Egypt parliament agrees in principle the new investment law

Egyptian parliament has on Tuesday agreed in principle by majority the country’s long-awaited new investment law that aimed to remove red tape.

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.

Minister of Investment and International Cooperation Sahar Nasr announced earlier that the parliament would start Wednesday discussing the new investment law, which will focus on providing unprecedented guarantees and multiple incentives for investors.