Cairo, Egypt, May 24, 2010
—IFC, a member of the World Bank Group, and Egypt’s government are partnering to raise awareness about the benefits of establishing private sector zones in the country, which will increase the supply of usable land, create jobs, and boost economic activity.
IFC, with Egypt’s Ministry of Investment, and Ministry of Trade and Industry, today held a conference entitled “Zones in Egypt: Engine for Accelerated Growth.” The conference raised awareness among private sector investors and government officials the about different types of zones available for investment in Egypt, which enjoy incentives such as simple regulatory processes.
Jesper Kjaer, IFC Senior Manager for the Middle East and North Africa, said, “IFC is working with the Egyptian government to address the supply of critically needed developed land with basic services including power, water, transport and internet links for individual investors. This will also help Egypt create more than 100,000 additional jobs in the next three years."
Egypt estimates that private sector investment in zones could reach $13 billion in the next four years, with the private sector managing the majority of the country’s new zones.
IFC is also supporting efforts by Egypt’s government to implement transparent and integrated investment zone regulations, allowing private developers to establish and operate industrial and non-industrial zones.
IFC has helped Egypt’s General Authority for Investment and Free Zones, its Industrial Development Authority, and its Ministry of Housing, Utilities & Urban Development simplify business startup and licensing procedures. IFC’s support has helped Egypt reduce the time for business start-ups by 30 percent, on average.
Egypt ranks among the top 10 business environment reformers worldwide in the latest World Bank and IFC’s
Doing Business Report
. Egypt climbed from 116 in 2009 to 106 out of 183 countries in the 2010 report.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
