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Government studies new law to regulate foreign capital - Daily News Egypt

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Government studies new law to regulate foreign capital

By Ibrahim El-Masry Minister of Planning and International Cooperation Ashraf Al-Arabi said the government is considering drafting a new law to regulate the flow of foreign capital to Egypt whether in investments or funding for non-governmental organisations (NGOs). Speaking during a public session of the Shura Council that tackled the issue of foreign grants and …


By Ibrahim El-Masry

Minister of Planning and International Cooperation Ashraf Al-Arabi said the government is considering drafting a new law to regulate the flow of foreign capital to Egypt whether in investments or funding for non-governmental organisations (NGOs).

Speaking during a public session of the Shura Council that tackled the issue of foreign grants and funding on Monday, Al-Arabi said there is a project to reform and develop the law governing the work of NGOs in Egypt due to their role in achieving the sustainable development, adding that the new law will be filed with the People’s Assembly following its election.

“The position of the government is unchanged with regard to the employment of the USAID [United States Agency for International Development],” Al-Arabi said, adding that the government will not accept any unilateral action and it asked that the aid be stopped.

Only US$150 million have been paid from the USAID to foreign NGOs and the judiciary is now handling the case, he added.

He estimated the current portfolio of grants and loans with all partners at US$5.8 billion, from which 20 percent is grants and the rest loans.

Leader of the majority at the council, Ali Fath Al-Bab, called for speeding up amendments to the law regulating the work of foreign organisations. He asserted that he rejected any bid to violate Egypt’s sovereignty.

 

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