The Ministry of Investment and International Cooperation ratified Law No. 145 of 2019, amending provisions of the Mineral Wealth Law promulgated by decree No. 198 of 2014 with a number of legislative reforms, Al Ahram Gate reported.
The amendments of the Mineral Wealth Law allow the exercise of its activities under the investment zones system listed in the decree number 72 of 2017 in the investment law. The addition of a new article will also be among the reforms.
The ministry clarified that any mineral resource project will benefit from the investment law incentives, especially the zones that need development the most based on the Central Agency for Public Mobilization and Statistics (CAPMAS) data.
MIIC pointed out to the advantages of working in the investment zones in regards to its terms and conditions. The investment zone board of directors shall manage the area and develop its work plan, in addition the Executive Office shall issue all approvals, licenses and permits necessary for the establishment of projects.
It is worth mentioning that there are 13 investment zones under construction, which are expected to attract investments of about EGP 78 billion and offer 208,000 job vacancies.