Sisi ratifies new investment law hours before economic summit
President Abdel Fatah al-Sisi - YOUM7 (Archive)

CAIRO: President Abdel Fatah al-Sisi ratified Thursday a new investment law, as the country prepares for hosting the long-anticipated Egypt Economic Development Conference (EEDC) which will kick off Friday.

The new law includes amendments over micro industries, mining and local product priority legislation.

Prior to the amendments, investors complained of “bureaucracy” and multiple laws to deal with before investing in Egypt, rather than one code stipulating terms and conditions.

Minister of Investment Ashraf Salman said in February that the law would provide many incentives that could boost investment, especially in remote areas like some investment-deprived Upper Egypt governorates.

The government is targeting investments ranging between $10-15 billion from the economic summit over the next two years, according to Salman.

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