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Thursday, 1 June 2017

Cabinet signs off on amended Consumer Protection Act, will create a single regulator for Nile transportation and commercial traffic

The Ismail government signed off on amendments to the Consumer Protection Act during its weekly meeting on Wednesday, according to a Cabinet statement. The amendments had stirred tension in the business community, particularly provisions that would allow the government to set price controls. Cabinet also began discussing amendments to the Companies Act announced by the Investment and International Cooperation Ministry had issued last week that aim to protect minority shareholder rights by forcing longer notice periods of general assemblies. Discussion is expected to continue at cabinet’s next meeting. Other decisions yesterday included:

  • Approving a draft bill that would establish a single agency to govern all river transport and commercial traffic on the Nile;
  • Approving amendments to the criminal code to that will impose a prison sentence of 15-20 years on individuals found guilty of kidnapping, with the penalty rising to life in prison or a death sentence if the kidnapping is linked to other crimes;
  • Approving a USD 88.6 mn loan agreement with the Japanese International Cooperation Agency to fund the creation of an Egyptian-Japanese education curriculum.

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