Expanding Horizons: The Future of Egypt Authority's Rising Influence

Egypt's lawmakers are considering a draft law to enhance the powers of the Future of Egypt Authority, transforming it into a pivotal economic body. The bill introduces significant changes, including creating 'sustainable development zones' and forming the Future of Egypt Sovereign Fund. These moves aim to bolster economic strength and manage state assets effectively.

Egyptian lawmakers are poised to deliberate a bill poised to significantly expand the Future of Egypt Authority's powers, granted by presidential oversight, according to a draft seen by Reuters.

The Future of Egypt Authority, launched as a humble land reclamation project in 2017, received a presidential decree in 2022 elevating it to an economic authority. Tasked with managing wheat imports, the agency now looks to broaden its influence by creating sustainable development zones and launching the Future of Egypt Sovereign Fund.

The draft law suggests the authority will gain control over state-managed properties and receive tax exemptions, with the overarching goal of maximizing Egypt's economic power and enhancing sectors like food, energy, and water security.