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Friday, 20 September 2019

President Sisi ratifies new amendments to investment law

Doaa A.Moneim , Monday 5 Aug 2019
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Views: 2148

Egyptian President Abdel-Fattah El-Sisi has ratified new amendments to the invest law (no. 72/2017), according to a presidential decree published in the official state gazette on Tuesday.

The amendments introduce a new paragraph to Article 12 that provides incentives to existing investment projects that are looking to expand.

The new amendments define expansion as increasing capital for projects and introducing new assets with the aim of increasing production according to terms and condition that are determined by the cabinet.

The new law also adds a paragraph to Article 48, which makes partners in the same project or their deputies obligated to ratify their signatures for a fee worth 0.25 percent of the value of paid-in capital with a minimum of EGP 10,000 or its equivalent in foreign currency.

This amendment applies to signatures ratified in Egypt or by the Egyptian authorities in other countries.

The amendments also add a stipulation to Article 74 that requires governmental and private bodies to provide all the necessary data and information for investors to calculate Foreign Direct Investment and indirect foreign investments in accordance with international standards.

The amendments also add Article 91, which stipulates that project managers are to be fined EGP 50,000 for violations of item 14 of Article 74.

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