Talawy addresses economic issues before American Chamber of Commerce
Egypt, Economics, 9/20/1997

The Egyptian Minister of Insurance and Social Affairs Dr. Mervat El Talawy informed the members of the American Chamber of Commerce in Cairo (ACCC) that the government has already agreed on investing the money kept in the Pension, Insurance, and Saving funds in different economic fields.

Answering questions asked by the ACCC members, the Minister stated that the government will not invest all the money of these funds, estimated by government sources at LE 85 million.

The minister declined to specify the fields of investment and whether or not they include the Stock Exchange Market, saying that this issue is still being studied and that she cannot declare this for fear that it will affect the state of affairs of the market.

Dr. El Talawy asserted that she will do her best during the upcoming session of the People's Assembly to change or annul National Societies Law No. 32, which stops these societies from contributing to economic reforms.

The minister added that she pledged to propose a law which would regulate money collection by charities and to reduce the taxes imposed on them in order to encourage the private sector to give donations and participate in charity works.

She added that between 20% to 30% of Eygptians live under the poverty line and the government tries to decrease that percentage by creating new job opportunities and supporting the national societies.

It is worth mentioning that the Ministry of Economy and the Ministry of Insurance and Social Affairs prepared a new plan to invest the money of the Insurance and Savings Funds which will be presented to the Specialized Committees in the People's Assembly in its upcoming session.

Previous Stories:
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