World Bank Group President David Malpass toured the Investor Service Center at Egypt’s Ministry of Investment and International Cooperation on Saturday, accompanied by the minister, Sahar Nasr, and praised the diversity of investment opportunities available in the country.
"I am very impressed by the centre and emerging companies," he said during the tour, adding that President Abdel-Fattah El-Sisi has made major legislative reforms to facilitate investors’ work.
The Investor Service Center includes representatives from more than 65 Egyptian entities and is responsible for issuing all licences relating to investing, and responding to investor inquiries.
Malpass thanked Nasr for establishing the body, which he said "eliminates bureaucracy and simplifies the procedures for establishing new companies."
He also applauded the diversity of investment opportunities in Egypt.
"Egypt has great investment opportunities in small and medium enterprises alike. It has a tremendous opportunity to strengthen its economy by expanding the private sector – including energy, tourism and agri-business – to create more jobs and higher living standards,” he said.
"Egypt's success is critical for the stability of the region," Malpass added.
Malpass arrived in Cairo on Saturday for a two-day visit, his first to the country since becoming president of the international organisation last month.
He is scheduled to meet with government officials and MPs to discuss the progress of the Egyptian government’s reform programme and the contribution of the World Bank.