Egypt issued on Thursday a long-delayed investment law aimed at easing doing business in the country. The law is aimed at cutting bureaucracy, especially for new projects and also to provide more incentives to investors. It was passed last month in parliament and President Abdel Fattah al-Sisi ratified it on Thursday.

The incentives include a 50% discount on investments made in underdeveloped areas, and government support for the cost of connecting utilities.

The most populous Arab state had floated its pound currency in November and also entered into an IMF bail-out programme.A three-year USD 12 billion bond tied to strong economic reforms as a bid to restore the economy after the 2011 uprising.