Egypt's cabinet to approve investment law in two weeks: Minister

Egypt's long awaited new investment law will be approved by the cabinet within two weeks, the state-owned daily newspaper Al-Ahram reported Sunday, citing Minister of Investment Ashraf Salman.

The law aims to improve the ministry's one-stop system for starting new businesses by allowing the General Authority for Investment to issue most of the government permits needed for new enterprises, Salman said.

Salman also said that the World Bank has already approved a $5 million aid package to Egypt to implement the new system and to establish an updated database of investments.