During its plenary session, headed by Counselor Dr. Hanafi Gebali, the House of Representatives approved the articles of the draft law submitted by the government amending some provisions of Law No. 177 of 2018 establishing Egypt’s Sovereign Fund for Investment and Development, and final approval was postponed to a future session, Al-Ahram Gate reported.
The draft law aims to grant the Prime Minister the discretion to determine the competent minister in the field of implementing the provisions of this law in light of the amendments that took place to the competencies of the various ministries. The draft law also included transferring the Fund’s affiliation to the Council of Ministers in a way that ensures periodic follow-up on the Fund’s work and what is accomplished. Tasks in accordance with the competencies assigned to the Fund specified by the aforementioned law, in light of the Fund’s role in contributing to sustainable economic development.
Counselor Hanafi Jabali, Speaker of the House of Representatives, confirmed that the amendments submitted by the government to the Sovereign Fund Law are not related to the Fund’s funds or assets, and the law stipulates that the Fund’s funds are privately owned by the state and not public ownership, and the law regulates the Fund’s funds, accounting standards, and auditing of the Fund’s accounts.
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