Maait: Investment climate in Egypt has become more attractive to int’l partners

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 held Sunday 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.