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7:57 pm
Wednesday 04 November 2020
Books – Youssef Afifi:
The Council of Ministers, led by Dr. Mustafa Madbouly, approved a series of important decisions during Wednesday’s weekly cabinet meeting.
Masrawy monitors these decisions as follows:
1- The Council of Ministers approved a bill to enact the Sovereign Sukuk Law, which stipulates that “the provisions of the law shall apply to sovereign instruments, and the provisions of any other law that contradicts its provisions shall not apply to they”. And “The Prime Minister shall issue the executive regulation of the law within the three months following the date on which this law came into force, at the proposal of the Minister of Finance, and after consulting the General Authority for Financial Supervision and the Financial Supervision Committee. Supervision stipulated by law.
The same law stipulates in its second article that “the issuer (the Ministry of Finance), exclusively, can issue sovereign sukuk in all its forms, and the proceeds of the issuance are used to finance the general budget of the state and to finance projects of investment, economic and development listed in the budget in the form issued. A decision of the competent minister, after agreement with the minister in charge of planning matters, and a special account or more will be opened in the central bank in which the income is deposited.
The law also stipulates that sovereign sukuk are issued in the form of a paper or electronic certificate with the specifications specified by the executive regulation, and will be nominal, of equal value, indicating the age of the instrument in Egyptian pounds, or in foreign currency, to through public or private offerings in the local market or in the markets. International.
The law also stipulates that sovereign sukuk are issued in any of the forms compatible with the issuance contract, and executive regulations specify the forms of sovereign sukuk, including mudaraba, murabaha, leasing, Istisna ‘and wakala.
The law also includes provisions related to the sukuk authentication and circulation process, the rights of the sukuk owners, and the legally established obligations for the beneficiary of the assets taken as the basis for issuing the sukuk. The articles of the law also include the rules for the conservation of sukuk that are offered inside and outside the Arab Republic of Egypt.
The law includes a chapter on the assets on which the sukuk are issued, and another chapter on the company with a special purpose that will be established under this law and whose purpose is to administer and implement the sovereign sukuk issuance process for the benefit of the agency. transmitter. Execution of the product of the subscription agreed for the issuer and other functions.
The articles of the law also included the method of formation of the control committee, its work system, its headquarters and its functions, as well as other articles related to the methods of dispute resolution and sanctions.
2- The Council of Ministers approved bills related to three oil commitment agreements; For oil exploration, the first bill is a bill authorizing the Minister of Petroleum and Mineral Resources to contract the General Petroleum Corporation of Egypt and the two companies “IOC Production BV” and “Lukoil Overseas Egypt Ltd.” to seek, develop and exploit oil in the Mleiha Integrated Development Zone in Western Sahara. And the second bill is a bill authorizing the Minister of Petroleum and Mineral Resources to contract with the General Petroleum Corporation of Egypt and BP Egypt. To seek, develop and exploit oil in the South Gharib marine development zone in the Gulf of Suez, and the third bill is a bill authorizing the Minister of Petroleum and Mineral Resources to contract with the Egyptian Company South Valley Petroleum Holding Company and the Egyptian National Petroleum Exploration and Development Company; Search for oil and exploit it in the “Wadi Deb” region in the Eastern Desert.
3- The Cabinet approved the President’s draft decision on the aid grant agreement between the Arab Republic of Egypt and the United States of America in relation to comprehensive economic governance, signed in Cairo on September 30, 2019.
4- The Cabinet approved the request of the Ministry of Local Development to complete the purchase of the petroleum product needs of the Alexandria Governorate, from the Petroleum Cooperative Society.
5- The Council of Ministers approved the transfer of the lattice building located on plot 7 of El-Torgoman Street to the Arab Contractors Company, in accordance with the current sales regulations of the Egyptian Endowments Authority. Transferring all the occupants of the Souq al-Ataba Triangle area, as a first stage, to accelerate the start of market development work.
6- The Council of Ministers agreed to offer a complementary phase to the seventh phase of the Beit Al-Watan project for the lands of Egyptians abroad, provided that the New Urban Communities Authority sets the prices, in accordance with current regulations in The authority.
7- The Cabinet agreed to allow the National Tunnel Authority to contract with the Alliance of Chinese Companies (AVIC – CREC); Implement the expansion of the electric train project in its second and third stages.
8- The Council of Ministers approved a draft decision of the Prime Minister, which establishes that the therapeutic assets (health units, therapeutic warehouses and nursing schools) within the jurisdiction of Port Said will be transferred to the Public Authority of Attention of the Health, provided that the Public Health Authority replaces these entities in all their rights and obligations in relation to these assets.
9- The Council of Ministers approved the license for the South Sinai Governorate to establish a joint-stock company. Manage investment projects, tourism and services owned by the governorate, in support of the latter in the performance of its development function, within the framework of completing the process of construction and development of the land of the South Sinai, relying on resources own of the government.
