Complex Made Simple

Egypt’s long-awaited investment law to go before cabinet

* Law aimed at reviving Egypt’s economy and attracting foreign investors

* Will be sent to cabinet on December 14

* Egypt is trying to recover economically after 2011 uprising

 

A draft of a long-awaited Egyptian investment law aimed at reviving the country’s economy and attracting foreign investors will be sent to the cabinet on December 14, state news agency MENA reported on Sunday.

 

(Egypt secures $6bn bilateral financing for IMF loan)

 

Recovery efforts

Egypt is trying to recover economically after a popular uprising in 2011 drove away tourists and foreign investors, key sources of hard currency.

The government first approved an investment law in March 2015 aimed at bolstering investor confidence, eliminating bureaucracy, easing the procedures to obtain licences for projects and attracting foreign investment.

It then amended the law a year ago.

 

(Egyptian pound weakens as dollar demand surges, interest rates steady)

 

FDI grows

Foreign direct investment in Egypt has been gradually increasing and in the 2015/16 financial year reached nearly $6.84 billion, up from $6.38bn in the previous year.