Egypt Government Agrees to Amend Provisions of Laws to Encourage Investment
The Egyptian Cabinet, headed by PM Hesham Qandil, agreed to amend a number of laws in order to resolve and remove the problems faced by investors, in order to encourage and increase economic and investment activity in Egypt.
In a statement, the cabinet said: "Today the government has approved a draft law for amending some provisions of the Law of Investment Guarantees and Incentives on the settlement of the implications of the implementation of the final provisions issued regarding contracts between investors and state authorities or their affiliates, including business sector companies and affiliated companies as well as public sector companies.
"This will protect public investments, moneys and assets, taking into account the rights and status of investors and stakeholders, and ensuring that investments contribute to boosting and stabilizing economic activity.
"The cabinet has approved a draft law that stipulates elections are held to choose members of boards of directors of the companies mentioned in this Law within 60 days of the issuance of the law.
"These amendments aim to strengthen the concept of decentralization in dealing with all matters by giving ministers, governors and heads of departments and agencies the power to issue decisions in direct agreements, granting them more financial powers than before, thus enabling them to effectively and promptly deal with urgent matters, and to address the needs of public utilities, serve the public interest, while avoiding the lengthy waits resulting from the large number of requests for personal attention of the Prime Minister."