Egypt’s next set of economic reforms should “focus on making its bureaucracy more transparent for investors,” World Bank MENA Vice-President Hafez Ghanem told Reuters. Ghanem believes Egypt should implement reforms aimed at encouraging more private investment and moving away from subsidies toward targeted transfers for the poor. “The next set of reforms need to focus on the micro level, regulatory reforms, making the system more transparent, easier for investors to come and invest in Egypt,” he says. Ghanem adds: “We need to see a big increase in private investment, and not just private investment by big companies, big ticket items. We need to see encouragement for SMEs, for young people to develop more entrepreneurship.” Ghanem also praised the macroeconomic reforms taken so far on the FX front and the freer movement of capital.