Back to the complete issue
Tuesday, 24 December 2019

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.

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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.