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Egyptian Cabinet approves amendments to investment law’s executive regulations

Egyptian Cabinet approves amendments to investment law’s executive regulations

Arab Finance: The Egyptian Cabinet has approved a draft law amending some provisions of the executive regulations of the Investment Law issued by the Prime Minister’s Decree No. 3210 of 2017, according to an official statement on June 22nd.

This comes within the framework of the country’s direction towards encouraging the private sector and partnerships with local and foreign investors through extending the base of companies able to benefit from the single approval to cover companies subject to the provisions of the joint-stock companies, in addition to private companies limited by shares, limited liability companies, and one-person companies.

The single approval merit has been set by the Sovereign Fund of Egypt (TSFE) and the General Authority for Investment and Free Zones (GAFI).

The amendment stipulated that these companies shall establish strategic or national projects that contribute to sustainable development to benefit from the single approval.

Additionally, companies can take advantage of the single approval merit when they participate in partnership projects between the private sector and the government, the public sector, or the public business sector.

The partnerships projects shall be in the public facilities activities, infrastructure, renewable energy, roads and transport, ports, or telecommunication and information technology (ICT).

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