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The World Bank, IMF, IFC Hail Egypt’s Economic Reform Program
Source: 8/5/2018

The World Bank (WB), the International Monetary Fund (IMF) and the International Finance Corporation (IFC) have hailed economic reforms carried out by Egypt to improve its investment climate through removing obstacles hindering efforts to create a strong private sector.

The announcement came during a session held on the sidelines of annual meetings of the African Caucus for the World Bank (WB) and the International Monetary Fund (IMF) which kicked off in the Red Sea resort of Sharm El Sheikh under the patronage of Prime Minister Mostafa Madbouli.

The session, which discussed removing obstacles to the private sector and luring foreign investments, was attended by Investment Minister Sahar Nasr and a number of ministers and senior African officials, as well as IFC's Vice President for the Middle East and Africa Sérgio Pimenta.

During the session, Nasr said the government has drawn up an overall economic reform program to enhance the business environment and attract foreign investments, through which the private sector plays a greater role.

The economic reform program aims to provide an attractive investment atmosphere, she said, citing the newly-approved investment law and its executive regulation, the amendments introduced to the companies' law and its executive regulation and the bankruptcy law.

The government seeks to stimulate long-term investments, she added. The minister thanked the WB for its contribution to a project to build a solar power station in Aswan, shedding light on the key role performed by the private sector to support development and spur foreign direct investments. Egypt pays great attention to investing in human resources by developing education and health services, she noted.

The government is keen to back the private sector to participate in achieving development, implementing the economic reform program and revamping the most-needy areas, especially in Upper Egypt, she noted. The Investment Ministry is working with the Micro, Small and Medium Enterprises Development Agency (MSME) to support small, medium and micro-sized enterprises in the country, with a view to making a great leap in this field, she added.

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