Investment, Justice Ministries study Companies Act

CAIRO – 5 June 2017: A joint committee between the Ministries of Investment and Jutice are studying amendments to the shareholding and limited Companies Act, Minister of Investment Sahar Nasr said Monday.

Nasr added in a statement that the recommendations were submitted by the Egyptian Financial Supervisory Authority (EFSA), the General Authority for Investment and Free Zones (GAFI), the Egyptian Junior Business Association, the Egyptian Businessmen Association and the Small and Medium Enterprises (SMEs) Investors Association.

This came through a Monday meeting between Nasr and Minister of Justice Hossam Abdel-Rahim, attended by representatives of other ministries.

The amendments to the Companies Act was issued in May, including items obliging companies to issue their first call for a general assembly at least 21 days prior to the meeting’s day, in addition to giving a seven-day notice before the second meeting.

“The amendments come to improve Egypt’s position in the world business indexes related to the investment climate, including the World Bank’s Ease of Doing Business Report,” Nasr said.

The recommendations will be drafted to be presented in the next cabinet meeting, she added.

The government has been working on improving the business climate in Egypt in order to attract much-needed foreign investments, one of the economy’s main sources of foreign currency.