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Thursday, 13 April 2017

On the horizon

The House of Representatives’ Economic Committee postponed its vote on the new Investment Act until next week, citing the government’s delay in responding to inquiries on certain clauses, sources told Al Borsa on Wednesday. The committee was expecting a report from the General Authority for Free Zones and Investments on Sunday or Monday this week, clarifying the types of incentives that would be given to foreign investors under the terms of the act, discussion of which was set aside in the immediate wake of the Palm Sunday terror attacks. Next week’s vote is expected to also settle debate over the return of private free zones, committee chair Amr Ghallab said.

The House also postponed until next week the general assembly’s vote on a 10% social welfare raise for bureaucrats who don’t fall under the Civil Service Act, according to Ahram Gate. Speaking to the press on Wednesday, Finance Minister Amr El Garhy confirmed earlier reports that the raise, which will range in value from EGP 65-120 per civil servant, would be distributed in May and applied retroactively.

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