Investment Minister completes investment roadmap with 600 new projects
Investment and International Cooperation Minister Sahar Nasr has finished laying out Egypt’s investment roadmap, Al Ahram reports. The plan will be updated regularly as new opportunities become available, Nasr said, but currently includes 600 new projects across different sectors that the government intends to pitch to local and foreign investors. New Valley got the lion’s share with 150 investment opportunities, followed by Fayoum with 40, and Qena with 24.
Nasr had also signed yesterday a USD 200 mn agreement with the Arab Bank for Economic Development in Africa to support Egyptian investments in Africa (BADEA), according to a ministry statement (pdf). Nasr signed the agreement with BADEA Chairman Youssef Albassam, who lauded Egypt’s economic reform program and recent improvements to its business climate. Separately, the SME Development Authority (which replaced the Social Fund for Development) is set to secure a USD 50 mn loan from the Arab Fund for Economic and Social Development within days, the authority’s executive director Nevine Gamea tells Al Mal.