VOL. XLI

No. 24

15-June-1998

EGYPT

Egyptian Parliament Allows Foreign Participation In Banks

The Egyptian Government has gained National Assembly approval for the disposal ofstakes in the Big Four state-owned banks and the Big Three insurance companies, making itmore likely that a flotation of some portion of a bank's shares will take place beforeyear-end (MEES, 25 May). The law, passed on 4 June, stipulates that ownership of astake larger than 10% in a bank will have to gain Central Bank...