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Decline in oil price saves Egypt EGP 30bn

Egypt is expected to issue the Unified Investment Law by the end of February

The sharp decline in crude oil prices over the past five months ended up saving Egypt EGP30 billion, Youm7 reports citing the Minister of Investment.

Since June, the price of crude oil per barrel is down more than 40 per cent.

Minister Ashraf Salman made his remarks during Pepsico’s conference on Sunday.

Salman says the freed up money will be directed to health, education and infrastructure.

He adds citizens can gradually feel the improvements by carrying on with the reform program and the use of tax money.

Bureaucracy was the first challenge for investors, but the new law has eliminated it, says Salman, noting investment returns are the highest in the world after Brazil.

Egypt is expected to issue the Unified Investment Law by the end of February, prior to the upcoming Egypt Economic Development Conference scheduled in March, says the minister.

“A number of economic laws are being amended and re-drafted, including micro industries, mining and local product priority legislation,” Salman said on the sidelines of a news conference held Sunday.