Egypt: Cabinet approves new investment law

Egypt’s cabinet on Wednesday approved the final draft of a new investment law, ahead of the country’s long awaited economic summit, due to be held later in March.Prime Minister, Ibrahim Mehleb told a press briefing following a cabinet meeting over the draft that the law now awaits President Abdel Fattah al-Sissi’s official assent.

The draft legislation was first approved late on Tuesday by the Supreme Committee for Legislative Reform, based on two drafts submitted by the committee and the Investment Ministry.

Mehleb said in a statement that the law will be subject to a “societal dialogueâ€�, so that all those who contributed to its drafting would clarify the goals of the law and its importance to the public.

Egypt and the whole world is waiting for the investment law with abiding interest, Mehleb added but did not elaborate on its contents.