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Tuesday, 20 October 2020

Egypt’s Finance Minister Maait talks economy in IMF, World Bank meetings

INVESTMENT WATCH- FinMin pitches investment strategy, improving economic landscape to investors: Egypt is prioritizing investments in the transport, oil and gas, renewable energy, and manufacturing sectors, Finance Minister Mohamed Maait said in separate meetings with senior representatives from HSBC and Standard Chartered and unnamed foreign investors, according to a ministry statement. Authorities also aim to increase exports, step up SMEs support, and encourage private sector participation, the minister added while drumming up interest for investing in Egypt. Maait and Vice Minister of Finance Minister Ahmed Kouchouk recapped last fiscal year’s growth figures, which came in at close to 3.6% despite the pandemic, the latest unemployment and inflation trend, and the ministry’s debt diversification strategy. The talks were organized by Bank of America as part of the IMF and World Bank’s virtual annual meetings.

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