Today, the House of Representatives holds a general session chaired by Counselor Dr. Hanafi Gabali to discuss the joint committee report from the Economic Affairs Committee and the offices of the Plan and Budget and Constitutional and Legislative Affairs Committees, on a government-proposed bill for the issuance of the Egyptian Agency for Export and Investment Guarantee law.
The government aims to support Egyptian exports and enhance their regional and international competitiveness through this bill. This initiative will contribute to a surplus in Egypt's trade balance and assist Egyptian exporters, especially in African markets.
It ensures all dues in long-term contracts and addresses obstacles faced by the Egyptian Export Guarantee Company, established by Law No. 21 of 1992. One major hurdle is the company being owned by private individuals, lacking state guarantee, aiming for profits.
The bill encourages and develops Egyptian exports and investments abroad, diversifying and enhancing their competitive capacity. It aims to boost confidence, expand the exporter base, enhance contributions to international supply chains, and explore new markets.
The bill aligns with global practices, recognizing the term agency crucial in corresponding export guarantee agencies. It aims to transform into a national entity promoting and protecting Egyptian exports in international and regional markets.
The bill enhances confidence in the agency's guarantee, following the Central Bank's complete ownership of the Egyptian Export Guarantee Company shares. It includes an increase in capital and an update in jurisdictions, aligning with best practices.
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