March 4, 2015 / 9:51 AM / 5 years ago

Egypt's cabinet approves long-awaited investment law - prime minister

CAIRO, March 4 (Reuters) - Egypt’s cabinet approved a long-awaited draft law on investment on Wednesday, the prime minister said, legislation seen as critical to winning investors’ confidence ahead of an investment conference this month in Sharm al-Sheikh.

The law, which still requires the president’s ratification, aims to create a “one-stop shop” to make life easier for foreign investors.

“Yes we approved it and it will be sent to the president to ratify,” Prime Minister Ibrahim Mehleb told reporters after the cabinet meeting ended.

Writing by Stephen Kalin; Editing by Yara Bayoumy

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