Egypt to Set Up Accounting System for Foreign Direct InvestmentsSource: www.export-egypt.com 10/13/2019, Location: Africa |
|
|
|
|
|
Egypt's Ministry of Investment and International Cooperation has inked a cooperation protocol to account for the foreign direct investments (FDI) that have been flowing into Egypt in recent years.
The protocol has been signed between the General Authority for Investment and Free Zones (GAFI), which follows Egypt's investment ministry, and the Financial Regulatory Authority (FRA). Investment Minister Sahar Nasr said that the protocol involves the activation of item 14 of Article 74 of the new investment law, which mandates the collections of data on FDI accounting and assets from public and private entities for statistical purposes in accordance with international standards. "The Egyptian cabinet's economic committee, under the supervision of Prime Minister Mostafa Madbouly, has revised all economic indices with the exception of the FDI indices due to the lack of a full accounting of FDI numbers and estimations, including the expansion of foreign firms in Egypt's domestic market and the Suez Canal Development project investments," Nasr explained. Nasr also said that a meeting was held with World Bank officials to discuss combating anti-money laundering, and that Egypt is eager to witness progress in this issue. Meanwhile, GAFI's acting executive chairman Mohamed Abdel-Wahab revealed that two committees have been formed with the aim of collecting the required data and statistics to establish an integrated and up-to-date database. Furthermore, the committee is allowed to take the necessary actions regarding money laundering and terrorism financing cases in coordination with the Combating Money Laundering and Terrorism Financing Unit, according to Abdel-Wahab. Head of the FRA Mohamed Omran asserted that FDI estimations must be accounted correctly in view of the economic reforms that Egypt has undertaken and the success it has achieved in this regard, adding that data on all companies under the FRA will be submitted to GAFI. He added that the latest Global Competitiveness Report, which is released annually by the World Economic Forum, has shown notable progress in Egypt's economy, and anticipates an improvement in Egypt's ranking in next year's report. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 9/19/2024 - Egypt is having a special participation at the IFTM-Top Resa exhibition, which lasts until Sept.19 in Paris.
Egypt’s pavilion has more than... |
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
|
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
Egypt >> 9/18/2024 - Benchmark index EGX 30 was up 0.61 percent to 30,342.46 points, with the Shariah index climbing by 0.20 percent to reach 2,879.64 points.
E... |
|
Egypt >> 9/18/2024 - The British company Globeleq is set to collaborate with the Egyptian government in establishing a substantial project for green hydrogen production, a...
|
Egypt >> 9/18/2024 - Deputy Prime Minister and Minister of Health and Population Khaled Abdel Ghaffar asserted the importance of cooperating with South Africa in the field...
|
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | |
