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Egypt minister: Investors will get 50% tax waiver for six years

Published: Updated:

Egypt’s Minister of Investment and International Cooperation Sahar Nasr, said Wednesday, that the government is aiming to create an attractive investment environment for entrepreneurs and new investors and is working on a series of reforms in laws and regulations.

Speaking at the second day of the Future Investment Initiative Forum held in Saudi Arabia’s capital, Riyadh, Nasr said that an incentive package will be presented to lure investors, saying that a 50 percent tax will be waived for 3 years and can be extended for an additional 3 years as part of making Egypt a competitive business environment.

On the other hand, she pointed out that a large part of the efforts are aimed primarily at promising Egyptian youth and start-up companies, where they are supported to facilitate their access to financing institutions as well as to develop the necessary infrastructure from highways, airports, ports and the energy sector.

Among the sectors targeted in the Egyptian vision, according to Nasr, is the energy sector, involving the private sector and its role in this vision, while the target is to diversify energy sources from nuclear power, wind power and solar energy.