Nasr probes with WB, IFC 2017 doing business report

Minister of Investment and International Cooperation Sahar Nasr conferred on Wednesday with a team of the World Bank (WB) and the International Finance Corporation (IFC) on preparations for issuing a doing business report for 2017 by the WB ahead of a visit by a mission of the WB and IFC to Egypt on March 12-13.

The meeting was attended by Chief Executive Officer (CEO) of the General Authority for Investment Mohammad Khodier and Assistant Investment Minister Shehab Merzeban.

In a statement released on Wednesday, the minister asserted that a swift plan of action has been outlined by the ministry in order to introduce progress in the investment climate to lure more foreign investments and achieve a boost to the national economy involving all business sectors.

She underlined the importance of the support of international finance corporation which provides the Egyptian side with the necessary expertise that would bring about more swift and influential outcome.

The minister made it clear that the new investment law which is currently being debated at the House of Representatives would contribute to removing all impediments and bureaucratic measures standing in the way of foreign investments in Egypt.

The meeting also addressed current efforts made by the Ministry of Investment to prepare a comprehensive and integrated plan for investment involving all governorates of Egypt.

The WB and IFC team praised the steps taken by the government to improve investment and business climate in Egypt, noting that they would extend all possible support for the sake of reaching this target.