Nasr, HSBC bank backs Egypt's strategy to lure investments

CAIRO - 27 October 2017: Minister of Investment and International Cooperation Sahar Nasr signed on Friday a memorandum of understanding with Deputy Chairman and Chief Executive Officer of HSBC Bank Emmanuel Blanchet on supporting the ministry's strategy for luring more Foreign Direct Investment (FDI).

Nasr asserted the ministry's keenness to cooperate with HSBC bank to lure investors to Egypt especially in light of the widespread bank branches worldwide.

The bank will be assigned to offer and link international investors with the growing investment opportunities in Egypt, while the ministry will facilitate accessing such available opportunities on the Egyptian market.

Blanchet hailed Egypt's efforts to push economic reforms forward in order to lure more foreign investments and enhance international trade.

He voiced the bank's eagerness to cooperate with Egypt's ministry of investment and international cooperation in light of its strategy to turn Egypt into a strategic and trade regional and international hub.

He pointed out to the recent report published by the International Monetary Fund (IMF) about Egypt, in which it expected that the Gross Domestic Product (GDP) growth would reach about 4.5 percent during fiscal year 2017/18.

Such report referred to the right track adopted by the Egyptian government, Blanchet noted.