Following months of preparation, the Egyptian Parliament has finally approved the long-awaited Investment Law No.8 of 2016 and to be declared by President Abdel-Fattah El-Sisi soon, Invest-Gate reports.
Minister of Investment and International Cooperation Sahar Nasr says, “The long talks that took place prior to passing the law resulted in adding key articles in terms of governance, transparency, and investment incentives.”
Nasr adds that the law will thoroughly end bureaucracy by enabling investors to finalise any required procedures in one day through different accreditation offices, affiliated to the Ministry of Investment and International Cooperation.
Through the new investment law, a ministerial committee has been established to settle disputes among disputed parties. Administrative bodies must abide by rulings issued by such a committee and enforce it within 15 days.
Egypt’s investment law was first issued by the government in 2015 and later amended. The law aims to facilitate business-related regulations and licenses. It has long been demanded by the Egyptian business community.