Egypt s cabinet on Wednesday passed final regulations for a new investment law aimed at drawing foreign investment to the economy.
The final draft of the legislation was approved by the cabinet in August and was sent to Egypt s State Council for a final legal review.
The law was later sent to the investment ministry to make necessary amendments required by the State Council. Wednesday s approval of the regulations will bring the long-awaited legislation into force.
The law is expected to reduce red tape, especially for new projects, and provides a raft of incentives to investors, including tax breaks.
It brings back private sector free zones, which are exempt from taxes and customs and will offer a 50 percent rebate to investors on the costs of purchasing land for industrial projects if production begins within two years.
Egypt s net foreign direct investment rose to $7.9 billion in the 2016-2017 fiscal year that ended on June 30, the central bank said last month.
The figure was well below Egypt s target of $10 billion, as the country continued to struggle to lure back investors after several years of instability.
Last year, Egypt signed a deal for a $12 billion International Monetary Fund (IMF)loan aimed at reviving the country s economy.
Egypt s Central Bank received in July the final instalment of the first $4 billion tranche of the loan from the IMF.
