An Egyptian draft law revealed a plan to transform the “Egypt’s Future Authority for Sustainable Development” into an economic body directly reporting to the President of the Republic, with the aim of strengthening its role in managing national projects and assets.
The law provides for granting the agency broad powers that enable the President of the Republic to allocate public lands and assets directly to it, while excluding its activities from administrative laws, government contracts, and wage restrictions, in addition to establishing two funds affiliated with it, one of which is “Pyramids of the Nile” for sovereign investment and the other “supportive” for social financing, with the possibility of managing development areas that enjoy tax and customs privileges.
This approach, which is awaiting presentation to the House of Representatives, aims to give the agency greater flexibility in managing public assets and attracting investments, within the path of Egyptian economic reform.
