Economic MPs discussed today the investment law and the organization of the Financial Supervision Authority

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The Economic Affairs Committee of the House of Representatives, chaired by Eng. Ahmed Samir, will hold two meetings today, where the draft law submitted by the government will be discussed to amend some provisions of the Investment Law No. 72 of 2017.

The project includes the addition of a final paragraph in Article 12 stipulating that the expansion of existing investment projects shall be given the opportunity to enjoy the special incentives stipulated in Articles 11 and 13 in accordance with the rules and conditions to be determined by a decision of the Council of Ministers.

It also includes the addition of a final paragraph of Article 48 of the law stating that «the signatures of partners or their representatives on the contracts of companies, regardless of the investment system subject to them, shall be ratified against a certification fee of one fourth of the value of the paid capital up to a maximum of ten thousand pounds Or the equivalent of foreign exchange as the case may be, whether ratified in Egypt or with the Egyptian authorities abroad. These provisions shall apply to any amendment in the Company's system.

The committee also completes the discussion of a draft law submitted by the government on the independence and reorganization of the Financial Supervisory Authority. The law provides for the independence of the Commission and its enjoyment of legal personality and technical, financial and administrative independence. It also includes the regulatory, executive and executive powers necessary for the exercise of its functions and the independence of its members And their neutrality.

The committee also discusses a draft law submitted by the government to amend some provisions of the Investment Law issued by Law No. 72 of 2017. The Committee also discusses the budget of the General Authority of Export Development Center of the Ministry of Commerce and Industry and the budget of the Financial Supervisory Authority for the fiscal year 2019/2020.