WB official commends Egypt's investment climate

BALI, Indonesia - 12 October 2018: Egypt has exerted great efforts in terms of the development process and legislative reforms which contributed to improving the investment climate, Mahmoud Mohieldin, the World Bank Group Senior Vice President for the Development Agenda said on Friday.

This came during the inaugural session of the annual meetings of the World Bank and International Monetary Fund, currently held in Bali, Indonesia, in the presence of Egyptian Minister of Investment and International Cooperation Sahar Nasr.

Nasr said that Egypt has implemented policies aiming to create a competitive business environment and establish an organizational framework encouraging the private sector on engaging in the development plan.

Nasr confirmed the importance of furthering cooperation with the United Nations, mainly in light of the Strategic Framework Agreement for the Partnership for 2022.

The attendees praised the economic success that Egypt has achieved, asserting that Egyptian President Abdel Fattah El Sisi adopted bold reforms via launching an integrated economic and social program.

On the sidelines of the session, Nasr met with Head of the United Nations Development Program Achim Steiner who hailed Egypt's experiment in implementing social protection programs to go in line with the economic reforms.