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Tuesday, 26 April 2016

El Sisi summons economic team for talk, few details released

El Sisi has economic team in for talk as EGP neared 12 to the USD on the parallel market, few details released: President Abdel Fattah El Sisi met on Sunday with the prime minister as well as the key members of the cabinet economic group and the governor of the central bank. The official readout from the meeting included no detail, noting that Finance Minister Amr El Garhy, CBE governor Tarek Amer and International Cooperation Minister Sahar Nasr briefed the president on the World Bank and IMF’s spring meetings as well as their sit-downs with “American investment funds, where they showcased Egypt’s economic programs and mechanisms adopted to create an environment conducive to investment. This received the appreciation of financial institutions and investment funds which expressed interest in the economic developments currently underway in Egypt and ways to ensure optimal benefit from the investment opportunities offered in the Egyptian market.” The president gave El Garhy “instructions to enhance the state’s efforts to combat trafficking and tighten control to prevent access [to the Egyptian market for] products that do not comply with the standards of the Egyptian market and harm the national economy.” Trade and Industry Minister Tarek Kabil spoke on industrial development, and El Sisi “stressed the need to enhance coordination among the various ministries and authorities concerned to facilitate procedures necessary to start up trade and investment activities, and offer an enabling environment to attract more investment and generate jobs.” Also in attendance were the ministers of planning and administrative reform, supply and domestic trade, interior, public enterprise and investment.

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