The Prime Minister continues discussions on the proposed draft law for financial and business areas
Dr. Mostafa Madbouly, Prime Minister, held a meeting today; To complete discussions on the features of the proposed draft law for financial and business districts in Egypt, in the presence of Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, Sherif Al-Kilani, Deputy Minister of Finance for Tax Policies, Engineer Khaled Abbas, Chairman of the Board of Directors and Managing Director of the Administrative Capital for Urban Development Company, and Rami Youssef. , Assistant Minister of Finance for Tax Policies, and Rasha Abdel-Aal, Head of the Egyptian Tax Authority.
The Prime Minister began the meeting by noting that holding this meeting comes as a continuation of the previous meetings that discussed the proposed draft of the Financial and Business Districts Law in Egypt, in order to reach a final, consensual formula. In preparation for presenting it to Parliament, so that it can be used to establish a financial and business district in the New Administrative Capital, as well as the city of Ras El Hekma on the northwestern coast.
In this context, Dr. Mostafa Madbouly explained that there is a keen interest in having a special legal system that governs the financial and business areas in the country, so that this will contribute to attracting more local and foreign investments, through what it will provide. New facilities, and the materials it contains that protect the property rights of all customers.
Counselor Muhammad Al-Homsani, the official spokesman for the Presidency of the Council of Ministers, stated that during the meeting it was pointed out that financial and business centers are major areas for practicing economic and financial activities, as major financial institutions such as: banks and companies are concentrated in them. Investment, stock markets, and insurance companies, in addition to large business companies such as: multinational companies and commercial institutions. These centers also play a major role in the local economy, by stimulating economic growth resulting from the flow of foreign and local investments, which helps stimulate Various economic sectors, and provides direct and indirect job opportunities in many sectors such as: finance, insurance, law, accounting, technology, and others.
The official spokesman added that it was It is also pointed out that these centers provide an economic environment that attracts local and foreign expertise, which would develop the national workforce, and that these centers conducting their work from Egypt would increase government revenues, pointing out at the same time that establishing these centers leads to strengthening confidence. in economics; Locally and internationally, which increases the country’s attractiveness for investment and contributes to improving its credit rating.
With regard to the proposed draft law, Counselor Muhammad Al-Homsani explained that the draft determines the nature of the activities practiced in the central financial and business areas in general, and the regulating legislation, in order to give the greatest degree of flexibility.
At the same time, the official spokesman explained that the proposed draft law adopts the general frameworks that regulate work in the central areas of finance and business, including the foundations for regulating relations between the region’s entities (public entities, developers, projects, or clients). Projects), as well as a breakdown of the most important guarantees and main incentives that the law will grant to investors in the region, the specific form of the developer’s relationship with investors and the state, and the state’s relationship with investors.
