Egypt: House of Representatives approves draft law related to establishment of banks

Egypt: House of Representatives approves draft law related to establishment of banks

Egypt - The House of Representatives has approved a draft law submitted by the government to amend previous laws related to the establishment of banks.

The draft law aims to control and regulate the legal rules that govern banks, and improve the performance of state-owned banks to serve the Egyptian economy.

The draft law abolished some of the laws regulating the work of these banks so that they are subject to the general rules stipulated in the Central Bank of Egypt (CBE) law.

The draft law aims to unify the legal system to which all banks operate in Egypt. It also aims to liberate the aforementioned banks from legislative restrictions that hinder their development and strengthen their governance.

The draft law also aims to achieve equality among all banks so that they all operate without discriminatory treatment, under the umbrella of the general rules regulating banks operating in Egypt and stipulated in the Central Bank and Banking System Law promulgated by Law No. 194 of 2020.

The draft law included four articles. The first article stipulates canceling the laws related to the establishment of the Arab Federal Bank for Development and Investment, the Egyptian Export Development Bank, and the Agricultural Bank of Egypt (ABE)”, established