World Bank (WB) officials praised legislative and structural reforms Egypt undertook to improve the investment climate. The reforms help Egypt maintain its position as the first foreign direct investment (FDI) destination in Africa for the third year in a row despite the global decrease in FDIs.
According to a statement released on Thursday by the Ministry of Investment and International Cooperation, WB officials said that Egypt's successes came as a result of the business environment improvement policy that was achieved by governmental programmes, the gradual increase in private sector investments, and enhancement of economic growth, which put Egypt on the world investment map.
Egypt's Minister of Investment and International Cooperation Sahar Nasr said Egypt was supporting the creation of a competitive business environment, which is necessary to create new job opportunities and achieve sustainable, inclusive growth.
"The government has adopted several procedures to improve the business environment to make it more attractive. These procedures resulted in improved economic indices. We will focus on boosting economic competitiveness and developing production, in addition to providing more job opportunities for Egyptian youth," Minister Nasr added during her participation in a session about the next generation of reforms in MENA and North Africa regions. The session was held on the sidelines of the World Bank and International Monetary Fund annual meetings.
Nasr stated that Egypt had adopted legislative and structural reforms that eliminated bureaucracy, increased private sector participation, and simplified businesses. The establishment of enterprises became faster, easier, and more efficient in the light of cooperation between the public and private sectors. Significant investments have been engaged in the mega projects from the private sector, especially in the energy sector and in new cities.
She said Egypt was the first country in MENA and North Africa to adopt a digital transformation strategy, being one of the key components of Egypt's social and economic development strategy, adding that Egypt was working on attracting foreign investments to the information and telecommunication sector, besides stimulating investment in emerging enterprises and encouraging technology innovations for the sake of supporting entrepreneurs and to provide them with tools needed to develop.