Egypt cabinet during its weekly meeting on Wednesday. Photo: Egyptian cabinet facebook page.
The decision will not apply to international agreements signed by state entities or projects related to defence or national security, read a statement released by the Cabinet after its weekly meeting on Wednesday.
However, the government will continue to provide facilities on basic utilities services to state entities, noted the statement.
The Cabinet approved amendments to the 2017 Investment Law which stipulate that all incentives granted under the law will apply retroactively to all projects established before 2017.
The 2017 law included incentives which guaranteed a level playing field for both local and foreign investors.
It also allowed foreign investors to transfer profits in foreign currency without restrictions.
New licensing incentives
The Cabinet also extended on Wednesday extending Golden Licenses to all companies which were established before 2017.
Golden Licenses were recently introduced by the Cabinet to streamline procedures for companies in obtaining licenses to start operation in Egypt, replacing complex bureaucratic procedures.
The Cabinet also extended licensing rights for projects under the Free Zones System to investors in high energy consumption industries including oil, fertilizers, iron, steel, natural gas processing and liquefaction.