The House of Representatives approved in principle on Tuesday the draft investment law submitted by the Cabinet, amid disagreements between the Cabinet and MPs on a number of articles in the bill. Many investors outside and inside Egypt have been awaiting the investment law. The bill is to be discussed in the General Assembly after being discussed by the Cabinet and the Parliament's Legislative and Economic Committees, Parliament Speaker Ali Abdelaal said during the general session. Upper Egypt is suffering from a lack of investment due to governors who are working against the establishment of investment in the area, said Abdelaal. MP Medhat al-Sherif, Undersecretary of the Economic Committee, stressed that the bill balances the facilities provided to investors and the rights of the state.

Source: Egypt Independent May 03, 2017 10:30 UTC