FRA chairman welcomes endorsement of new civil action bill

CAIRO - 25 August 2019: Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran has welcomed the president's endorsement of a bill to regulate the practice of civil action.

The new law takes into consideration the Egyptian experiment over the past five years as far as funding of micro-sized projects is concerned, Omran said in a statement Sunday.

The FRA has already started outlining rules to regulate activities and determine requirements needed for NGOs to receive permits, Omran noted.

He hailed as "sincere and tangible" efforts exerted by the social solidarity minister to support the funding of micro-sized projects implemented by NGOs.

Under the new law, the NGOs are also allowed to establish or contribute to the establishment of firms and charity investment funds, Omran made it clear.

The bill had already been ratified by parliament in a step meant to pave the way for NGOs to practice some non-banking financial activities.