The Egyptian Parliament has finally approved an amendment submitted by the government to the Investment Law, which allows licensing of industries projects based on natural gas as one of the production inputs, on top of them are fertilizers and petrochemicals, to work in the free zone system, with the aim of encouraging investment, operation and export, as recent discoveries have led to the availability of large quantities of gas.
The amendment of the law aims to encourage enterprises operating in activities wishing to convert to work in the free zone system, to enjoy the benefits and incentives stipulated in this investment system, with a positive impact on the Authority’s revenues, the state’s public treasury, and opening new areas for investment in these activities, promoting them, and attracting more investments.
The amendment stipulated an exception for the petrochemical and fertilizer industries, with the inability to authorize the establishment of projects in the free zone system in the field of iron and steel, wine and alcohol industries, weapons, ammunition and explosives industries, and other matters related to national security.
The Council of Ministers also approved President Abdel Fattah Al-Sisi's decision to approve the sixth structural adjustment facilitation loan contract between Egypt and the Arab Monetary Fund, at an amount of 153 million and 475 thousand Arab account dinars, equivalent to about 630 million dollars.
Source (Al-Araby Al-Jadeed newspaper, Edited)
