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The Cabinet approved a draft law on organizing and developing the use of financial technology in non-banking financial activities.
The draft law comes within the framework of enhancing financial inclusion, working to expand the base of beneficiaries of non-banking financial activities, raising their efficiency, and reducing the costs necessary to benefit from these activities and services.
The draft law stipulates that the Financial Supervisory Authority is the only competent administrative authority to implement the provisions of this law, and to take all necessary measures to promote and develop the use of modern and innovative financial technology systems in any of the areas of non-banking financial activities and to provide financial advice related to it.
In order to achieve the objectives of this law, the Financial Supervisory Authority may take measures to establish companies subject to its provisions, grant licenses and approvals necessary to carry out the activities stipulated in it, and use technological applications to ensure compliance with the established laws and rules in a way that contributes to the Authority’s supervisory role over the entities subject to it regarding compliance with standards Transparency and governance, protecting dealers in non-banking financial markets, and adopting modern and innovative technological tools to facilitate dealing with the non-banking financial sector in the use of financial technology.
The draft law came in 6 issuance articles and 24 drafted articles, which laid down the general framework governing the use of financial technology in the provision of non-banking financial services, as it clarified the technical provisions regulating the use of technology in carrying out these activities, as well as the legal provisions related to the rules for obtaining licenses and the necessary approvals. To carry out the activity, and the related provisions for protecting dealers in these activities and maintaining the confidentiality of their data and information and the control mechanisms over the entities that will work in these activities.
The Cabinet also approved the President’s draft decision regarding the first amendment to the aid grant agreement between the Arab Republic of Egypt and the United States of America on comprehensive economic governance, signed in Cairo on 9/29/2020.
The First Amendment aims to add $ 22,838,000 to the aid grant amount, bringing the total amount of USAID commitments to $ 50,513,000, in order to continue to focus on comprehensive economic governance activities aimed at increasing accountability and accountability mechanisms to reduce corruption. , Increasing the efficiency of public institutions, and reducing obstacles that prevent the participation of women and marginalized communities at the economic and social levels.
The Cabinet approved the President’s draft decision regarding approval of the African Development Bank’s Board Decision No. 21/2020 issued on 10/21/2020 regarding the allocation of the bank’s capital shares within the framework of the rules for transferring ownership of shares available for subscription during the period ending on May 31, 2020. And the underwriting instrument of the Arab Republic of Egypt within the framework of the sixth general increase of the bank’s capital.
The Council of Ministers also approved a draft decision of the President of the Republic regarding the approval of the exchange of letters between the government of the Arab Republic of Egypt and the government of Japan regarding the Japan International Cooperation Agency (JICA) offering to the Egyptian government a policy development loan for the development of the electricity sector, worth 25 billion Japanese yen, for the purpose of implementing the reform program In the Arab Republic of Egypt, signed in Cairo on 2/15/2021.
The aim of the reciprocal letters is to implement the reform program in the Arab Republic of Egypt, which is implemented within the framework of both the African Development Bank program to promote green growth and support the electricity sector, and the French Development Agency program to finance development policies for the electricity sector.
The Cabinet approved the result of the Finance Ministry’s study of the Beni Suef governorate’s request to dispose of selling an area of about 2053 acres in Wadi Senour district, Beni Suef Center, for one of the companies – occupying it – for the purpose of reclamation and cultivation.
The Council of Ministers approved the decisions and recommendations issued by the meeting of the Ministerial Committee for Settlement of Investment Disputes in its session No. 76, held on 3/29/2021.
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