{"id":649417,"date":"2024-10-09T00:00:00","date_gmt":"2024-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/09\/mps-approve-amendments-to-the-law-regulating-the-sovereign-fund-of-egypt\/"},"modified":"2024-10-09T00:00:00","modified_gmt":"2024-10-09T00:00:00","slug":"mps-approve-amendments-to-the-law-regulating-the-sovereign-fund-of-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/09\/mps-approve-amendments-to-the-law-regulating-the-sovereign-fund-of-egypt\/","title":{"rendered":"MPs approve amendments to the law regulating the Sovereign Fund of Egypt"},"content":{"rendered":"

House greenlights SFE amendments: <\/strong>The House of Representatives gave final approval for amendments to the law regulating the Sovereign Fund of Egypt yesterday. The amendments secured the body\u2019s preliminary approval on Monday<\/a>,<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The details: <\/strong>The amendments give the prime minister the power to appoint the minister in charge of the fund \u2014 rather than the responsibility falling to the planning minister.They also put the fund directly under the cabinet\u2019s control and change up the fund\u2019s general assembly. <\/p>\n

The why:<\/strong> The amendments come in line with July\u2019s cabinet shuffle<\/a> and have the aim of boosting the SFE\u2019s contribution to the country\u2019s economic development and optimizing the use of its affiliated assets.<\/p>\n

\n

ALSO APPROVED AT THE HOUSE-<\/p>\n

A whole lotta funding: <\/strong>MPs greenlit a number of foreign agreements that unlock mns in grants. <\/p>\n

#1- USD 35 mn from USAID <\/strong>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.<\/p>\n

#2- EUR 25 mn from the EU to boost job creation<\/strong>, with the aim to improve vocational school graduates\u2019 skills and offer them training programs.<\/p>\n

#3- USD 13.5 mn from USAID <\/strong>to support socioeconomically marginalized groups and expand women\u2019s participation in the economy. The funds will also help the Madbouly government improve services offered to local and foreign investors. <\/p>\n

#4- USD 2 mn from the African Development Bank<\/strong> to fund a feasibility study for a shipping line linking Victoria Lake and the Mediterranean.<\/p>\n

#5- EUR 3.5 mn from the European Bank for Reconstruction and Development <\/strong>to modernize the infrastructure of Cairo Metro Line 1. <\/p>\n

There\u2019s more:<\/strong> 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.<\/p>\n

What\u2019s next?<\/strong> MPs will take a break and reconvene again on Sunday, 20 October.<\/p>\n","protected":false},"excerpt":{"rendered":"

The amendments secured the body\u2019s preliminary approval on Monday<\/p>\n","protected":false},"author":1,"featured_media":649418,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[571,72,7192,274,180,187,370,501],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-649417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-ebrd","tag-enterpriseam","tag-eu","tag-house-of-representatives","tag-legislation","tag-legislation-watch","tag-sovereign-fund-of-egypt","tag-usaid","wpautop","entry"],"acf":{"mongo_id":"0a0466a0-6cf0-48cf-bd9c-306266b1a05a","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/662.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MPs approve amendments to the law regulating the Sovereign Fund of Egypt","related_issue":[649403],"teaser":"The amendments secured the body\u2019s preliminary approval on Monday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.d2045308-4ce9-44e9-b0ee-5d55b6f48107.mp3"},"yoast_head":"\nMPs approve amendments to the law regulating the Sovereign Fund of Egypt - 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\/2024\/10\/09\/mps-approve-amendments-to-the-law-regulating-the-sovereign-fund-of-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MPs approve amendments to the law regulating the Sovereign Fund of Egypt\" \/>\n<meta property=\"og:description\" content=\"The amendments secured the body\u2019s preliminary approval on Monday\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/09\/mps-approve-amendments-to-the-law-regulating-the-sovereign-fund-of-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-09T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/662.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\" 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entity","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/541.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571994,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/house-approves-sovereign-fund-of-egypt-law-public-enterprises-act-bill-regulating-a-reborn-senate\/","url_meta":{"origin":649417,"position":1},"title":"House approves Sovereign Fund of Egypt law, Public Enterprises Act, bill regulating a reborn Senate","author":"enterpriseam admin","date":"8 June 2020","format":false,"excerpt":"LEGISLATION WATCH- House approves sovereign fund law, Public Enterprises Act, ships them off to Maglis El Dawla for review: The House of Representatives\u2019 plenary session gave near-final approval yesterday to proposed amendments to the sovereign fund law and shipped the bill to the Council of State (Maglis El Dawla) for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/81.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626943,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/egypts-sovereign-wealth-fund-to-be-exempt-from-taxes-on-transactions-with-subsidiaries\/","url_meta":{"origin":649417,"position":2},"title":"Egypt\u2019s sovereign wealth fund to be exempt from taxes on transactions with subsidiaries","author":"enterpriseam admin","date":"16 July 2018","format":false,"excerpt":"LEGISLATION WATCH- Egypt\u2019s sovereign wealth fund will be exempt from paying taxes on transactions with any of its subsidiary funds. The House of Representatives\u2019 Budget Committee reached an agreement yesterday with Finance Minister Mohamed Maait to tax only transactions with non-affiliates, Youm7 reports. We reported on Sunday that amendments had\u2026","rel":"","context":"In "Speed Round"","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":654015,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/27\/investment-minister-hassan-el-khaitb-will-manage-the-sfe-following-legislative-amendments\/","url_meta":{"origin":649417,"position":3},"title":"Investment Minister Hassan El Khaitb will manage the SFE following legislative amendments","author":"enterpriseam admin","date":"27 October 2024","format":false,"excerpt":"Under the amendments the fund will also be directly under the cabinet\u2019s control and deemed a cabinet-affiliated fund","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/546.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571957,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/07\/amendments-to-the-sovereign-fund-law-are-up-for-final-parliamentary-review-and-vote-today\/","url_meta":{"origin":649417,"position":4},"title":"Amendments to the sovereign fund law are up for final parliamentary review and vote today","author":"enterpriseam admin","date":"7 June 2020","format":false,"excerpt":"LEGISLATION WATCH- Sovereign fund law is up for plenary discussion in parliament today: Proposed amendments to the Sovereign Fund of Egypt (SFE) law, which the House Planning and Budget Committee approved in February, will be up for discussion in the House of Representatives\u2019 general assembly today, Al Mal reports. The\u2026","rel":"","context":"In "Speed Round"","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":604678,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/10\/house-happy-with-competition-act-amendments-votes-to-extend-real-estate-tax-collection-period\/","url_meta":{"origin":649417,"position":5},"title":"House happy with Competition Act amendments, votes to extend real estate tax collection period","author":"enterpriseam admin","date":"10 December 2018","format":false,"excerpt":"LEGISLATION WATCH- House gives preliminary nod to Supply Affairs Law, Competition Act amendments: The House of Representatives\u2019 general assembly have preliminary approval to proposed amendments to the Supply Affairs Law and the Egyptian Competition Act, but postponed its final vote due to lack of quorum, Al Ahram reports. The amendments\u2026","rel":"","context":"In "Speed Round"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/649417","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=649417"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/649417\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/649403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/649418"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=649417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=649417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=649417"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=649417"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=649417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}