Egypt allows gas-based industry projects to work under free zone system

Egypt’s Cabinet approved during its meeting on Wednesday a proposal submitted by the General Authority for Investment and Free Zones (GAFI) on amending Article 34 of investment law no. 72/2017, MENA reported.

The new amendment allows granting a license to natural gas-based industry projects, especially fertilizers and petrochemicals, to work under the free zone system.

The move aims to stimulate investment and exports, particularly since the recent natural gas discoveries have provided large quantities of gas.

The Cabinet meeting was chaired by Prime Minister Moustafa Madbouly.