Egypt’s Minister of State for Emigration and Egyptian Expatriates’ Affairs ambassador Soha el-Gendi and Head of Principal Investments and Capital Market at Banque Misr Ahmed Sobhy discussed new mechanism for attracting expatriates’ foreign currency cash flow.
According to a statement issued Wednesday by the Ministry, the minister said the meeting aimed at probing the investment axis, that figured high on the outcome of the third edition of the Conference of Egyptian Entities Abroad that recommended the establishment of an investment company for Egyptians expatriates, together with working out incentives that encourage them transfer their funds to Egypt.
Meantime, the minister highlighted Prime Minister Moustafa Madbouli ‘s keenness on carrying out all recommendations in this regard, as well as his directives to coordinate efforts among State bodies to draw up a legal framework, as per the political leadership’s directives.
Gendi said thanks to the high credibility levels national banks enjoy among expatriates, Egyptians living abroad are highly interested in dealing with these banks. She further referred to the ministry’s efforts to promulgate for all available investment opportunities, through holding direct meetings with Egyptians living oversees or via videoconferencing.
For his part, the Banque Misr official reiterated the bank’s keenness on promoting cooperation with the ministry and offering all support that would help generate multiple investment mechanisms for Egyptians abroad, citing the banks investment services in this respect.
