New investment law obliges companies to allocate 10% of profits for community purposes: Sherif Samy

Ahmed Al-Fayed
3 Min Read

Sharif Samy, head of the Egyptian Financial Supervisory Authority (EFSA), said that one of the articles of the new investment law obligates companies to allocate 10% of their profits for community purposes.

In his speech during the Corporate Social Responsibility Conference on Monday, Samy said he was surprised by companies’ lack of interest for this article and not discussing it or expressing their approval or refusal.

He explained that almost 90% of the companies do not operate under the umbrella of the investment law.

He pointed out that there is no law for endowments to govern the participation of companies and agencies in charitable works.

He explained that EFSA intends to launch a new charity fund from the profits of companies operating in the capital market in accordance with the Capital Market Law.

He noted that the fund will provide the funds to a civil society organisation licensed by the Ministry of Social Solidarity or a government body at the end of this fund or in the case of not renewing it to ensure participation in all community purposes.

Deputy Minister for Population Affairs Maysa Shawky said that the ministry launched the National Population Strategy according to the state’s directives to organise human resources in line with the growth rates stipulated in the 2020 growth strategy.

She added that the private sector and civil society are working hand in hand with the state to bridge the gap, reduce waste of resources, and improve the environment.

She explained that the ministry has launched a population communication strategy to inform the population and raise awareness of the dangers of rapid population growth, and the need to organise and reduce it.

She pointed to the efforts of the ministry to identify children with special needs in all governorates and work to integrate them in different educational stages, in collaboration with the Ministry of Education.

She added that they recommended including an article in the Labour Law stipulating that working parents with children with special needs may be allowed to leave work one hour earlier from official leave hours, taking into account the needs of these children.

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