Egypt’s House to extend temporary law to settle building code violations
LEGISLATION WATCH- The House SMEs Committee is set to begin its review of proposed amendments to the 2014 microfinance law once it wraps up discussions on the proposed SMEs Act, to which the committee gave a preliminary nod last month, according to the local press. The Financial Regulatory Authority’s (FRA) board of directors had proposed amendments that would bring dedicated SME lenders (including finance companies and NGOs) under the microfinance law. Proposed amendments would introduce a EGP 20 mn capital requirement for SME lenders and keep the requirement for their microfinance counterparts at EGP 5 mn. They would also allow SME finance providers to be members of a rebranded Egyptian Microfinance Federation.
House to extend temporary law to settle building code violations: The House of Representative approved “in principle” proposals by two MPs that would extend a temporary law to settle building code violations and clarify some of its stipulations, reports Youm7. The changes would, if passed, allow authorities to continue receiving violation settlement requests for six months after amended executive regulations are issued. According to a committee report presented during a House general assembly session, the recently-passed legislation failed to attract the desired number of requests due to “vague articles” and lengthy processes.
In other House news, the House Health Committee approved changes a bill to set up a fund dedicated to mental health, Youm7 reports.