New Investment Law to be issued in May; PM

CAIRO – 26 April 2017: The New Investment Law will be issued in May and the government is targeting foreign direct investments to be $9.4 billion within 2016-2017, Prime Minister Sherif Ismail said at the National Youth Conference on Wednesday.

Ismail added that Egypt aims to reduce inflation rate to 21.6 percent this year (2016-2017), to reach 15.2 percent next year.

In March 2015, the government amended the investment law at a global economic conference held in Sharm el-Sheikh in an attempt to re-invest foreign direct investment.
Foreign direct investment jumped 39 percent in the first half of the current fiscal year to $4.3 billion.

The draft law aims with a view to bolstering investor confidence, easing bureaucracy and attracting foreign investments.