Egypt’s parliament approves Senate bill, USD 50 mn EBRD loan agreement
LEGISLATION WATCH- We’re officially getting a Senate again: The House of Representatives’ general assembly signed off yesterday on a bill constituting the Senate as an upper house of parliament, according to Youm7, which has the full text of the bill. The law, which now requires presidential ratification to legally come into effect, will set up a 300-member chamber. One third of the members will be elected through a list system, one third will be elected on an individual basis, and the remaining 100 members will be appointed by the presidency. The bill sets a 10% quota for women in the Senate. Members will be reappointed or elected once every five years.
So, what’s the Senate going to be responsible for? Under the law, the Senate will “give its opinion” on proposed amendments to the constitution and all laws that are supplementary to the constitution, as well as all pacts or agreements related to sovereign rights. The upper house of parliament will also weigh in on the government’s plans for economic and social development, and any other matters the president refers to the Senate that are related to the state’s general policies or its policies on external issues.
Also approved yesterday: A USD 50 mn loan EBRD loan to support the Suez Oil Processing Company’s (SOPC) transition to greater energy efficiency, according to Al Mal. The financing agreement will see SOPC repay the loan in semi annual installments over the course of 13.5 years, following a three-year grace period.