The decree was published in the official gazette on Tuesday.

According to the decree, the council will be presided over by the President of the Republic.

Members of the council include the Prime Minister, Minister of Defense and Military Production, Governor of the Central Bank of Egypt, Minister of Justice, Minister of Planning and Economic Development, and Minister of International Cooperation.

They will also include the Minister of Finance, Minister of Interior, Minister of Communications and Information Technology, Minister of Local Development, Minister of Public Business Sector, Minister of Trade and Industry, the minister in charge of investment affairs, and the head of General Intelligence Service.

The new Council for Investments also includes the chairman of the Administrative Control Authority, the chairman of the Board of the General Authority for Financial Supervision, the chairman of the Board of the Egyptian Stock Exchange, and the chairman of the General Authority for the Economic Zone of the Suez Canal.

Membership also extends to the CEO of the General Authority for Investment and Free Zones, the executive director of the Egyptian Sovereign Fund for Investment and Development, the chairman of the Board of the Federation of Egyptian Industries, and the chairman of the Egyptian Union for Investors' Associations and Institutions.

The council is required to meet at least once every three months and whenever necessary at the invitation of its chairman.

A valid meeting of the council will require a quorum of a majority of members. Decisions will be made by a majority of present members. The chairman of the council breaks any vote ties.

All state institutions are bound by the decisions of the council and must take necessary measures to implement them, according to the decree.

The New Supreme Council For Investment replaces the Investment Council that was established by a presidential decree in July 2016.

The new council has more members including the chairman of the General Authority for the Economic Zone of the Suez Canal and the executive director of the Egyptian Sovereign Fund for Investment and Development.

This move is part of the ongoing reform program adopted by the Egyptian government to boost investments and economic growth in the country.