Egypt’s cabinet and the Ministry of Investment [official website] approved an investment law Wednesday aimed at protecting business deals from legal disputes or political changes and addressing investor complaints about bureaucracy. The new law [Cairo Post report] unifies the investment requirements and affects various industries, including mining and local producers. Supporters of the bill hope the new legislation will boost investment activity in economically deprived regions throughout Egypt.
Egypt has dealt with political and economic dissatisfaction since the Egyptian Revolution [JURIST archive] began. Earlier this week an Egyptian court suspended [JURIST report] the country’s upcoming parliamentary elections indefinitely after another court declared the election law’s provision on voting districts unconstitutional.The vote is the final phase in a transition period following ouster of president Mohamed Morsi in 2013.
The first two phases of the transition were completed last year when the new constitution was adopted by referendum, and when the country elected [JURIST reports] former army chief Abdel-Fattah el-Sissi as president.The upcoming elections would mark the first time the country has an acting legislature since the court dissolved [JURIST report] the parliament in June 2012, after finding that one-third of its members were elected illegally.
FRENCH VERSION
