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Egypt's investment ministry submits new investment legislation bylaws to cabinet

Ahram Online , Wednesday 21 Jun 2017
Sahar Nasr
Investment and International Cooperation Minister Sahar Nasr talks during an interview with Reuters in Cairo, Egypt June 21, 2017 (Photo: Reuters)
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Views: 2989

Egypt's investment ministry has submitted to the cabinet the bylaws to the recently ratified investment law, which is aimed at creating incentives for investors, Investment Minister Sahar Nasr told Reuters on Wednesday.

Nasr said that Egypt has received $6.8 billion in foreign direct investment in the first four months of 2017, and expects more than $10 billion in the next fiscal year, starting July.

The bylaws were drafted by the ministry's Executive Regulations Drafting Committee, which took into consideration suggestions from of 15 ministries and bodies, including the ministries of interior, agriculture, supply, manpower, environment, local development, finance, social solidarity, and tourism. 

"The committee incorporated the suggestions by the ministries [in drafting the bylaws], most notably regarding in the rules and regulations for granting special incentives to investors," the ministry said in a statement on its website.

The new law is expected to attract investment by cutting bureaucratic red tape, especially for fledgling projects.

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