Iraq can be saved    Court sentences Geneina to 1 year in prison    Egypt will always remain an oasis of security: Sisi    Egyptian Exchange gains EGP 2 billion on Thursday    China issues regulations for online ride-hailing services    Obama Passes Torch to Clinton, Slams Trump    Turkey warns post-coup crackdown ‘not completed yet'    Carrefour profit falls 59%, hit by FX headwinds    Egypt in the international media    Samsung and Huawei prices increase by 11.1%    US dollar takes a step backward by 50pst following announcement of IMF loan    Death of Egyptian not classified as ‘murder': German Embassy    Shell misses expectations with 70 percent earnings plunge    Egypt's State Council rules in favour of setting minimum wage for journalists    Azhar rejects Egypt govt decision to standardise Friday sermons    Egypt is close to secure lending program with IMF, government    Apple sells more iPhones than expected, shares surge after hours    Egypt demands swift probe into alleged torture to death of citizen in Germany    British delegation agreed MB designation as a terrorist group, MPs    gunman shot dead a police officer in North Sinai    Egypt in the international media    Stoke signs Egyptian teenager Sobhi from Al Ahly Football club for £5 mln    Russia escapes IOC blanket ban for Rio Olympics    Minister of Transport forms committee to prepare a report on Egypt's railway workshops    Egypt govt appeals decision canceling freeze on footballer Abou-Treika's assets    Egyptian Lebanese House to release Shahawy's new book next month    Antiquities Min. to extend Archaeological Transcripts& Books Fair    7 injured in several terrorist attacks across Egypt's North Sinai    Ahly great passes away    Europe in despair    Pharaohs beat the cedars    The politics of water    VAT in the making    Sectarian violence in Minya    Khattab gets Egypt's green light    The case of the missing wheat    Newsreel    The seasonal gleam    ‘I don't want to play the terrorists' game'    Obituary:Abdel-Rahman Abdel-Tawab (1916-2016) Dean of Islamic archaeology    Egyptian parliament will discuss press law after voting for civil service, pension laws    Unilever buys men's grooming brand Dollar Shave Club    Ronaldo pledges to 'come back stronger' after knee injury    Dortmund in talks with Bayern Munich over Goetze return - report    400 tourists visit the temples of Karnak in Luxor    Egypt court sentences 5 Morsi supporters to death for killing judge's son    Court rejects motion to overturn Egyptian novelist Ahmed Naji's 2-year sentence    Egypt's Arab Contractors to finish works on Qasr al-Nil Bridge in 2 weeks    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Government studies new law to regulate foreign capital
Published in Daily News Egypt on 04 - 09 - 2012


By Ibrahim El-Masry
Minister of Planning and International Cooperation Ashraf Al-Arabi said the government is considering drafting a new law to regulate the flow of foreign capital to Egypt whether in investments or funding for non-governmental organisations (NGOs).
Speaking during a public session of the Shura Council that tackled the issue of foreign grants and funding on Monday, Al-Arabi said there is a project to reform and develop the law governing the work of NGOs in Egypt due to their role in achieving the sustainable development, adding that the new law will be filed with the People's Assembly following its election.
“The position of the government is unchanged with regard to the employment of the USAID [United States Agency for International Development],” Al-Arabi said, adding that the government will not accept any unilateral action and it asked that the aid be stopped.
Only US$150 million have been paid from the USAID to foreign NGOs and the judiciary is now handling the case, he added.
He estimated the current portfolio of grants and loans with all partners at US$5.8 billion, from which 20 percent is grants and the rest loans.
Leader of the majority at the council, Ali Fath Al-Bab, called for speeding up amendments to the law regulating the work of foreign organisations. He asserted that he rejected any bid to violate Egypt's sovereignty.


Clic here to read the story from its source.