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CAIRO / Reuters
A draft of a new investment law will
be sent to the Egyptian cabinet next month, Investment Minister Dalia Khorshid said in a talk show on the local television channel CBC late on Tuesday. The new law will focus on the diversification of incentives and guarantees for investors, Khorshid said. It has been in the works for six months.
“The draft is ready. We will send it to
the cabinet as soon as possible. We will
be done with it next month,†Khorshid s
aid. The government approved an investment law in March 2015 that aimed to
bolster investor confidence, eliminate bureaucracy, ease the procedures to obtain
licences for projects and attract foreign
investment. It later amended the law
in December.
Egypt is trying to revive its economy and attract foreign investment after a popular uprising in 2011 drove away tourists and foreign investors. Foreign direct investment in the 2015/16 financial year reached around $6.84 billion, up from $6.38 billion in the previous year.