The House of Representatives has passed Law No. 170 of 2023, which repeals some old laws related to the establishment of three banks: the Arab Investment Bank (AIB), the Export Development Bank of Egypt (EBank), and the Agricultural Bank of Egypt (ABE).
The new law puts these banks under the supervision of the Central Bank and Banking System Law No. 194 of 2020. The new law states that AIB and EBank are licensed banks according to the new banking law and that ABE is a state-owned bank that also follows the same law.
The new law also states that the current boards of directors of these banks will continue their duties until their terms end and that the banks have to adjust their positions according to the new law within one year, which can be extended by the Central Bank for up to two more years.
The new law will come into effect on August 24, according to the Official Gazette.
