Investment law amendments to embolden companies to expand in Egypt: Nasr

Minister of Investment and International Cooperation Sahar Nasr affirmed that amendments to some provisions of Investment Law No. 72 of 2017 will contribute to encouraging companies to expand their investment by granting incentives the law was restricting to new projects.

Nasr added that these amendments will have a positive effect, especially as some of the expected expansions are larger in size and value than projects already in place.

The amendments will have a positive impact on domestic and foreign investors in various sectors, which will contribute to increasing the volume of investments to benefit from the incentives, she added.

She stated that under the amendments, companies can increase their capital without obstacles, a step that they used to avoid previously due to high fees, noting that the amendments set LE 10,000 as the maximum fees for changing an expanding company’s system.

Nasr added that the amendments will encourage local and foreign investors in various domains, adding that this will boost production and create more jobs.

The minister explained that the amendments approved by the Cabinet will be applied immediately after being approved by the House of Representatives and ratified by President Abdel Fatah al-Sisi.

The Cabinet, at its weekly session on Wednesday under Prime Minister Moustafa Madbouli, approved a draft law presented by Minister of Investment Sahar Nasr amending investment law No. 72 for the year 2017. The amendments are aimed at encouraging businessmen to pump more investments in the Egyptian market.

source: Ahram online