Arab Finance: Egyptian House of Representatives finally approved a bill submitted by the government to revoke some laws related to the establishment of Arab Investment Bank (aiBank), the Export Development Bank (EBank), and the Agricultural Bank of Egypt, Ahram Gate reported on June 14^th.

The draft law aimed at unifying the legal system to which all banks operating in Egypt are subject.

It will also consider aiBank and EBank as licensed banks in accordance with the provisions of the Central Bank of Egypt (CBE).

The shares of the Agricultural Bank of Egypt are wholly owned by the state in accordance with the provisions of the same law.

Article 3 of the draft stipulates that the boards of directors of these banks, with their current formations, will continue to carry out their duties.

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