On 27 November 2017, the Minister of Investment and International Cooperation Dr. Sahar Nasr and Director of the Middle East and North Africa Region at the International Finance Corporation (IFC) Mr. Mouayed Makhlouf signed an MOU on supporting Egypt's national strategy for investment attraction. This took place on the sidelines of a high-level panel discussion held by the IFC within the framework of supporting and developing Egypt's capital market, in presence of Head of the Financial Supervisory Authority (FSA) Dr. Mohammed Omran and Chairman of the Egyptian Exchange (EGX) Mr. Mohammed Farid.
The MOU provided for IFC's support of the implementation of Egypt's national strategy for investment attraction, selection of consultants for its implementation when necessary and coordination and follow up in collaboration with MIIC. This is in addition to providing reports necessary for increasing investment rates, provided that MIIC would furnish IFC's action groups with all available statements and reports to ensure conducting a thorough analysis within the framework of the said strategy.
The Minister pointed out that the Egyptian government was keen on cooperation with international financial institutions to discuss all files that contribute to achieving Egypt's economic progress. She noted that signing the MOU emphasized constant cooperation and constructive building between the Egyptian government and the World Bank (WB) as well as the latter's support of the Egyptian economy, besides reflecting success of the steps recently taken by the government to provide a legislative environment to attract foreign investments.
Further, the Minister mentioned that IFC's support came within the framework of developing the investment environment after reviewing and evaluating the Investment Law and its Executive Regulations, given that IFC was conducting necessary studies requested from MIIC to develop a comprehensive strategy with a view to identify an effective institutional framework, thereby provide investors with effective services. This strategy, added the Minister, came to support several initiatives being implemented by MIIC in collaboration with the WBG.
The Minister reiterated that there were several initiatives that were considered part of the consultations provided by IFC in Egypt, given that such consultations focused on supporting the government and helping private companies to improve standards of governance and mobilize private investments through the private-public partnership (PPP). On his part, Mr. Makhlouf stated that improving transparency and organizational reform was important for attracting further investments to Egypt and boosting economic growth, besides providing solutions to help companies listed in the EGX improve disclosures.