Egypt’s PM Oks amendments for investment law bylaws
Egypt’s Prime Minister Moustafa Madbouly on Wednesday has issued a decree, No. 2731 of 2019, regarding amendments to the bylaws of Egypt’s investment law.
The new amendments include adding to the executive regulation two articles that compel local and private entities to submit all required data and information to tally Egypt’s foreign direct investment (FDI) flows as well as indirect investment.
According to the decree, local entities include ministries, public bodies, and governorates, in addition to public legal persons able to accord licenses for enterprises to be established involving Egypt’s Central Bank, the Egyptian Exchange, the Financial Regulatory Authority (FRA), the Industrial Development Authority (IDA), and special economic zones.
Private entities include all enterprises established in Egypt, whatever legal umbrella they are working under, in addition to venture projects that are subject to Egypt’s investment law and contain a foreign share.
Source: Ahram Online