Egypt to complete new investment law in mid-November: PM

Egyptian Cabinet will complete reviewing a draft of a new investment law and send it to the parliament by mid-November at maximum, Prime Minister Sherif Ismail said Friday.

The long-awaited new law, which has been in the works for six months, is expected to focus on the diversification of incentives and guarantees for investors.

“We have already started reviewing the draft and will send it to the parliament next month. We will be done with it by mid-November at maximum.” Ismail said.

The government approved an investment law in March 2015 that aimed to bolster investor confidence, eliminate bureaucracy, ease the procedures to obtain licences for projects and attract foreign investment. It later amended the law in December.