President Abdel-Fattah El-Sisi ratified on July 31 amendments to several provisions of Egypt’s New Investment Law, promulgated by Law No. 72 of 2017, Invest-Gate reports.
The objective of the new amendments, drafted by the government, is to address on-ground predicaments and challenges. The changes chiefly allow expansions of existing investment projects to benefit from incentives provided to new ones, the Official Gazette revealed.
The presentation of data of investment projects to concerned bodies, including that used in statistics, will also be orderly regulated. Besides, the new amendments will impose new fees in exchange for ratification of companies’ contract signatures, regardless of the investment system subject to it, it added.
On her part, Minister of Investment and International Cooperation Sahar Nasr praised the reforms, emphasizing that it will positively impact both local and foreign investments to the country.