Is Egypt's new bankruptcy bill enough to lure back investors?
The Egyptian government submitted to the parliament a new legislation to regulate cases of bankruptcy to ensure a safe exit for struggling investors in a bid to improve the business environment amid a lingering economic crisis.
CAIRO — On March 4, the Egyptian government submitted to the parliament a draft law on bankruptcy and the restructuring of the business sector, in an attempt by the state to deal with the struggling private and public sector companies and insolvent investors, so as to keep the wheels of the Egyptian market turning and remedy bankruptcy-ensuing problems.
The economic measures announced by the Egyptian government in November 2016 to liberalize the Egyptian pound exchange rate have troubled the Egyptian market, which mainly depends on foreign currency in securing imports of food commodities and raw materials for local production, estimated by the Central Bank at $13.93 billion in the first quarter of the current fiscal year.
