Egypt hopes to lure investors back

CAIRO — New proposed legislation aims to make Egypt attractive for investments by eradicating bureaucracy that drains investors’ time and energy while they try to obtain the licenses needed to start their projects. The “investment window” system will ensure this, as it creates a single window through which the investor finalizes all the required conditions to get a license, without having to go to several parties and ministries, as was the case before. An investment committee will represent the investor in all matters and will adopt a mechanism to resolve disputes when they arise. The decision of this committee, as the body in charge of settling conflicts in investment contracts, will be final.

The new law is expected to include several procedures in line with technological progress, setting up a network that links the investment committee, the central bank and other banks. This network will facilitate the credit-query process and the receipt of letters of guarantee in order to save time and eliminate obstacles facing investors in this regard. The Egyptian government is planning to attract direct foreign investment ranging between $8 billion and $10 billion for the 2014-2015 fiscal year, mainly in the oil sector, power stations and the Suez Canal.