Egypt’s Minister of Finance
Mohamed Maait affirmed that the investment climate in Egypt has become more
attractive to international development partners, as we have taken numerous
measures, initiatives, and facilitations supportive of the economy and
stimulating to the private sector, considering it as the locomotive of economic
development.
He pointed out that Egypt
possesses a more flexible and developed infrastructure, with the ability to
accommodate more economic activities. This came during a meeting between Maait
with Engineer Hani Salem Sonbol, the CEO of the International Islamic Trade
Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank, on
the sidelines of their participation in the annual meetings of the Islamic
Development Bank in Riyadh, Saudi Arabia.
Maait explained that the state’s
policy document and government offerings program open broad horizons for
injecting more private investments, in addition to the golden license which helped
expedite the procedures for establishing investment projects in the shortest
possible time, alongside abolishing preferential treatment for state-owned
entities and companies in a way that reinforces competitive neutrality.
Both sides discussed global and
regional challenges and their economic impacts, especially on developing
countries, emphasizing the necessity of adopting flexible economic policies to
face global shocks and regional fluctuations, as well as maximizing productive
and export capacities.
The minister emphasized that we
look forward to stimulating developmental partnerships between the local and
foreign private sectors to benefit from promising investment opportunities in
Egypt, and the efforts exerted by the state to maximize the contributions of
the private sector to development, economic activity, and GDP.
The minister of finance
expressed appreciation for the role of the ITFC in supporting Egypt, as one of
Egypt’s strategic development partners, with the largest cooperation portfolio
in energy, infrastructure, industry, agriculture, health, and education
sectors, explaining that we look forward to enhancing cooperation with the ITFC
to explore more bilateral trade opportunities, as well as strengthening the
role of the regional academy established by the institution in Egypt to support
exports among member countries.
Source: State Information
Service
