Mixed reactions over turning Egypt's Investment Ministry into authority
In the latest Cabinet reshuffle, the Egyptian Ministry of Investment was replaced by the General Authority for Investment, whose assignments have been tasked to the premier, raising controversy.
A partial Cabinet reshuffle took place in Egypt Dec. 22 following the parliament's approval, witnessing the replacement of some ministers and the merger of some portfolios. The recent reshuffle, which is the first since June 2018, targeted 11 ministries and saw the appointment of some deputy ministers.
In a groundbreaking move, the Ministry of Investment has been replaced by the General Authority for Investment (GAFI) and became affiliated to the prime minister, a matter that triggered debate over the key reasons lurking behind this move, besides its impact on the investment sector. Now, the investment minister's responsibilities have been assigned to incumbent Prime Minister Mustafa Madbouly.
On Dec. 24, Madbouly paid a visit to the Investor Service Center, which is affiliated to GAFI; this was his first visit after taking charge of the investment file through GAFI, just two days after the Cabinet reshuffle.
During the visit, he stressed that the government's goals are to increase the flow of foreign investments, facilitate investment procedures and solve investors' problems.
