International Finance Corporation (IFC) Regional Director Mouayed Makhlouf and Minister of Investment and International Cooperation (MIIC) Sahar Nasr signed on Monday a letter of intent to develop Egypt’s National Investment Attraction and Retention strategy during a signing ceremony.
IFC intends to provide the necessary analysis on Foreign Direct Investment (FDI), institutional framework, and investment incentives, to enable the MIIC to develop a comprehensive strategy following best international practices, while ensuring consensus-building among government stakeholders.
IFC noted that the strategy aims to create an effective institutional framework to provide an efficient service for investors, which is in line with the government of Egypt’s efforts to mobilise and implement the investment policy and provide an enabling investment climate for investors.
“The strategy complements several initiatives that are currently under implementation by MIIC and in collaboration with the World Bank Group,” IFC added.
On 25 October, the cabinet approved the new Investments Law to promote a one-stop-shop mechanism and provide investment incentives, in addition to granting investors exit from the Egyptian market.
Furthermore, in the same month, the parliament approved the executive regulations of the new Investments Law that provides a clear and explicit interpretation of the law.