The House of Representatives’ Economic Committee signed off on Egypt’s USD 12 bn bailout agreement with the IMF on Sunday during a joint meeting with members of the Budgeting Committee and Finance Minister Amr El Garhy, Al Mal reports. The committees will prepare a report on the agreement before it’s sent to the House general assembly for a plenary session vote, MPs tell the newspaper.

The House also gave its final nod of approval to the Industrial Permits Act during its plenary session yesterday, Al Shorouk reports. Under the new act, licenses issued will automatically be renewed on an annual basis, replacing the current system of issuing temporary permits valid for 3-5 years. The act aims to cut wait times for industrial licenses to as little as 30 days and guarantees investors will receive licenses if they can prove their facilities meet health, safety, and environmental regulations.