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IFC mission is to start evaluating investment procedures in March - Daily News Egypt

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IFC mission is to start evaluating investment procedures in March

The minister assigned leaders of the ministry to evaluate one-stop shop applied by GAFI

Minister of Investment and International Cooperation Sahar Nasr commissioned Mona Zobaa, vice chairperson of the General Authority for Investment (GAFI), to evaluate the one-stop shop experience that recently entitled the investment window applied by the GAFI regarding the procedures of the establishment of companies, issuance of licenses, and allocation of lands.

Nasr said during a news conference on Tuesday that she will receive the evaluation from Zobaa within 24 hours.

Nasr continued that the GAFI has been commissioned to prepare an internal evaluation to the investment window before hiring international parties to evaluate the experiment.

She said that the ministry will receive a mission from the International Finance Corporation (IFC), the World Bank, and a number of economists from countries that possess unique experiences in the investment field—such as Singapore—to prepare an assessment of the investment procedures and its developing mechanisms.

Nasr expected the IFC mission to begin the assessment of the investment procedures in March.

She noted that she intends to discuss the new draft investment law with the Economic Committee at the House of Representatives and the Ministry of Justice within the next few days.

Nasr added—on the sidelines of Tuesday’s “L’Oreal-UNESCO for Women in Science” conference—that she met with Ali Abdul Aal, speaker of the House of Representatives, to discuss the same thing.

Nasr said that she is keen to coordinate with the House of Representatives a number of laws submitted to them—with the investment law being a top priority.

She said that the ministry is seeking to complete all draft laws regulating investment as soon as possible.

Nasr added that the GAFI started today to prepare the executive regulations of the new investment law.

Nasr emphasised that the government is focusing on supporting the investment in all sectors in order to provide job opportunities nationwide.

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