The Egyptian Cabinet has approved the executive regulations for Law Number 72 of 2017 (72/2017), commonly called the Investment Law, Egypt Oil & Gas reports.
The regulations are divided into five sections, governing incentives and guarantees, the investment environment, investor services, and monitoring, according to Al Ahram Gate. They also address the nature of investment and free zones.
The executive regulations were approved by the Cabinet on October 25th.
The Investment Law seeks to incentivize investments in underdeveloped areas and labor-intensive sectors by offering tax breaks and rebates, according to Reuters. The new law is part of the country’s efforts to revise its regulations to create a positive investment climate for local and international investors.
The legislation was approved in June and initial regulations were passed by the Cabinet in August, according to Reuters.