President El-Sisi Meets with PM and Minister of Investment and International Cooperaiton

According to Presidential Spokesman Ambassador Bassam Rady, the Minister of Investment and International Cooperation Dr. Sahar Nasr gave an overview of the MIIC's efforts during the previous period to promote investments and provide an adequate climate, especially in light of the legislative and legal reform package.

She shed light on the new Investment Law which significantly contributes facilitating procedures for investments and limiting the period of time needed for the finalization of such procedures, in addition to providing incentives for attracting investments in targeted development sectors and areas and speeding up the settlement of disputes in a manner that ensures stability in investment policies and establishes the principles of governance and transparency.

The Minister also referred to the international institutions' confidence in the Egyptian economy, including the UN, the World Bank (WB) and the European Bank for Reconstruction and Development (EBRD), which commended Egypt's economic reform program in light of Egypt's second position in the African continent in the rate of increase in foreign direct investment.

Further, the Minister gave an overview of the developments of providing the necessary funding to the implementation of Benban Solar Power plant in Aswan, the largest power plant of its kind, which targets the generation of 2000 MW with investments worth USD 1.5 billion and provides 10 thousand job opportunities.

The recent developments at the Investor Service Center (ISC) were also reviewed by Dr. Nasr, including the electronic incorporation system, the representation of all ministries and their affiliated agencies at ISC and the direct contact with investors through a hotline to receive their complaints and provide services.

Ambassador Rady added that the Minister highlighted ongoing communications with several Arab and international financial institutions to implement the Sinai Development Program, which includes the development of the infrastructure including the areas of electricity, water, and sanitation, as well as expansion in the project of housing, education, services and agricultural development.

The Minister also referred to the current status of the investment and free zones nationwide and their development plans, shedding light on projects planned to be established in such areas, the job opportunities they will provide and the expected investment costs of such projects.

During the meeting, the President directed to proceed with the government's efforts to attract further foreign investments in various infrastructure sectors in light of their role in enhancing the ability of the national economy to achieve sustainable development and provide job opportunities through improving the business climate, facilitating procedures for investors and eliminating all obstacles facing them.

In addition, the President directed to proceed with the development of the investment promotion mechanisms, especially within the framework of the mega national projects being implemented nationwide as well as projects related to supporting human capacities within the framework of the state's strategy based on investment in citizens, being the main factor in the prosperity and progress of nations.