A delegation from the Ministry of Investment held a shared session with the World Bank investment policy group in Vienna, Austria on Thursday to complement the earlier meetings of the two sides that took place in Cairo.
The meeting addressed the best methods of utilising World Bank expertise to provide professional consultation in regards to the best practices to reform and improve Egypt’s investment policies and laws.
Moreover, the ministry is currently evaluating existing investment policies and laws in order to determine the existing appeal for investment and the requirements of the investment climate. This comes in the framework of the ministry’s action plan to prepare unified state investment policies, which is one of main pillars of Egypt’s 2030 Vision.
Earlier this month, the World Bank Group, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) issued a report addressing the main challenges for the private sector in the Middle East and North Africa region: “What’s holding back the private sector in MENA?”
The report identifies political instability, corruption, unreliable electricity supply and inadequate access to finance as the main impediments and challenges that are affecting the private sector and economic growth in the MENA region in order to help institutions support policy reforms to create a favourable business environment.
Ministry representative Ahmed Farouk attended the meeting, along with Global Investment Policy Lead of the Investment Climate Unit of the World Bank Roberto Echandi, and Egypt’s World Bank representative Fatma Ibrahim.