Back to the complete issue
Thursday, 16 July 2020

Cabinet approves EBRD, IBRD facilities, amendments to harassment law

CABINET WATCH- Cabinet approves EBRD, IBRD facilities, amendments to harassment law, others: The cabinet approved amendments to a draft law governing harassment, to further clarify the term as an abuse of power, intimidation and/or ridicule over gender, race, religion, physical conditions, mental health, or social status, a statement said on Tuesday. Offenders will face six months in jail and a fine of EGP 10-30k, or EGP 20-100k if the perpetrator abuses a dependent.

Other bills and measures approved by the Cabinet on Tuesday:

  • A USD 95 mn facility from the Opec Fund for International Development to support SMEs.
  • A EUR 150k grant from Spain to finance creating job opportunities for young people.
  • A USD 50 mn facility from the International Bank for Reconstruction and Development to support the state’s efforts to combat the covid-19 pandemic.
  • Amendments to taxation policy, regarding transferring revenue and preventing the erosion of the tax base, based on the 2016 Paris Agreement, which Egypt acceded to the following year.
  • Amendments to a draft law governing higher learning institutions allowing the Education Ministry to modify teaching systems in exceptional circumstances such as the covid-19 pandemic.

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.