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Wednesday, 5 April 2017

House backtracks on Investment Act split

Is the House Economic Committee backtracking on its (nonsensical in the first instance) decision to split the proposed Investment Act in two? The House of Representatives’ Economic Committee decided against splitting the Investment Act into two separate bills, MP Mohamed Saad Badrawy tells Al Borsa. The committee concluded its review of the bill on Tuesday, Al Shorouk says, and approved 40 out of 99 total articles (down from 114 previously). Discussions over pending articles will continue until early next week, after which the bill will go to a plenary session for a vote, according to Economic Committee Chair Amr Ghallab. Parliamentary Affairs Minister Amr Marwan urged the Economic Committee on Tuesday to speed up the process. Among the issues currently stirring the pot are incentives for foreign investors. Because God forbid a nation entirely reliant on imports and tourism actually do something to also become more attractive to global capital.

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