House amends law to give greater incentives for public institutions to set up non-profit universities

Gamal Essam El-Din , Wednesday 1 Dec 2021

The House of Representatives approved on Tuesday a number of amendments to a draft law submitted by the cabinet that aims to to give public institutions greater incentives to set up more non-profit universities.

Egyptian Parliament
File Photo: Egyptian Parliament during a session. Al-Ahram

The new incentives will allow public institutions to have a say in drafting and changing the internal bylaws of non-profit universities as well as have access to the social services provided by these universities.

The House also approved articles of a draft law submitted by the cabinet on “the regulation and promotion of the use of financial technology in non-banking financial activities.” The draft law will be put up for a final vote in a future plenary meeting.

Mohamed Omran, the head of the Financial Regulatory Authority (FRA), told MPs on Tuesday that the law, once finally passed, will contribute to achieving the principle of financial inclusion and will widen the scope of non-banking financial activities, improving their performance and cutting their cost.

Omran said that the FRA will be solely authorised with implementing the law and taking all the measures necessary to boost and promote the use of modern financial technology (Fin Tech) in non-banking financial activities and the offering of related financial consultancies.

The House also approved another draft law permitting the finance minister to give the Holding Company for Metal Industries (HMCI) a green light to obtain EGP 1.4 billion in finances from local banks in order to pay funds owed to the workers at the Iron and Steel Company who will lose their jobs as the company liquidates.

In return, the HMCI will offer the finance ministry the land assets owned by the Iron and Steel Company.

The House also approved three laws allowing the Ministry of Petroleum and Mineral Resources to conduct t oil prospection operations in the Gulf of Suez, the Nile Delta, and the Western and Eastern Delta.

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