CAIRO: Egypt will begin its long-anticipated one-stop-shop for investors in the agriculture sector in the coming period, and will apply it gradually on other sectors to be fully operational in 18 months, Youm7 quoted Investment Minister Ashraf Salman Monday.
The one-stop-shop system will allow investors obtain approvals and licenses through a single body amid governmental efforts to facilitate investment procedures. The new system was established by a new investment law aimed at improving the investment environment and “wiping out bureaucracy.”
Per the new law, Egypt’s General Authority for Investment and Free Zones (GAFI) is assigned to obtain permits and licenses on behalf of investors from government bodies.
Speaking at an event organized by the American Chamber of Commerce in Cairo, Salman said “Egypt will also seek to get help from the World Bank and the IFC for finance and expertise in expanding the services GAFI will provide through its one-stop-shop.”
The most populous Arab nation is seeking to attract foreign direct investment to back its declining foreign reserves over four year of political upheaval which hit the economy dramatically following the January Revolution in 2011.
Net FDI flow into Egypt recorded $2.7 billion during the first half of FY 2014/15 (to end June 30,) up from $2.1 billion in the same period a year earlier, the Central Bank of Egypt said in its semi-annual report.
Meanwhile, the government aims to lure FDI ranging between $6-8 billion as of the end of this FY, said Salman, affirming intentions to restructure the subsidy system over the coming four years.
Additional reporting by Medhat Adel.