Egyptian Parliament approves amendments to Future of Egypt agency law

Egypt's Parliament has given final approval to a draft law aimed at reorganizing the "Future of Egypt" agency, a key economic development arm of the state. The legislative committee, in conjunction with 17 other committees, has introduced several significant amendments to the government's proposal.

Among the most notable changes is the restoration of comprehensive oversight by the Central Auditing Organization, reversing a previous clause that limited its role to annual performance indicators. The agency will now also be responsible for its own social insurance contributions, a shift from the general treasury bearing this cost, aligning it with other state economic entities.

Further amendments address the agency's financial autonomy and transparency. The absolute tax exemption previously granted to the agency has been revoked, reflecting its role in supporting the national economy. Decisions to establish sustainable development zones must now be presented to Parliament in a general session, ensuring a balance between the agency's operational capacity and governmental oversight.

The law also introduces a clearer framework for administrative penalties imposed by the agency for violations of licensing conditions. Revenue from these fines will go to the general treasury, with an equivalent amount automatically allocated to the agency, separating the power to impose penalties from their direct financial benefit. Additionally, the agency's authority to issue bonds and other financial instruments has been removed to prevent overlapping jurisdictions with other bodies. The amendments also emphasize the protection of public funds within development zones and redefine fee structures to comply with constitutional standards.