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...