Minister Ashraf Salman (Photo: Al-Ahram)
Egypt's long awaited new investment law will be approved by the cabinet within two weeks, the state-owned daily newspaper Al-Ahram reported Sunday, citing Minister of Investment Ashraf Salman.
The law aims to improve the ministry's one-stop system for starting new businesses by allowing the General Authority for Investment to issue most of the government permits needed for new enterprises, Salman said.
Salman also said that the World Bank has already approved a $5 million aid package to Egypt to implement the new system and to establish an updated database of investments.
In addition, the law will offer guarantees to investors against third party legal challenges to contracts with the government, or risks of nationalisation, added Salman.
According to investment law amendments approved in April by the cabinet, only the government and the investor will have the right to challenge contracts signed between the two parties.
Egypt is currently preparing for an economic summit scheduled for February to encourage the international community to invest in the country's economic development.