Cairo, Egypt, October 4, 2015–IFC,
a member of the World Bank Group, and the Egyptian Ministry of Investment
signed a Memorandum of Understanding today to provide technical support
to help improve the country’s investment policy, and attract and retain
foreign and domestic investors.
The signing, attended by Minister of
Investment Ashraf Salman, marks the launch of IFC’s Egypt Fast Track Investment
project, which aims to provide fast track technical assistance to the government
to help improve the regulatory framework on investor attraction, entry
and protection. The project aims to foster private sector investment by
removing barriers and creating a more investment-friendly business climate.
“The government recognizes the need
for a robust investment climate that is transparent and encouraging,”
said Ambassador Yasser El Naggar, Principal Deputy to Egypt’s Minister
of Investment. “Our partnership with IFC will help create a more favorable
business environment for investors, and help increase the flow of direct
investment to different sectors of the economy.”
“Improving the investment framework
will help create a level playing field for all investors and improve transparency.
This in turn will help boost investors’ confidence and attract much needed
investments,” said Nada Shousha, IFC Country Manager in Egypt.
The project is funded by the Austrian Federal Ministry of Finance and is
part of the World Bank Group’s broader collaboration with the government
of Egypt, which aims to create a strong and sustainable investment climate.
About the World Bank Group
The World Bank Group is one of the world's largest sources of funding and
knowledge for developing countries. It comprises five closely associated
institutions: the International Bank for Reconstruction and Development
(IBRD) and the International Development Association (IDA), which together
form the World Bank; the International Finance Corporation (IFC); the Multilateral
Investment Guarantee Agency (MIGA); and the International Centre for Settlement
of Investment Disputes (ICSID). Each institution plays a distinct role
in the mission to fight poverty and improve living standards for people
in the developing world. For more information, please visit www.worldbank.org,