The Supreme Investment Council has been established: President Abdel Fattah El Sisi has issued a presidential decree to set up the Supreme Investment Council, according to the Official Gazette. Set up to replace the investment council that was established in 2016, the new body is part of the state’s efforts to boost investment and stimulate economic growth. Its formation was greenlit by cabinet in November.

Who is on board? Chaired by the president, the council is composed of 22 ministers and state officials, including the prime minister, the governor of the Central Bank of Egypt, the chairman of the EGX, and head of the Sovereign Fund of Egypt, along with the planning, international cooperation, defense, and military production ministers, among others. The council may also invite non-member state officials, private-sector representatives, and experts to its meetings, though non-members are not given voting rights. The council is set to convene at least once every three months.

What it does: The new council seeks to eliminate obstacles to new investment and accelerate licensing for new projects, Al Masry Al Youm quotes a member of parliament as saying. The role of the council — whose decisions are binding on all state institutions — includes creating an environment that is more conducive to investment, monitoring the progress of state institutions in implementing investment plans, following up on public-private partnerships, and setting mechanisms for settling investment disputes.

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