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Tuesday, 18 August 2020

House of Representatives signs off on law restructuring Egyptian Endowments Authority; covid-19 financing packages

Draft law to restructure the Egyptian Endowments Authority gets preliminary sign-off: The House general assembly yesterday approved in principle a proposed law to restructure the Religious Endowments Authority to bring it under the Religious Endowments (Awqaf) Ministry’s umbrella, and grant the authority the right to manage and invest endowment funds.

Also in the House: Covid-19 financing gets committee-level approval. The House Health Committee approved yesterday a USD 50 mn emergency loan from the World Bank’s International Development Association and a KD 1 mn grant from the Arab Fund for Economic and Social Development to help prevent and detect covid-19 infections and treat cases.

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