Dr. Sahar Nasr : “We work on increasing investments for their role in economic growth”

 The Minister of Investment and International Cooperation Dr. Sahar Nasr met with several development partners, where cooperation plan during the upcoming period and the government’s efforts in improving the business environment and implementing the economic reform program were discussed ...

The meeting was attended by the Norwegian Ambassador to Cairo Mr. Sten Arne Rosnes, the Belgian Ambassador to Cairo Ms. Sibille de Cartier, the Estonian Ambassador to Cairo Mr. Sander Soone, the Swiss Ambassador to Cairo Mr. Paul Garnier, Director of the US Agency for International Development (USAID) Ms. Sherry Carlin, Director of the United Nations Development Program (UNDP) Ms. Randa Abo El-Hosn, Resident Representative of the African Development Bank (AfDB) Ms. Leila Mokaddem,  Director of the AFD Cairo Office Ms. Stéphanie Lanfranchi, EBRD’s Managing Director for the southern and eastern Mediterranean(SEMED) region and EBRD’s Country Head for Egypt Ms. Janet Heckman, IFC’s Regional Director in Egypt Mr. Walid Labadi and Program Manager at the World Bank (WB) Mr. Ashish Khan. 

The Minister emphasized that the government proceeded with its reform program to achieve inclusive growth for all, noting that the government was working on fostering an adequate climate for the private sector to increase investments in Egypt being a driver of growth and job opportunities. 

Further, the Minister mentioned that Egypt carried out several steps to improve the investment environment during the previous period, among of which were the President’s ratification of the Investment Law and the Cabinet’s approval of the Law’s Executive Regulations, the Financial Leasing and Factoring Law as well as amendments of the Companies Law and the Capital Market Law. The Minister pointed out that the new Investment Law provided for several guarantees and incentives to encourage investors and increase economic growth so as to achieve sustainable development. 

With regard to encouraging entrepreneurs, added Dr. Nasr, MIIC launched “Fekretak Sherketak” Initiative through Egypt Ventures and in partnership with the UNDP and “Hermes” Financial Group. 

MIIC also, as stated by the Minister, formed a unit for monitoring the international ranking of Egypt business environment and formulating necessary improvement strategies, besides working on finalizing the investment map that includes all available investment opportunities worldwide. Incorporation procedures were also facilitated for investors and a unit for solving investors’ problems was formed. 

In addition, the Minister noted that incorporation department was broadened and the electronic incorporation was activated at the Investors Service Center (ISC), noting that ISC development was underway and that they worked on achieving financial inclusion and providing youth and women with funding opportunities. 

The Egyptian government worked on obtaining optimum benefit from all funds and grants provided to support all projects and initiatives, emphasized Dr. Nasr, who explained that she worked on enhancing investments to contribute to achieving the SDGs, especially investments that contribute to decreasing poverty, providing job opportunities and promoting startups.   

Moreover, the Minister referred to achievements of the economic reform program, including social safety nets that alleviated the burdens of the most vulnerable groups, the social hosing program, natural gas delivery to households and development of informal areas. 

The Minister called on development partners and ambassador to further enhance cooperation with Egypt during the upcoming period, to inject further investments and to participate at the “Africa 2017: Investment for Sustainable Development” Conference  to be held under the auspices of President Abdel Fattah El-Sisi during the period from 7 to 9 December 2017 and to be organized by the COMESA Regional Investment Agency (COMESA RIA) in Sharm El-Sheikh. 

On their part, Egypt’s development partners commended Egypt’s efforts in economic reform and the improvement of the investment environment, asserting their full support of Egypt in injecting new investments, promoting the private sector’s role in Egypt’s social and economic development process and enhancing efforts exerted to foster an attractive climate for the private sector and foreign investments.