Egypt is 1st destination for foreign investment in Africa: World Bank

CAIRO - 19 October 2019: The World Bank praised Thursday Egypt's legislative and institutional reforms in improving its investment climate, maintaining its position as the number one destination for FDI in Africa for the third consecutive year.

Minister of Investment Sahar Nasr clarified in a statement that maintaining Egypt's position came as a result of the improvement of the business climate, represented in governmental programs, in addition to gradual increasing private sector's investment, as well as enhancing economic growth.

She noted that all these factors helped in re-locating Egypt on the global investment map.

This came during Nasr 's participation, in a session on the next generation of reforms in the Middle East and North Africa, during the annual meeting of the World Bank Group on the Middle East and North Africa, held in Washington.

Investment clarified that her state implemented legislative and institutional reforms which led to eliminate of burocureacy and increasing participation, and simplifying business.
"Companies are being set up faster and more efficiently, with a real partnership between the public and private sectors and significant private investment in major projects, including the energy sector, and new cities," she noted.

The minister said that Egypt is the first country in the Middle East and Africa to have a strategy for digital transformation, where digital transformation plans are a key component of the country's strategy for social and economic development.

She stressed that the elements of development in the digital transformation in Egypt are concentrated in the development of ICT infrastructure, upgrading the efficiency of government services, and the implementation of projects of smart cities and communities, with priority to invest in human capital and create an environment that supports technological innovation and creativity.

On Wednesday, Minister of Investment Sahar Nasr discussed with the World Bank the provision of $500 million for the pollution control and solid waste management project in Egypt.

Nasr added in a statement that Egypt is also discussing with the World Bank raising the level of partnership to support the health and education sectors in Egypt.