Unified investment law draft stirs govt divisions

Some ministries are voicing reservations on a draft law that the government says will facilitate investment-related procedures, a government source told Al-Masry Al-Youm.
The Investment Ministry has referred copies of the draft to various government ministries to give their feedback before the document is submitted to the Cabinet in January for final approval. The law seeks to unify bodies responsible for resolving investment disputes as well as the direct investment system.
But the official source said some ministers have objected to provisions related to granting land usufructs as some ministries are stripped of the authority for granting lands in the new document.
The government official added that the Cabinet is intending to enact the law before the international economic summit Egypt is hosting in March, in a bid to lay down clear mechanisms for boosting investments and settling relevant disputes.
Edited translation from Al-Masry Al-Youm

Related Articles

Back to top button