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.