Arab Finance: Egyptian President Abdel Fattah El-Sisi has endorsed Law No. 170 of 2023 revoking several laws related to the establishment of some banks, the Middle East News Agency (MENA) reported on August 27th.
The law stipulates the annulment of Law No. 1 of 1974 on the establishment of the Arab Investment Bank (aiBank).
It also stipulates the annulment of Law No. 95 of 1983 regarding the Export Development Bank of Egypt (Ebank) as well as Law No. 84 of 2016 on converting the Development Bank and Agricultural Credit to the Egyptian Agricultural Bank (ABE).
As per the provisions of the Central Bank of Egypt (CBE) and the banking system issued under Law No.194 of 2020, both aiBank and EBank are authorized banks, while ABE is considered as a fully-owned bank by the state.