Back to the complete issue
Monday, 24 July 2017

Cabinet approves amendments to ACA law during weekly meeting

The Ismail government approved on Thursday amendments to the law regulating the Administrative Control Authority (ACA), granting the nation’s top anti-corruption watchdog complete technical, financial, and administrative autonomy, according to a Cabinet statement. The amendments stipulate that the ACA is now affiliated with the presidency, rather than the prime minister, and the head of the ACA will be appointed by presidential decree. The amendments also widen the scope of the authority’s responsibilities pertaining to investigating incidents of illicit gains and FX-related crimes.

Other key decisions during Thursday’s cabinet meeting included:

  • Allocating a portion of the Social Housing Fund’s accumulated interest to compensate contractors building affordable housing in the Red Sea governorate for losses incurred from the EGP float;
  • Signed off on decisions and recommendations from Cabinet’s Investment Dispute Resolution Committee;
  • Ratified a bundle of decisions from Cabinet’s engineering committee to develop social housing projects nationwide.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.