Egyptian President Abdel Fattah Al-Sisi met with the Managing Director of the International Finance Corporation (IFC), Makhtar Diop, on Sunday to discuss boosting investment flows and providing financing for the country’s private sector, the presidency said in a statement.
Egyptian Presidency spokesperson Mohamed El Shennawy said Al-Sisi stressed the need for financing to be offered at competitive prices to reduce costs for businesses. The president highlighted Egypt’s keenness to continue cooperation with the IFC, particularly in light of current regional conditions which pose significant challenges to development programmes.
Diop affirmed the IFC’s commitment to its cooperation with Egypt.
According to the statement, the meeting covered joint opportunities to increase investment in Egypt. Al-Sisi outlined a series of policies and structural and economic reforms aimed at maintaining financial and economic stability. He said the state is keen to increase the private sector’s role in economic activity and development.
The spokesperson added that Egypt is working to enhance private sector confidence by offering tax and customs facilities to reduce costs and simplify procedures. He noted that the government is also launching initiatives to increase exports, develop productive and service activities, and increase public-private partnership projects.
For his part, Diop praised the economic reform steps taken by Egypt, stating they enhance investor confidence and the overall investment climate. He confirmed the continuation of joint programmes between the two sides to strengthen cooperation and support the competitiveness of the Egyptian economy.
The meeting was also attended by IFC Vice President for Africa Ethiopis Tafara and Egypt’s Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat.
