Cabinet Approves Amendment to State Mortgage and Investment Bank Law

The Cabinet of Ministers has approved a resolution to amend the State Mortgage and Investment Bank Law No. 13 of 1975. This decision, presented by the President in his capacity as Minister of Finance, aims to address limitations hindering the bank's performance. Current legislation has reportedly prevented the State Mortgage and Investment Bank from meeting its expected targets and maintaining desired profitability. The proposed amendments are intended to align the bank's operations with the current business environment and enable it to achieve its objectives more effectively. The Legal Draftsman has been instructed to prepare a draft bill for this purpose.