On eve of conference, Egyptian president passes investment laws to attract foreign funds

Economic IndicatorsAssociated Press

The Egyptian president has issued a decree adopting a package of investment laws for the country, aimed at removing obstacles and offering incentives to foreign investors.

Thursday's move by President Abdel-Fattah el-Sissi came on the eve of an international economic conference in Egypt's Red Sea resort of Sharm el-Sheikh.

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Egypt sees the gathering as a centerpiece to draw badly needed foreign investment.

The Egyptian economy has been battered after four years of turmoil, starting with the 2011 uprising that ousted autocrat Hosni Mubarak, followed by constant unrest and turmoil, and capped by the 2013 military ouster — led by then-army chief el-Sissi — of an elected but divisive Islamist president.

Critics say the new laws were drafted in a rush and already face major objections.