Govt attracts $6.8 bn in foreign investment

During the period from January to April, the government managed to attract $6.8 billion in foreign investments, Sahar Nasr, Minister of Investment, said after the Cabinet’s weekly meeting on Thursday.

The Cabinet also approved the amended draft law submitted by the Ministry on joint stock companies and limited liability companies, she added.

The Prime Minister will submit the draft law to the State Council next week as a prelude to sending it to the House of Representatives.

The amendments come in light of the serious commitment to keep pace with the best economic legislation applied globally, in addition to creating the appropriate legal framework for attracting foreign investments, she added.

Twenty-five articles were amended, 22 articles were added, and one new chapter was developed to regulate “one-person companies “, which included 16 articles, according to the minister.

A minority of investors has been granted the right to put items on the agenda of the Ordinary General Assembly or to call for the Extraordinary General Assembly to be held, to remove the restrictions on the realization of these rights; and to invalidate the netting contracts that do not take into account the interests of companies and shareholders, Nasr said.

The amendments include the right of companies to issue “excellent”-grade shares; plus, articles regulating the procedures for the electronic establishment of companies and web-based online services for investors.

Edited translation from Al-Masry Al-Youm

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