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Monday, 17 February 2020

UNIDO director-general praises Egypt's economic reforms

Doaa A.Moneim , Wednesday 28 Aug 2019
Nassar
Egypt's Minister of Trade and Industry Amr Nassar (R) and Minister of Investment Sahar Nasr (L) during their meeting with director-general of the UNIDO Li Yong (photo courtesy of Ministry of Investment and International Cooperation)
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Egypt's ministers of investments and trade met with director-general of the United Nations Industrial Development Organisation (UNIDO) Li Yong on the sideline of the Tokyo International Conference on African Development (TICAD 7).

The two sides addressed enhancing UNIDO support for development projects in Egypt, especially in the infrastructure sector, according to an investment ministry statement released on Wednesday.

"The political leadership puts the infrastructure sector as a top priority because of its role in attracting more investments. Egypt is also working on implementing a number of national mega-projects like the Suez Canal development project and the New Administrative Capital. It is also coordinating with international corporations to implement infrastructure projects in Africa under the leadership of the President Abdel-Fattah El-Sisi," the statement said.

Yong praised Egypt's investment environment and its economic reforms, as well as the facilities that investor services centres are introducing in accordance with the highest international standards.

"Egypt's business climate is ready to attract more investments. I expect that the foreign direct investments will increase over the coming period," Yong said.

Meanwhile, Nasr invited Yong to participate in the Africa 2019 Conference, which will be held in Egypt in November.

In 2017/18, the UNIDO portfolio in Egypt comprised 11 main projects with a total budget of $28.3 million implemented with the support of nine primary donors. The UNIDO team in Egypt comprises about 60 professionals based in Cairo, Alexandria, the Delta, Luxor, Sohag and Minya.

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