Egypt Parliament passes law to reorganize Future Egypt development agency

The joint committee of the constitutional and legislative affairs committee of the House of Representatives, chaired by Mohamed Eid Mahjoub and comprising members of 17 parliamentary committees, gave final approval to the government‑drafted law to reorganize the Future Egypt (Mostaqubal Masr) agency for sustainable development. The amendment expands parliamentary oversight, requires a plenary vote to establish sustainable‑development zones, and adds five new articles governing the agency’s role.

The same committee also approved article 17, setting the rules for determining the capital of the agency, the sovereign fund and the service fund. Capital will be based on net asset values evaluated at market price, using at least three independent financial or real‑estate appraisals, with possible involvement of Egyptian or foreign expert firms to ensure transparency and governance. The law aims to give the agency administrative and financial independence, attract private investment and boost economic growth.