Minister of Investment and International Cooperation Sahar Nasr said that the economic ministerial group headed by Prime Minister Sherif Ismail agreed on Monday to the by laws of the investment law. The minister said during a press conference at the Cabinet after the meeting of the Economic Group that a group of specialist advisers will meet before the end of this week to prepare the final version of the by laws to present it to the cabinet at its next meeting before being submitted to the State Council. According to Nasr, the government is expecting more investments in Egypt during the coming period, especially after the approval of the by laws today. Nasr explained that the law helps attract investments and provides investors with the necessary climate for them. She added that the follow-up steps after approval, is to present the draft to the cabinet in its meeting then to the State Council, noting that the law includes special support to the private sector. The Prime Minister Sherif Ismail said that the by laws will not be issued definitively except only by anonymous consensus, calling for the need to be careful until the regulation is issued in the proper legal form. Ismail said after the meeting of the Economic Group on Monday, at the Council of Ministers, that the regulation will be subject to a final review to ensure that all observations are taken into account. He added that by laws of the investment law will be referred to the State Council for review before issuing a decision to pass them. Egypt relies heavily on investment law to improve the business environment, which will attract more domestic and foreign investment. Egypt also aims to attract about $10bn in foreign direct investment during the current fiscal year.
