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Friday, 15 November 2019

Egypt working to solve problems facing investors on North Coast: Prime minister

Ahram Online , Friday 8 Nov 2019
Mostafa Madbouly
Egypt's Prime Minister Mostafa Madbouly (Photo: Ahram)
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Egypt is working to remove the obstacles facing investors looking to put money into the country’s North Coast, where the government is hoping to draw badly needed investment.

Prime Minister Mostafa Madbouly has ordered the formation of a working group to draw up a report on the problems facing businessmen in the area

The report will be completed within two months and will then be referred to President Abdel-Fattah El-Sisi, the cabinet said in a statement on Friday.

The Egyptian government is on a national development drive aimed at boosting an economy battered by years of political instability.

Among the many new cities being constructed around the country, including a new capital city set to be inaugurated next year, the government is developing New Alamein on the Mediterranean coast, touted as an attractive resort destination.

The country has recently passed a new investment law which aims to cut the red tape involved in starting new projects and which offers more incentives to investors.

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