The Export-Import Bank of the United States (US EXIM Bank) and the International Development Finance Corporation (DFC) funds are key to supporting Egypt’s private sector, said Minister of Investment and International cooperation, Sahar Nasr.
This came during Nasr’s meeting with a number of US Congress members visiting Egypt to discuss mechanisms of boosting US investments into the local market as well as other economic partnerships, a ministerial statement said on Monday.
The current value of US investments in the Egyptian market is at $22.8bn, the statement mentioned, noting that American delegates praised the economic and regulative reforms taken by Egyptian authorities to attract more foreign investments.
Interestingly, the US EXIM Bank is expected to triple its pipeline projects in Egypt to reach $6bn in the next few years, according to Judith Pryor, member of the board of US EXIM Bank, in an interview with Daily News Egypt on 2 December 2019, noting that the current commitment of the bank for future cooperation is $2bn.
EXIM Bank has financed projects in Egypt with $5bn over the past 10 years where the economic sectors of interest in Egypt have been aviation, agriculture, information and communication technology (ICT), as well as infrastructure, agribusiness, and women in businesses.
The minister affirmed that Egypt will remain a top investment destination for international investors, noting that the New Investment Law and its executive regulations highlighted several incentives for businesspersons, along with issuing the Bankruptcy Law.
“We also launched the online Investment Map which includes 3000 investment opportunities in various fields to make it easy for investors to closely identify opportunities in Egypt,” Nasr mentioned.
The minister also mentioned that many international financial institutions have praised Egyptian economic reform programme including the World Bank (WB) and the Organisation for Economic Co-operation and Development (OECD).
The minister said that MIIC plans to accelerate its efforts in establishing several investment zones in many locations in addition to establishing branches of Investor Services Center (ISC) in many governorates on the latest international systems.
ISC’s new branches aim to facilitate the governmental procedures, eliminate bureaucracy, and provide integrated services for the investors, Nasr noted, adding that ISC includes representatives from more than 65 entities representing 27 ministries.