Egypt's Parliament on Sunday passed a long-delayed investment law to streamline doing business in Egypt and to create incentives it hopes will bring back investors' dollars after years of turmoil. The new law is expected to boost badly needed investment by cutting down bureaucracy, especially for starting new projects, and providing more incentives to investors looking to put money in Egypt. The government approved an earlier version of the investment law in 2015 that it said would bolster investor confidence, but the legislation was criticized for coming up short. "In light of current conditions, the investment incentives are needed. The incentives will give a push to investors to come to Egypt," said Mohamed Abu Basha, an economist at EFG Hermes.

Source: Egypt Independent May 07, 2017 17:26 UTC