{"id":618213,"date":"2024-04-04T00:00:00","date_gmt":"2024-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/04\/cabinet-greenlights-regs-for-building-reconciliation-act-much-more\/"},"modified":"2024-04-04T00:00:00","modified_gmt":"2024-04-04T00:00:00","slug":"cabinet-greenlights-regs-for-building-reconciliation-act-much-more","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/04\/cabinet-greenlights-regs-for-building-reconciliation-act-much-more\/","title":{"rendered":"Cabinet greenlights regs for Building Reconciliation Act + much more"},"content":{"rendered":"

Ministers had a busy cabinet meeting yesterday:<\/strong> The Madbouly cabinet yesterday greenlit<\/a>a<\/a>raft of decisions<\/a> in their weekly meeting. Among the most notable are: <\/p>\n

#1- Inching closer to the executive regs for building reconciliation: <\/strong>The ministers approved the executive regulations<\/a> for the new Building Reconciliation Act. The long-awaited law is set to make it easier for owners of unauthorized buildings built until 15 October 2023 to legalize their properties in return for paying a reconciliation fee, and to set a clear procedure for the process.<\/p>\n

We have been waiting for weeks now:<\/strong> Justice Minister Omar Marwan had said that the regulations will be out no later than 22 February<\/a>, but the date came and went with no updates. The cabinet didn\u2019t provide a date for when we can expect the regulations, but said that they will come in effect 30 days after they are published. <\/p>\n

Remember: <\/strong>The law was ratified<\/a> in December and ever since thousands of violators had their ration cards revoked and a number of those working in related government units have been dismissed from their jobs.<\/p>\n

** We dove into the ins and outs of the new act in a Hardhat <\/strong>last year<\/a><\/strong>.<\/strong><\/p>\n

#2- New subsidized loan program gets the greenlight:<\/strong> The cabinet also approved<\/a> the new EGP 120 bn program of subsidized loans for manufacturers in freezones as well as agriculture and renewable energy companies \u2014 which offers financing at an interest rate of 15%. Finance Minister Mohamed Maait unveiled<\/a> the program earlier this week. <\/p>\n

#3- Competition Act executive regs amended:<\/strong> The cabinet approved amendments to executive regulations of the Competition Act, which will add a section on economic concentration. Under the amendments, the Egyptian Competition Authority will be responsible for evaluating economic concentrations\u2019 impacts on the competitive landscape and intervene if necessary.<\/p>\n

SOUND SMART-<\/strong> Economic concentration refers to a market where a small number of firms control a large share of the industry.<\/p>\n

#4- Amendments to importers registry regulations:<\/strong> The Madbouly cabinet also approved amendments to the law regulating the importers registry with the aim of facilitating the registration process for importers. The amendments include allowing companies with FX capital to pay the registration fee in FX, allowing companies to re-register after undergoing changes, and allowing heirs of sole proprietorship to re-register it within a year of the original owner's death. The amendments also cover the settlement of registry-related cases in exchange for a fine. <\/p>\n

THE CABINET ALSO <\/strong>APPROVED<\/a><\/strong>-<\/strong><\/p>\n