CAIRO – The House of Representatives has given final approval to a draft law submitted by the government to amend some provisions of law no. 177 of 2018 establishing the Sovereign Fund of Egypt (TSFE).
The final approval came during the house session, under Speaker Hanafy el-Gebaly Tuesday.
On Monday, the parliament gave the initial endorsement of the bill following submitting a report on the draft law prepared by a joint ad-hoc committee comprising the parliamentary planning and budget committee and the offices of both the economic affairs and constitutional and legislative affairs committees.
The report was submitted by the head of the parliamentary Planning and Budget Committee MP Fakhri el Fiqi.
Under the approved bill, the prime minister will be mandated to name a minister who will be entitled to implement the provisions of the law, in light of modifications to tasks of the ministries.
The draft law entails transferring the affiliation of TSFE to the Cabinet, in order to maintain regular follow up on the progress of the fund and its contributions to realising sustainable economic development.
The Planning and Budget Committee underscored the significance of the draft law that comes in line with Egypt Vision 2030 and aims to attract private investments along with stimulating joint investment in state-owned assets by both the Egyptian and foreign private sectors.
The Sovereign Fund of Egypt (TSFE) is a private investment fund established in 2018 to shape, manage, and perfect opportunities for investment in state-owned assets.
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