The Minister of Investment and International Cooperation, Sahar Nasr, said that amendments approved by the cabinet to adjust some provisions of the Investment Law number 72 of 2017 will encourage companies wishing to expand their investment projects through providing them with specific incentives after the law restricts these incentives to new projects.
Nasr added that these amendments will have a positive impact, especially as some of the expected expansions outweigh the size and value of existing projects.
“The amendments will have a positive impact on local and foreign investors in various sectors, which will contribute to increasing the volume of investments in order to benefit from the incentives,” the minister noted, adding “The amendments state that the maximum limit of the fees of the amendment of companies systems worth EGP 10,000, allow for the increase of capital without obstacles, as many companies refrain from increasing their capital to avoid the high fees that were a heavy burden on them”.
She stressed that the expected expansions will increase production lines and provide new job opportunities for thousands of Egyptian citizens.
Additionally, Nasr explained that the amendments approved by the cabinet will be applied immediately after receiving approval by the parliament and ratification by President Abdel Fattah Al-Sisi.