Hani Sarie El-Din, chairman of the Senate's Economic Affairs Committee, said the new law primarily addresses how the country's socio-economic development plans are drawn up.

"It shows the rules and methods upon which the country's sustainable development plans are prepared at both national and provincial levels," Sarie El-Din said, adding that "the current 1973 planning law states that the public sector is the main player in economic development."

"But under the new law, the private sector will be entrusted with implementing at least 25 percent of the country's economic development investments," he pointed out.

Minister of Planning and Economic Development Hala El-Said said the new general planning law reflects Egypt's current public-private partnership in achieving the country's 2030 sustainable development plans.

"It also encourages decentralization and gives local councils a greater role in mapping out economic development plans," said El-Said.

For his part, Abdel-Khaleq Ayad, chairman of the Senate's Energy and Manpower Committee, said the new law aims to set up a Higher Council for Planning and Sustainable Development. "This council, which will be headed by the president of the republic, will help create coordination among all state authorities when it comes to forging economic planning policies," said Ayad.

The council will make sure that no development projects are implemented without making sure first that they are economically feasible,” he added.