Egyptian economists said reconciliation with businessmen of the former regime, who were accused of corruption, is a boost to business sentiment which has been shaken by political instability.

However, some human rights and politician experts voiced their disapproval of ongoing reconciliation initiatives with ex-Mubarak's officials, which will allow them to settle out of court and avoid criminal charges by paying restitution.

OPEN ARMS FOR RECONCILIATION WITH BUSINESSMEN

Investment Minister Yahya Hamed said on Saturday that Egypt will witness a positive phase of reconciliation with businessmen living abroad.

"The reconciliation will not conflict with legal and economic rights of the Egyptian people, but it will open the door for Egyptian businessmen to back home and let the country to take benefit of their expertise in supporting economy," the minister asserted.

Speaking at a Turkish-Egyptian Business Council meeting which was held in Istanbul on Friday, Egypt's Prime Minister Hesham Qandil said that a reconciliation initiative with Egyptian businessmen whose investments faltered after Egypt's revolution, will be launched soon to boost investments and lure Arab and foreign investors.

So far, dozens of the most high-profile members of Hosni Mubrak 's regime have either traded cash for innocence or are in the process of doing so, including Ahmed Ezz, a well-known steel tycoon and former ruling party's leading member.

"Economic reconciliation with businessmen is an urgent demand for injecting funds into the state treasury, and attract foreign investors," Gamal Bayoumy, secretary general of Arab Investors' Union told Xinhua.

It is more useful for Egypt, that the businessmen who committed financial violations during the former regime, to pay the value of their violations, Bayoumy added.



BETTER ALTERNATIVE FOR BUSINESSMEN ABROAD

Reconciliation proved to be a better alternative for fugitive businessmen. Former finance minister Youssef Boutros Ghali, currently in London, and former trade minister Rachid Mohamed Rachid, who works in Qatar, are among the former officials who asked to reconcile with the government.

Some official economic reports estimated that more than 1 billion L.E. could be deposited in the government coffers, if the settlement deals with the ex-officials succeed.

Prosecutor general Talaat Abdullah has ordered Sunday to lift a ban travel over Rachid, official news agency MENA reported.

Talaat also is expected to approve a "reconciliation" deal with fugitive businessman Hussein Salem by next week, state Ahram website stated on Thursday.

Earlier this month, Salem's lawyers made an offer to north Cairo attorney general in which their client would give up 75 percent of his financial assets in Egypt and 55 percent of his wealth in Spain.

Salem, who fled Egypt during the 2011 Egyptian uprising, has been a close associate to the ousted president Mubarak. He was sentenced for 15 years for illegally acquiring public property, and another 15 years in jail in squandering public funds in regards to the gas deal with Israel.

"It is a golden opportunity for the businessmen abroad to return back to their home, and plant confidence among the finance and investments sectors," Bayoumy added.

As long as their economic violations could be fixed, and the taxes they evaded could be poured in the country's heart, the businessmen return would encourage the investors home and abroad.

SURVIVING AILING ECONOMY

Egypt is still in continuous negotiations to get a rescue 4.8 billion US dollars loan from the International Monetary Fund ( IMF) to help settling its financial problems, within a budget deficit expected to reach 28.66 billion dollars in the fiscal year from July 1, 2013 to June 30, 2014, according to the cabinet statement.

"Reconciliation deals would compensate Egypt with the needed amounts to restructure its economic institutions, instead of relying on loans," Mohamed Abdel-Aziz Hegazy, finance professor at the American University in Cairo, told Xinhua.

Egypt in November reportedly recovered about 1.8 billion US dollars in funds and land unlawfully acquired by former regime officials, and the values have been deposited in a Central Bank account, he added.

DISAPPROVAL OF OPPOSITION

In January, the government's announcement to launch a financial reconciliation initiative with figures of the ousted president, has provoked reactions of the opposition and the human rights activists, who voiced the bid as failure to administer justice.

When the normal citizens see some of the country's most notorious criminals of the former regime out of jail, then their uprising is valueless," political expert Abdel Ghafar Shoker told Xinhua.

Fair trials are important for calming the anger sentiments of the citizens, who saw their rights were stolen by the business tycoon.

The expert said the series of settlements deal will continue and increase by time, but ruled out the deals would include Mubrak himself on the short run, as the current ruling regime wants to avoid more debate in the street until entrench its roots.

Hegazy echoed the expert by saying "to jail the businessmen won 't bring the stolen money back, which the county is in bad need to build its economy," but stressing the reconciliation process should be done under legal umbrella.