Back to the complete issue
Wednesday, 24 October 2018

Egypt’s House of Representatives agrees on innovation fund, Cabinet okays African investment protection fund

** #2 Egypt to establish fund to cover risk by Egyptian companies investing in Africa: The Madbouly Cabinet’s economic group has voted to approve the establishment of a new insurance fund to cover part of the risks incurred by Egyptian companies investing in Africa, Investment Minister Sahar Nasr said in a statement yesterday. The fund is expected to encourage more Egyptian businessmen to do business around the continent, according to Nasr. No further details were provided.

Big Africa win for Arab Contractors: The announcement comes one day after state-owned Arab Contractors won a mandate for a USD 3 bn hydroelectric dam project in Tanzania.

House of Representatives gives preliminary nod to proposed innovation fund: Parliament gave preliminary approval yesterday to a draft law that would establish an innovation fund to promote innovation and scientific research, Ahram Gate reports. The bill would require private and government universities to provide a one-time contribution equivalent to 5% of their budget to finance the fund and would see universities dish out another 5% each time they see a change of management (the latter being something of an odd provision, if you ask us). The fund would be placed under Higher Education Ministry oversight. Cabinet had approved the draft law last October.

You want to make basic or academic research attractive? Make corporate donations to licensed universities or other institutions tax-deductible. Note to policymakers: That doesn’t mean “tax companies more and give the money to universities.” It means let corporates fund research (at approved institutions) in return for a tax credit or otherwise claim a portion of their donation against their taxes.

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. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of 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; and Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.