Egypt passes law to smooth business, attract dollars

CAIRO - Egypt's parliament on Sunday passed a long-delayed investment law to streamline doing business in Egypt and to create incentives it hopes will bring back investors' dollars after years of turmoil.
Egypt floated its pound currency last November and accepted a three-year $12 billion IMF program tied to ambitious economic reforms, part of a bid to restore capital flows that dried up after its 2011 uprising drove away investors and tourists.
The new law is expected to boost badly needed investment by cutting down bureaucracy, especially for starting new projects, and providing more incentives to investors looking to put money in Egypt.
"A large number of investors were waiting impatiently for the law in order to understand the investment environment in Egypt and its incentives, especially with regards to the cost of starting a project and incentives for land," said Reham El-Desouki, an economist at Arqaam Capital.