Egypt’s Economic Development Conference

To promote more foreign investment in Egypt after a successful economic conference, Egypt has issued new laws that will allow easier foreign investment in the future. Please find hereunder news regarding the major developments that are currently ongoing in Egypt. NEW CAPITAL During the Economic Conference it was announced that a new administrative and commercial capital of Egypt, which will be located between the provinces of Cairo and the Red Sea, will be built and is estimated to be complete by 2022. It will have an area of 700 square kilometers, and should withstand a population of 5 million individuals as well provide 1.7 million jobs. NEW LAWS With the aim to guarantee more foreign investment leading up to the Egypt Economic Development Conference that took place this year, the country has implemented new beneficial initiatives; which include but are not limited to a feed-in tariff system for renewable energy, which gives power producers the opportunity to sell the renewable electricity they generate back to the national grid. Moreover, this month the cabinet approved the new investment law, which is essential to protect foreign investors from legal disputes, among other incentives. The Egyptian government also took this opportunity to implement new fiscal policies that will benefit foreign investment especially in the energy sector, including subsidy reforms for fuel and electricity. In order to develop upcoming energy projects, the Egyptian government has laid out new laws and regulations to accommodate private investment, in particular to benefit the foreign firms in Egypt. Egypt’s efforts during the Economic Development Conference succeed in regards to attracting multinationals, while the bulk of the investments were directed towards energy and electricity projects