At a press conference on Wednesday, Minister of Investment and International Cooperation Sahar Nasr announced that the cabinet approved the establishment of an investment company for the development of investment, free trade zones, and investment services areas, with a capital of EGP300m and it targets to reach EGP 3bn.
Moreover, Nasr said the decision comes in the framework of efforts to improve the investment environment, pointing out that the company will work to develop the infrastructure of the new areas and to meet the needs of the existing areas, especially in Upper Egypt governorates.
Furthermore, she explained that attention to investment services centres is important in light of the keenness to activate the Investment Law and legislative reforms, and to establish investment services centres mechanised in all governorates, in order to keep pace with global economic developments.
Meanwhile, Nasr stressed that the government is taking positive steps at many levels to improve the investment environment in Egypt, which is part of legislative reforms.
In this context, she explained that an integrated package of legislation has been adopted, pointing out to the latest one which was the House of Representatives’ approval of the Bankruptcy act which aims at improving the business environment and facilitating exit from the market. On the other hand, the investment law provides entry procedures for the market.