Some senators want the Investment Ministry back: The Senate Financial and Economic Affairs Committee and GAFI officials yesterday called on the government to bring back the Investment Ministry. “We — senators and officials from the General Authority for Freezones and Investment (GAFI) — agreed that there is a pressing need for the return of the Investment Ministry as this could play a very positive role in doubling foreign direct investments coming to Egypt and offering facilities to investors,” said committee chair Hani Sarieddin.

Egypt hasn’t had an investment ministry since 2019: The ministry was abolished as part of a cabinet shuffle in late 2019 that saw Prime Minister Moustafa Madbouly assume greater responsibility for attracting FDI and take charge of GAFI.

The call came following a committee meeting with GAFI officials to discuss obstacles to increasing FDI into the country. The “meeting agreed that there should be a single institution responsible for regulating and supervising investments in Egypt,” Sarieddin said. “We all agreed that the Investment Ministry should be back to play this role.”

A dedicated institution for promoting investment? If it is focused and has teeth, we agree. We’ve been calling on the government to establish an investment promotion agency dedicated to attracting multinationals to set up shop in Egypt. Investment Ministry or Invest Egypt: Call it what you like — it’s going to be needed if the government wants to meet its ambitious goal of attracting USD 40 bn in FDIs over the next four years. A mandate to run a targeted investment promotion program AND a clear authority to make it easier to do business in Egypt will be key.

ALSO FROM THE SENATE–

Senate Agriculture Committee wants a gov’t committee to regulate fertilizers: The Senate Agriculture Committee called for the formation of a committee dedicated to supervising the production and distribution of chemical fertilizers to ensure adequate supply for local farmers.

More calls for action on family violence: National Council for Human Rights (NCHR) head Moushira Khattab urged the passing of the new Personal Status Act during the second day of debates by the Senate on a report on family violence. "We are in a pressing need for this law to be passed as soon as possible to settle family disputes which have become a major source of violence," she said. Lawmakers are in the process of drafting new legislation that will introduce tougher penalties for perpetrators of female genital mutilation (FGM) and child marriage, Social Solidarity Minister Nevine El Qabbaj told the Senate earlier this week.