Sisi braced up for economic summit with new investment law

Published March 14th, 2015 - 08:57 GMT
It also makes provisions for voluntary liquidation, setting a clear deadline of 120 days for the government to process the applicant’s request.
It also makes provisions for voluntary liquidation, setting a clear deadline of 120 days for the government to process the applicant’s request.

Egypt’s president ratified the new investment and civil services laws on Thursday ahead of the country’s much anticipated Economic Development Conference, according to state-owned news agency MENA. 

Egypt is preparing for a conference set for Friday aiming to bring back investors to an economy battered by four years of political upheaval in the aftermath of the 2011 uprising.

In the months ahead of the conference the government has undertaken a series of fiscal and legal reforms aimed at improving the investment environment.

The investment law seeks to facilitate investment procedures for companies, guarantee their rights, and offer incentives to bolster the case for business in areas of national interest.

It also makes provisions for voluntary liquidation, setting a clear deadline of 120 days for the government to process the applicant’s request, according to a statement released by the prime minister's office outlining the contents of the amendments.

The civil services law aims to reform Egypt’s administrative apparatus tackling issues of hiring and wages in government institutions. The draft in the ministry of planning website shows that basic salaries will contribute to 80 percent of wages and that promotions would depend on performance as opposed to seniority.

Egypt's President Abdel-Fattah El-Sisi holds legislative powers until an elected parliament convenes.

Egypt has been without a parliament since the house of representatives elected in late 2011 was dissolved in June 2012, following a court ruling that judged the law regulating its election to be unconstitutional.

Earlier this month, Egypt's administrative court ordered a halt to all preparations for parliamentary elections previously scheduled to start on 21 March, in accordance with Sunday’s Supreme Constitutional Court decision, which deemed part of the electoral laws to be unconstitutional.


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