Back to the complete issue
Thursday, 17 January 2019

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.

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.