Cairo, Egypt, October 4, 2015–
IFC, a member of the World Bank Group, and the Egyptian Ministry of Investment signed a Memorandum of Understanding today to provide technical support to help improve the country’s investment policy, and attract and retain foreign and domestic investors.
The signing, attended by Minister of Investment Ashraf Salman, marks the launch of IFC’s Egypt Fast Track Investment project, which aims to provide fast track technical assistance to the government to help improve the regulatory framework on investor attraction, entry and protection. The project aims to foster private sector investment by removing barriers and creating a more investment-friendly business climate.
“The government recognizes the need for a robust investment climate that is transparent and encouraging,” said Ambassador Yasser El Naggar, Principal Deputy to Egypt’s Minister of Investment. “Our partnership with IFC will help create a more favorable business environment for investors, and help increase the flow of direct investment to different sectors of the economy.”
“Improving the investment framework will help create a level playing field for all investors and improve transparency. This in turn will help boost investors’ confidence and attract much needed investments,” said Nada Shousha, IFC Country Manager in Egypt.
The project is funded by the Austrian Federal Ministry of Finance and is part of the World Bank Group’s broader collaboration with the government of Egypt, which aims to create a strong and sustainable investment climate.
About the World Bank Group
The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit
www.worldbank.org
,
www.miga.org
, and
www.ifc.org
.
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