Egypt

Egypt

Prime Minister Decree No. 56 Regarding Investment Enhancing

21 Aug 2022

On 21 August 2022, the Prime Minister issued Decree No. 56 of 2022 which aims to specify the criteria and conditions upon which an Investment Project can be considered national or strategic as per Article 20 of Investment Law No. 72 of 2017. The Decree enables the Investment Project to benefit from the advantages of the Single Authorization Process (SAP) provided by the Investment Law. An Investment Project may benefit from the SAP given by the Council of Ministers to the relevant company established for such purpose. However, in order for a project to be classified as national or strategic in must fulfil at least two of the following eight conditions: (1) exporting no less than 50 per cent of its products abroad annually, within 3 years since the beginning of its activity; (2) financing via foreign currency transfer; (3) localizing the relevant industry and utilizing local ingredients in its production to be no less than 50 per cent; (4) establishment in one of the areas listed in PM Decree No.7 of 2020; (5) technology transfer and localization, innovation support, and scientific research development; (6) secure strategic goods for the country and to limit its importation; (7) several job opportunities to nationals; and (8) reducing gas and temperature emissions and climate improvement. Also, the Project should operate in one of the industries: electricity and renewable energy; petrol and mineral resources; transportation, including maritime, railway, and electric transport, in addition to sea or river ports and logistics centres; industrial; communications and information technology; housing and utilities; tourism; youth and sport; environment; agriculture; or military production. The SAP applies to project implementation, its operation, management and all related construction licenses and real estate allocation. Moreover, it can activate one or more investment incentives that the Investment Law provides without further action.

  • Type:
    • Promotion and facilitation (Investment facilitation )
    • Promotion and facilitation (Investment facilitation , Investment incentives)
  • Industry:
    • Not industry specific (SDG)
    • Manufacturing (Manufacture of transport equipment)
    • Services (Electricity, gas, steam and air conditioning supply)
  • Sources: