Egypt Protects Foreign Investments

Cabinet Spokesman, Alaa el-Hadidi said that Prime Minister Hisham Qandil's participation in Davos international economic forum in Jordan next week is a message to the international institutions and businessmen, that Egypt is keen on boosting and protecting foreign investment. Hadidi pointed out that if Egypt and the International Monetary Fund (IMF) sign the loan agreement, this will speed up applying economic reform programs. He noted that some sectors will be improved and their revenues will be increased such as tourism and the backdoor economy. He added that if the backdoor economy joins the official one, Egypt will get a certificate of trust from the IMF. He underlined that the Cabinet will not levy any new taxes unless it holds a dialogue with the political powers.