CAIRO – 20 November 2023: Egypt’s President Abdel Fattah El Sisi issued on Monday Republican Decree No. 537/2023 to removing Counsellors Ahmed Shoukry Moawed Mohamed of the State Council of his post, along with Maged Nashat Othman Al-Hilali, Vice President of the State Council, from his job.
The decree has been published in the official gazette.
President Sisi also signed on Monday law no. 178 of 2023 giving the green light to the establishment of the Egyptian Export and Investment Guarantee Agency (EEIGA).
The first article of the law stipulates putting into effect all its provisions and its attached law regarding the EEIGA as well as applying law no. 159 of 1981 on joint stock companies, one person companies and limited liability companies.
Article (2) of the law promulgates that the EEIG will replace the Export Credit Guarantee Company of Egypt (EGE).
Also, the Central Bank of Egypt (CBE) will acquire all of the agency’s shares to guarantee exports at a determined value agreed by all parties, within a period not exceeding three months after enacting the law.
The current structure of the agency's board of directors will be maintained, till all procedures of the acquisition and formation of a new board are finalized.
Under the third article, the Egyptian Export and Investment Guarantee Agency name shall be replacing that of the Export Credit Guarantee Company of Egypt, whenever mentioned in the law and relevant resolutions.
Article (4) abolishes law no. 21 of 1992 regarding the establishment of the Export Credit Guarantee Company of Egypt and states that all provisions running contrary to the new law should be repealed.
The fifth article of the law stipulates that the CBE shall issue resolutions to implement provisions of the new law.
The law was published by the official gazette.
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