Back to the complete issue
Sunday, 2 July 2017

EAEF’s James Harmon talks up Egypt’s “right macro fundamentals” to US Congress

EAEF’s James Harmon talks up Egypt’s “right macro fundamentals” to US Congress: Egypt’s economy currently has the “right macroeconomic fundamentals” to attract foreign direct investment, said Egyptian-American Enterprise Fund (EAEF) Chairman James Harmon in a glowing report on Egypt’s economic recovery to the US House of Representatives’ Committee on Foreign Affairs. “This creates a multiplier effect and helps bolster the government’s economic reform agenda,” he added. Harmon praised the passing of the Investment Act and the Ismail cabinet’s approval of the Bankruptcy Act, according to a statement put out by the Investment and International Cooperation Ministry. Harmon’s report did not shy from naming concerns which might hinder this recovery, the prime culprits being Egypt’s “underdeveloped” private sector. “[Egypt] suffers from gaps in financing, infrastructure and talent which curbs its ability to expand and grow the economy, which would result in underserved markets, high unemployment rates and low financial inclusion,” he added in the report.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.