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Investment act implementing regulations to be finalized in 10 days

Sunday 18 June 2017 11:00 AM

Minister of Investment and International Cooperation Sahar Nasr
Minister of Investment and International Cooperation Sahar Nasr

Egypt's Investment Minister Sahar Nasr will finalize the executive regulations for a newly issued investment law within 10 days and submit them to the prime minister for approval, she told Reuters on Saturday.

"I formed a ministerial committee which I head with all relevant ministries and stakeholders including private-sector representatives and parliamentarians. The committee is finalizing the draft for submission to the PM," Nasr said.

President Abdel Fattah al-Sisi on June 1 ratified the long-delayed investment law aimed at making business easier and creating incentives to lure back investors after years of turmoil, but investors are waiting for more details before rushing back in.

The new law is expected to boost badly needed investment by cutting bureaucracy, especially for starting projects, and providing more incentives to investors looking to put money into Egypt.

(Corrects in first paragraph that the minister will finalize the regulations, not that the president will sign them, to comply with an official correction from investment ministry.)