CAIRO Oct 18 President Abdel Fattah al-Sisi
issued a decree establishing a Supreme Investment Council aimed
at encouraging much-needed investment in Egypt, the state news
agency said on Tuesday.
It will be chaired by Sisi and its decisions are binding on
all ministries and public bodies.
Egypt has been trying to attract investment needed to
restore growth since the 2011 uprising, which ushered in
protracted political turmoil and scared away tourists and
foreign investors - key sources of hard currency.
In comments on CBC television channel, Investment Minister
Dalia Khorshid said the government would submit an investment
law to parliament within next month.
"The draft of the law is ready...and we want to finish it
during the next month," Khorshid said.
The government has been working on a new investment law it
hopes will slice through Egypt's notorious red tape and make it
easier and quicker for foreign investors to do business.
The decision to establish the council, published in the
Official Gazette on Sunday, said its members will include the
prime minister and the Central Bank governor and ministers of
defence, interior, finance, investment, trade, justice and the
head of the General Intelligence Service.
The board will meet every two months upon the chairman's
invitation and the decisions will be made by voting with a
majority. The president will take the decision in case the votes
The council's roles include following up on the execution of
investment plans, development of major economic projects and
projects that partner with the private sector.
(Reporting by Ahmad Elhamy and Ali Abdelatti, Writing by Amina