Egypt expects new investment law to be issued in May

Egypt’s long-awaited new investment law is expected to be issued in May, the country’s Prime Minister Sherif Ismail announced at a youth conference Wednesday.

The new law will focus on the diversification of incentives and guarantees for investors.

Egypt is trying to recover economically after a popular uprising in 2011 drove away tourists and foreign investors, key sources of hard currency.

The government first approved an investment law in March 2015 aimed at bolstering investor confidence, eliminating bureaucracy, easing the procedures to obtain licences for projects and attracting foreign investment.