New Suez Canal: Officials Discuss Investment Certificates

The ministerial economic committee under Prime Minister Ibrahim Mahlab held a meeting yesterday to discuss procedures required for issuing investment certificates for the New Suez Canal Project.

The meeting also tackled the ongoing preparations for a planned economic summit, which Egypt is set to host in September.

Present at the meeting were the ministers of industry, trade, planning, petroleum, electricity, finance and international cooperation along with the Central Bank of Egypt Governor Hisham Ramez.

During the meeting, Ramez reviewed the measures necessary for issuing the proposed certificates.

Ramez said that a draft law is being prepared to grant the Suez Canal Authority the right to issue the certificates through the three national banks: National Bank of Egypt, Banque Du Caire and Banque Misr.

International Cooperation Minister Naglaa el-Ahwani said that the discussion is underway to prepare the proposed projects and the government strategy which will be presented during the summit.

Mahlab counted several factors that will contribute to the success of Egypt’s economic summit. He also demanded to quickly draft an investment law, resolve investors’ problems and put forward a number of investment projects.

[mappress]

Press Release, August 19, 2014