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Saturday, 30 May 2020

Egypt PM issues decree to form new ministerial cluster for investment

Doaa A.Moneim , Monday 6 Jan 2020
Egypt
Egypt's PM Madbouly (Al-Ahram)
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Egyptian Prime Minister Mostafa Madbouly issued a decree on Monday to form a ministerial cluster for investment that will be chaired by the prime minister.

The new ministerial cluster, according to the decree, will be responsible for encouraging investment, eliminating hurdles facing investors, and suggesting solutions to accelerate and simplify investors’ work.

The cluster will also be responsible for setting venture policies, proposing rules and priorities to achieve them, and drawing sectoral venture policies and foreign direct investment (FDI) development policy in Egypt.

The cluster will follow up on the implementation of decrees issued by the ministerial committee to settle investment disputes and coordinate with other ministerial committees to ensure the coherence of decrees that impact the investment climate in Egypt.

Moreover, it will draft policies to promote investment in Egypt and carry out missions required for achieving investment objectives.

The cluster includes the ministers of tourism and antiquities, planning and economic development, international cooperation, finance, local development, housing and urban development, agriculture, and trade and industry. It will also comprise the governor of Egypt’s Central Bank, the head of the General Authority for the Suez Canal Economic Zone, the executive director of Egypt’s Sovereign Wealth Fund Tharaa, and the executive head of General Authority for Free Zones and Investment.

The cluster is will convene at least once a month and can use the services of other experts and invite them to attend its meetings.

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