Date set for finalizing revisions of draft NGOs Act
FinMin to select adviser on eurobond issuance next Thursday: The Finance Ministry will select the investment banks that will advise on its upcoming USD 4-7 bn eurobond issuance, set to take place sometime in 1Q2019, on Thursday, 24 January, local news reports. A number of top tier banks including HSBC, Citi, and JP Chase & Co are reportedly bidding on the mandate. All three, along with Morgan Stanley and National Bank of Abu Dhabi had led past eurobond issuances.
This comes as a number of German investment banks are reportedly looking to bid for the position of legal adviser. As we noted earlier this week, Shalakany Law Office, Zulficar & Partners, Zaki Hashem & Partners, White & Case, and Baker McKenzie, have submitted bids to the Finance Ministry to act as legal advisers.
The final draft of the amended NGOs Act is due to be finalized in March before being sent to the Madbouly Cabinet and parliament, Talaat Abdel Qawi, the head of a national association of NGOs, told Egypt Today. Local civil society, international NGOS and other organizations were apparently involved in consultations about the proposed amendments. President Abdel Fattah El Sisi had called in November for a review of the contentious law, which after being signed into law in May 2017, received criticism from civil society actors and international commentators.
Also coming up in the next few weeks:
- Our friends at AmCham will be hosting ICT Minister Amr Talaat at their monthly luncheon on Sunday, 20 January. You can register for the event here.
- French President Emmanuel Macron is visiting Egypt soon, with the French Chamber of Commerce set to host an investment-focused forum on 28 January.
- The Social Solidarity Ministry should be presenting a draft of the new Social Welfare Act to the House of Representatives sometime soon,according to previous statements by Minister Ghada Wali.
- The Egypt-Sudan electricity grid connection will begin operations in February, Electricity Minister Mohamed Shaker said.
- A government committee mandated with defining Egypt’s informal economy is set to meet for the first time this month.