Egypt’s economic group approves the draft of the new Investment Law executive regulations, a much-anticipated decision by both local and foreign investors, Invest-gate reports.

The draft will now be referred to the cabinet for final approval, Minister of Investment and International Co-operation Sahar Nasr says in a statement.

The new law includes incentives, such as a 50% tax break on investments made in underdeveloped areas, and a 30% tax break on labor-intensive projects, as well as small- and medium-sized enterprises (SMEs).

The law was drafted with the aim of cutting red tape and attracting foreign investment, and was passed by the parliament last March.