">MPs pass banking <\/span><span style=\"font-weight:700\">bill<\/span><span style=\"font-weight:700\">: <\/span><span style=\"\">The House o<\/span><span style=\"\">f <\/span><span>Representatives yesterday approved a government-proposed bill that will revoke the establishment laws of the Arab Investment Bank (aiBank), the Export Development Bank (EBank), and the Agricultural Bank of <\/span><span>Egypt<\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The rationale: <\/span><span style=\"\">Each of the banks are regulated by the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba363fe6-92d7-4584-a95d-ee5c9f124acb\" style=\"\">2020 Banking Act<\/a><\/span><span style=\"\"> but also operate under <\/span><span>their<\/span><span> own separate establishment law<\/span><span>s, a couple of which date back more than three decades. The newly-approved bill aims to <\/span><span>align these lenders with the current banking regulations, <\/span><span>ensuring parity among all banks operating in the country <\/span><span>and removing any potential obstacles to restructuring them, said House Economic Affairs Committee Chairman Mohamed Soliman<\/span><span style=\"font-weight:400;\">. This will mean that they will all be regulated exclusively by the Banking Act. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The revoked laws are outdated:<\/span><span style=\"\">aiBank\u2019s establishment law was written to help it carry out its <\/span><span style=\"font-weight:400;\">original purpose to support investment and development projects in the long-defunct Federation of Arab Republics (Egypt, Syria and Libya). Meanwhile, EBank\u2019s establishment law makes no distinction between ownership and management rights and places limitations on who can own shares in the bank, hindering the lender\u2019s restructuring efforts and making it difficult to improve governance.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span style=\"\"> EFG Holding and the Sovereign Fund of Egypt (SFE) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a015541a-1a21-48dd-80d4-3dd23dd9d76b\" style=\"\">acquired a 76% stake<\/a><\/span><span style=\"font-weight:400;\"> in aiBank in 2021.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AND- MPs gave their final approval to several other bills yesterd<\/span><span style=\"font-weight:700;\">ay: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Five bills licensing the Oil Ministry to contract foreign firms<\/span><span style=\"font-weight:400;\"> Eni subsidiary IEOC, BP, and Wintershall Dea to explore for gas in the Med, each in partnership with state-owned EGAS; <\/span><\/li>\n<li><span style=\"font-weight:700\">An EUR 3.3 mn grant to renovate Cairo Metro\u2019s Line 1 and an EUR 1.8 mn grant to renovate Line 2<\/span><span style=\"font-weight:400;\">, both from the European Bank for Reconstruction and Development; <\/span><\/li>\n<li><span style=\"font-weight:700\">A bill making official Egypt\u2019s membership of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/au-afcfta.org\/\" style=\"\">African Continental Freetrade Area (AfCFTA)<\/a><\/span><span style=\"font-weight:400;\">agreement; and<\/span><\/li>\n<li><span style=\"font-weight:700\">A bill changing the name of the Nasser Military Academy<\/span><span style=\"font-weight:400;\"> to the Military Academy for Higher Studies and Strategies. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The House is now taking a week-long break<\/span><span style=\"\"> and will reconvene<\/span><span style=\"font-weight:400;\"> on Tuesday, 20 June. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The establishment laws of aiBank, EBank, Agricultural Bank of Egypt will be revoked<\/p>\n","protected":false},"author":1,"featured_media":588624,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[3360,204,72,2371,274,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-agricultural-bank-of-egypt","tag-banking","tag-enterpriseam","tag-export-development-bank-of-egypt","tag-house-of-representatives","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"ec3ec34a-b90e-46cc-8b90-f876b05fcb56","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/669.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian lawmakers pass law to unify banking regulations. PLUS: Bills on Med gas exploration, EBRD grants for Cairo Metro, AfCFTA, and more","related_issue":[588616],"teaser":"The establishment laws of aiBank, EBank, Agricultural Bank of Egypt will be revoked","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.31630e65-a222-4efc-9aa3-0de186a7bf69.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MPs pass law to unify banking regulations - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MPs pass law to unify banking regulations\" \/>\n<meta property=\"og:description\" content=\"The establishment laws of aiBank, EBank, Agricultural Bank of Egypt will be revoked\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-14T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/669.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"MPs pass law to unify banking regulations\",\"datePublished\":\"2023-06-14T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/\"},\"wordCount\":335,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/669.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Agricultural Bank of Egypt\",\"banking\",\"EnterpriseAM\",\"Export Development Bank of Egypt\",\"House of Representatives\",\"Legislation Watch\"],\"articleSection\":[\"LEGISLATION WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/mps-pass-law-to-unify-banking-regulations\/\",\"name\":\"MPs pass law to unify banking regulations - 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Galal has served as the bank\u2019s deputy chairman since August 2017 while Abul Soud headed up\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/296.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588669,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/this-evening-qia-in-talks-with-sfe-for-stakes-in-seven-hotels-in-egypt\/","url_meta":{"origin":588623,"position":1},"title":"THIS EVENING: QIA in talks with SFE for stakes in seven hotels in Egypt?","author":"enterpriseam admin","date":"14 June 2023","format":false,"excerpt":"Good afternoon, wonderful people. We\u2019re racing towards the final stretch of the week and into the arms of the weekend, with the news cycle beginning to pick up steam here at home.THE BIG STORY TODAY The Qatar Investment Authority (QIA) is reportedly in talks with the Sovereign Fund of Egypt\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/162.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546575,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/export-development-bank-of-egypt-receives-usd-25-mn-from-ebrd-for-smes\/","url_meta":{"origin":588623,"position":2},"title":"Export Development Bank of Egypt receives USD 25 mn from EBRD for SMEs","author":"enterpriseam admin","date":"22 May 2022","format":false,"excerpt":"EBank gets USD 25 mn from EBRD for on-lending to SMEs + women-led businesses: The Export Development Bank of Egypt (EBank) is receiving USD 25 mn financing package from the European Bank for Reconstruction and Development (EBRD) for on-lending to SMEs, the European lender said Thursday. The package includes an\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/276.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598125,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/cbe-boss-presents-draft-banking-act-to-cabinet\/","url_meta":{"origin":588623,"position":3},"title":"CBE boss presents draft Banking Act to cabinet","author":"enterpriseam admin","date":"15 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Central Bank of Egypt Governor Tarek Amer presented to the Cabinet economic group yesterday an amended draft of the Banking Act, Al Mal reports. No further details were provided on the changes, but sources told the local press last month that a revised version of the bill would\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599890,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/central-bank-of-egypt-finalizes-draft-banking-act-sends-to-cabinet-for-review\/","url_meta":{"origin":588623,"position":4},"title":"Central Bank of Egypt finalizes draft Banking Act, sends to Cabinet for review","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"LEGISLATION WATCH- The central bank has finished drafting its new Banking Act and has sent it to the Madbouly Cabinet for review, Youm7 quotes CBE Deputy Governor Lobna Helal as having said yesterday at CI Capital\u2019s MENA Investors Conference. The timing of cabinet\u2019s review remains unclear. CBE Governor Tarek Amer\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547458,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/aibank-returns-to-the-black-in-1q2022\/","url_meta":{"origin":588623,"position":5},"title":"aiBank returns to the black in 1Q2022","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"Arab Investment Bank (aiBank) bounced back from losses last year to generate a net income of EGP 140 mn in 1Q2022, it announced in a statement (pdf) yesterday. The bank had reported a EGP 1 mn loss in the same period in 2021 but entered the black this year on\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=588623"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588623\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/588616"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/588624"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=588623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=588623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=588623"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=588623"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=588623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}