MP Ghada Ali, a member of the economic committee in the House of Representatives, said that they prepared an integrated study for amending the Capital Market Law, in cooperation with the Financial Regulatory Authority.
She added, in statements to Daily News Egypt, on the sidelines of the “Stock Exchange in the Coast” conference, that the amendments aim to remove obstacles in front of investors and the regulatory authorities, declining to reveal the details of the modifications.
Ali added that the amendments to the same law related to adding carbon markets are awaiting the end of the parliamentary recess to be presented to the General Committee of the House of Representatives in the second session, after obtaining the approval of the Economic Committee, and that the presentation is for the purpose of further discussion.
Last February, the committee approved, in principle, a bill submitted to amend the Capital Market Law for the trading of carbon certificates.
The deputy stressed that Egypt will become the first country to have legislative support in that part to attract foreign investors, explaining that the amendments motivate investors to reduce the carbon footprint.
She added that creating incentives as an alternative to imposing sanctions is the best approach to make Egypt a regional center for carbon trade in the Middle East, in light of the increased demand for carbon certificates in conjunction with the decrease in supply, which represents a great opportunity.
She expected that the first voluntary carbon market would be launched within the next six months, stressing Egypt’s readiness in light of the existence of a legislative document that would attract foreign investments.
