Egypt must Cut Red Tape to Win Investors in Second Suez Canal: Law FirmSource: www.export-egypt.com 9/19/2014, Location: Africa |
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Egypt's central bank governor told Reuters it had taken just eight days to raise the $8.5 billion needed to fund the project.
The Suez Canal is the shortest shipping route between Europe and Asia and is a strategic asset for Egypt, a key U.S. ally which has a peace treaty with Israel. Though a measure of political stability has been restored since former army chief Abdel Fattah el-Sisi was elected president in May, investment has yet to return to pre-uprising levels. Sarie-Eldin said that further clarity on future tax and energy policies will boost investment in Egypt more broadly. "Investors are all in a state of alert currently towards the situation in Egypt," Sarie-Eldin said. "(They) need to see a clear declaration about taxes, energy and the direction of the government's economic policy during Egypt's next phase," he added. Power cuts dogging Egypt have become the biggest obstacle to luring back foreign investment after three years of political upheaval, the country's investment minister told Reuters. Electricity shortages mean the country often has intermittent outages for hours a day, frustrating many Egyptians and raising questions over whether foreign firms can operate here effectively. Sarie-Eldin was an adviser to the presidential campaign of former army chief Sisi in the run-up to the election before joining the Suez Canal consortium. "There is no relationship between the winning consortium for the Suez Canal project and my former role on the advisory board for President Sisi," Sarie-Eldin said. "The selection process has been completely transparent, through the office of a French consultant nominated by the World Bank." |
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