Cairo: Egypt is set to launch an electronic linkage system among various governmental agencies to facilitate investor services, as confirmed by Minister of Investment and Foreign Trade Mohamed Farid. The initiative aims to build an integrated electronic system to streamline approval processes for company board minutes and expedite capital increase procedures, thereby enhancing market efficiency and improving the investor experience.
According to State Information Service Egypt, Minister Farid highlighted that the electronic linkage will involve the Investment Ministry, the General Authority for Investment and Free Zones, the Commercial Registry, the Ministry of Communications and Information Technology, the Financial Regulatory Authority, the General Authority for Internal Trade Development, the Egyptian Exchange, and Misr for Central Clearing, Depository and Registry. This move is designed to create a business-friendly environment with simplified and expedited services, bolstering confidence in Egypt's investment climate.
The announcement was made during a comprehensive coordination meeting focused on exploring the mechanisms for integration and electronic connectivity between different agencies. This is part of a broader government plan to streamline procedures, reduce service delivery times, and alleviate administrative burdens on investors.
Saleh, a key figure in the initiative, noted that the first phase will involve activating the immediate digital exchange of approvals and documents related to capital increases. This will allow applications to be submitted and approved electronically, significantly speeding up the process.
The new system will enable the Egyptian Exchange, Misr for Central Clearing, and the Commercial Registry to directly access approved documents, ensuring rapid data updates and verification of amendments. The meeting was attended by officials from relevant agencies, including the head of the Internal Trade Development Authority, the Deputy Minister of Communications, and deputies and heads of investment-related authorities and institutions, all working towards enhancing institutional integration and supporting national economic competitiveness.