20 August 2014

Egypt: Package of Legislative Amendments Soon for Improving Business Climate

Investment Minister Ashraf Salman emphasized the Egyptian capital market's ability to contribute to securing the finance required for projects in the coming period.

He stressed the importance of raising the awareness levels in the capital market and its tools and how it can be used in a way that backs national economy for implementing the government's economic plans.

This came during the meeting held by the board of Misr for Central Clearing, Depository and Registry that grouped the minister, the company's chairman, Egyptian Stock Exchange head Mohamed Omran and the company's' board members.

He added that Egypt had entered into the stage of giant projects such as the new Suez Canal project whose investment cost hits about LE60 billion, asserting that this project would positively affect the Egyptian economy via pushing up national income, securing foreign currency, providing openings and attracting huge investments to Egypt.

Salman referred to devising a plan on developing General Authority For Investment and Free Zones (GAFI) for simplifying the work procedures inside it and reducing time required for performing tasks inside the authority, adding that these procedures would be issued in the coming period.

He also added that a package of legislative amendments would be issued including the unified investment law, the unified companies' law, bankruptcy law and capital outflow law.

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