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Egypt has potential to be a regional economic hub .

 Egypt has potential to be a regional economic hub . Egypt has done well regarding the implementation of its economic reforms and the government’s performance amid the pandemic, and it has the potential to serve as a regional economic hub, Merza Hasan, the dean of the Board of Executive Directors at the World Bank Group . Hasan said that his visit to Egypt aims mainly to cement the WBG’s strong partnership with the government of Egypt and renew its commitment to supporting Egypt’s second wave of reforms through the WBG’s new strategy for the coming five years: ‘The Country Partnership Framework (CPF)...

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New Unified Finance Law to merge two pieces of legislation into a single bill .

New Unified Finance Law to merge two pieces of legislation into a single bill: Finance minister . Egypt’s Minister of Finance Mohamed Maait told MPs in a plenary session on Sunday morning that the new Unified Finance Law represents a radical step towards upgrading the process of drafting the state’s annual budget. “This will come through merging two pieces of legislation — the one regulating the annual state budget and the one dealing with government accounting — into a single bill,” said Maait, adding that “the new law will push the economy into the direction of observing new automation methods and abiding...

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Egypt to raise public investments to EGP 933 bln in FY2021/22.

Egypt to raise public investments to EGP 933 bln in FY2021/22 . Egypt is aiming to increase public investment allocations significantly in the current FY2021/22 to EGP 933 billion, up from EGP 637 billion in FY2020/21, the Ministry of Finance announced on Thursday in a report. The report contained a rundown of the key indices of the country’s economic performance amid the pandemic. It noted that all international financial institutions, global development banks, and credit ratings have concurred on the Egyptian economy’s resilience in the face of external shocks. Additionally, Egypt’s budget achieved a 1.5 percent initial surplus in FY2020/21, according to the report. Furthermore,...

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Egypt wins membership of International Law Commission for 2023-2027.

Egypt wins membership of International Law Commission for 2023-2027 . Egypt’s candidate, Ambassador Ahmed Fathallah, was elected member of the International Law Commission for the period from 2023 to 2027 after securing 159 votes in the elections at the UN premises in New York. Established by the United Nations General Assembly (UNGA) in 1947, the International Law Commission is in charge of helping develop and codify international law. The commission is made up of 34 experts with academic and legal expertise in the field of international law elected by the UNGA every five years. Fathallah will represent Africa at the commission, thus reflecting the...

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Developing countries need financial support to face climate change: Sisi at COP26

Developing countries need financial support to face climate change: Sisi at COP26. ​Egypt’s President Abdel-Fattah El-Sisi called on developed countries on Monday to fulfill their pledge to provide $100 billion annually to developing countries to address the effects of climate change. "We are concerned about the gap between the available funding and the actual requirements for developing countries to face climate change," the Egyptian president said in a speech delivered to the UN Climate Change Conference Summit (COP26), which is being held in Glasgow, UK.   He also expressed his concern about the obstacles facing developing countries to access the funding necessary to confront climate...

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Egypt’s Senate approves new law that maximises the economic value of biological resources

Egypt's Senate approves new law that maximises the economic value of biological resources. The Senate’s Deputy Speaker Bahaa El-Din Abu Shoqa said that the law is a necessary step as Egypt is rich in natural resources and biological diversity and that these resources should be preserved to achieve environmental balance and push the country’s socio-economic development plans forward. A report prepared by the Senate’s Energy and Environment Committee said that Egypt has a wealth of 30,000 rare plant and animal species and that most of these have an economic value. According to the report, the term “biological resources” includes animal and plant species that live inside and...

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Proposed legislative amendments to Supreme Constitutional Court’s law, new safeguards for the economy.

Two new legislative amendments would give the Supreme Constitutional Court the right to revise international arbitration rulings if proven harmful to the local economy. Egypt’s House of Representatives is expected next week to discuss new controversial amendments to the law regulating the performance of the Supreme Constitutional Court (48/1979). Ibrahim Al-Heneidi, head of parliament’s Legislative and Constitutional Affairs Committee, told reporters he had received a message from the general assembly of the Supreme Constitutional Court (SCC) saying it supported two government-drafted amendments to Law 48/1979. The amendments will allow the SCC to revise international rulings and foreign agreements which might affect Egypt’s economic...

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