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.