Positive signs for Egypt’s reform program: S&P

CAIRO – 21 October 2017: Director and Regional Expert on African Sovereigns in international rating agency Standard and Poor’s (S&P) Ravi Bhatia said on Saturday that the positive indicators of the Egyptian economy assure the seriousness of the government in applying the economic reform program.

He added, on the sidelines of his meeting in Cairo with Egyptian Minister of Trade and Industry Tarek Kabil, that S&P’s delegation held meetings with a number of private sector companies in Egypt, which confirmed the importance of the economic reform decisions taken.

Kabil said that the reforms included substantial legislative adjustments related to commercial, financial and investment policies, which resulted in positive effects on investment rates.

He added that the reforms included executing mega projects to develop infrastructure such as roads, harbors, housing units and new cities, in addition to raising the capacity of electricity generation by 50 percent and issuing the new laws of investment and licensing industrial establishments.

The Ministry of Industry launched a 2020 strategy to enhance international trade and industrial development, targeting to attract more investments in different industrial fields.