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Wednesday, 16 August 2017

Sahar Nasr meets with EBRD in London, tells CNBC economic reforms are paying off

Nasr talks future cooperation with EBRD officials in London: Investment Minister Sahar Nasr met top officials at the European Bank for Reconstruction and Development in London on Tuesday, according to a statement on the ministry’s website. Discussions centered around potential cooperation on upcoming projects, such as Kitchener drainage project in Kafr Sheikh. EBRD currently finances projects in Egypt worth roughly EUR 2.6 bn in the fields of energy, transport, and SMEs, the statement says. Egypt will be hosting an investment forum with EBRD in November that “would give an overview of investment opportunities and the new Investment Law and its executive regulations.” Nasr also invited the EBRD officials to attend the Africa forum in Sharm El Sheikh this December.

“The economic reform program is taking off and we can see that in a lot of the indicators,” Nasr told CNBC in an interview yesterday (watch, runtime 2:44). She said that the combination of fiscal, legislative, and structural reform measures — such as the EGP float, the Investment and Companies Acts, the slashing of red tape, and ongoing infrastructure development — have helped improve the business climate, which has in turn encouraged investors to return. “If we look at numbers, already foreign direct investment is picking up. We’ve reached USD 8.7 bn, which is a 26% increase,” the minister said.

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