Egypt's Cabinet approved on Wednesday a new investment law, prepared by the Supreme Committee for Legislative Reform (SCLR).
The final text of the legislation, approved on Tuesday by the Committee, merged two draft laws, one of which was prepared by Investment Ministry, while the other was written by the technical committee affiliated to the SCLR. It included amendments to the already existing law, approved in 1997.
The new legislation includes the withdrawal of tax incentives, which are replaced by other mechanisms and benefits, reducing the production costs in order to attract new investments.
Apart from implementing the single-window system, benefits also include offering land plots on the basis of the usufruct system of ownership, and the partial government coverage of insurance for employees.