US side keen on pumping investments into Egypt in coming period

Investment and International Cooperation Minister Sahar Nasr said that the US side expressed keenness on pumping new investments into Egypt in the coming period.

During meetings between Egyptian President Abdel Fattah El Sisi and US President Donald Trump and the US Chamber of Commerce, the US side voiced keenness on investing in several sectors in Egypt, including renewable energy, transportation, industry and infrastructure, Nasr said in statements on Wednesday night.

The Egyptian delegation posted the US side on a new investment bill that will be discussed by the House of Representatives next week, in addition to amendments to capital market and financial leasing laws, Nasr added.

The minister said that ahead of President Sisi's visit to Washington, she held a series of meetings with US companies to discuss means of removing obstacles to doing business in Egypt.

She further revealed that a US business delegation will visit Egypt soon. Nasr added that she will lead a delegation to Spring Meetings of the World Bank Group, set for Washington on April 21-23.

As for the United States Agency for International Development (USAID)'s economic aid, Nasr said that the agency cut its economic aid to Egypt from 250 to 80 million dollars over the past years, Nasr said.

Egypt will direct aid in the coming period to finance small and medium-seized enterprises, women's empowerment and infrastructure projects, Nasr said.

She further underlined that the directors of the World Bank and the International Monetary Fund lauded Egypt's economic reform program and bold steps taken by President Sisi.

She added her ministry is currently drawing a map of investment opportunities in Egypt in all fields, including petroleum, agriculture, antiquities, the new Administrative Capital and the Suez Canal Economic Zone.

The government backed SMEs at the technical, administrative and marketing levels, she said, underlining that Saudi Arabia granted 400 million pounds to the fund for small and medium-sized enterprises.