President Sisi endorses law to set up Egyptian Export, Investment Guarantee Agency – Egypt Today

President Sisi endorses law to set up Egyptian Export, Investment Guarantee Agency – Egypt Today

CAIRO – 20 November 2023: Egypt’s President Abdel Fattah al Sisi also signed on Monday law no. 178 of 2023 giving the green light to the establishment of the Egyptian Export and Investment Guarantee Agency (EEIGA).





The first article of the law stipulates putting into effect all its provisions and its attached law regarding the EEIGA as well as applying law no. 159 of 1981 on joint stock companies, one person companies and limited liability companies.





Article (2) of the law promulgates that the EEIG will replace the Export Credit Guarantee Company of Egypt (EGE).





Also, the Central Bank of Egypt (CBE) will acquire all of the agency’s shares to guarantee exports at a determined value agreed by all parties, within a period not exceeding three months after enacting the law.





The current structure of the agency's board of directors will be maintained, till all procedures of the acquisition and formation of a new board are finalized.





Under the third article, the Egyptian Export and Investment Guarantee Agency name shall be replacing that of the Export Credit Guarantee Company of Egypt, whenever mentioned in the law and relevant resolutions.





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