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Draft bill to support private investment companies

9-1-2020

The Joint Parliamentary Committees yesterday approved a draft law that sponsors private investment companies. The aim of this move is to step up and facilitate investments, attract practiced investors, stimulate owners of capital to expand the scope of similar firms and provide prospects for skilled young persons to work and grow. The draft law which also seeks to replace bank-based funding and loans with new financing conduits, taking into account the calamitous financial and economic conditions, has been referred to the General Assembly of the Legislature. Noting, that the ratification of the above law came during a meeting of the following parliamentary committees: finance and budget, administration and justice, foreign affairs, national economy, industry and planning, public health, labor and social affairs, agriculture and tourism, and the committee of media and Communications. The meeting was headed by deputy parliament speaker, Elie Ferzli. (Al Diyar, January 9, 2020)

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