Back to the complete issue
Tuesday, 16 June 2020

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.

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.