VOL. XXXIX
No. 35
27-May-1996
EGYPT
Egyptian Government Allows Foreign Majority Holding In Joint Venture Banks
On 22 May, the Egyptian cabinet announced its decision to relax the long-standing cap on foreign shareholding in joint venture banks contained in laws 163 and 120 of 1975, which limit a foreign partner to a minority position. The law had become increasingly anachronistic once the original raison d'etre of the joint ventures disappeared when in 1993 wholly-owned foreign banks...
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