Publish Date : 25-Apr-2017
The Minister of Investment and International Cooperation Dr. Sahar Nasr met with Mr. Jan Walliser, Vice-President for the World Bank's (WB) Global Practices for Equitable Growth, Finance and Institutions, on the sidelines of her chairing Egypt's delegation at the WB's Spring Meetings currently held in Washington.
Both sides discussed the outcomes of the mission which visited Egypt during the period from 3-11 April to measure the steps taken by each ministry in the fields based on which Egypt will be assessed in the Doing Business Report. Such steps included the commencement of commercial activities, obtaining construction licenses, obtaining access to electricity, registration of property, obtaining credit, protection of investors, tax payment, cross-border trade, enforcement of contracts and regulation of the labor market. Both sides also agreed to include all Egyptian governorates in the third Doing Business Report, which would contribute to improving Egypt's ranking in the new report.
The Minister stated that MIIC worked in coordination with all ministries to develop an investment map that would include various investment opportunities for Egyptian, Arab and foreign investors, in line with Egypt's vision to achieve the Sustainable Development Goals (SDGs).
Afterwards, the Minister met with Mr. Hartwig Schafer, WB's Vice-President for Operations Policy and Country Services. Both officials discussed the acceleration of the procedures relating to signing the third tranche worth USD 1 billion dedicated to support the government's economic program. Within this framework, Mr. Schafer commended the government's program, while emphasizing the WB's support of the program to contribute to Egypt's economic development.
In addition, both sides tackled including the establishment of investment zones in Upper Egypt's Development Program financed by the WB with USD 500 million, besides broadening the scope of the sanitation project in the most lagging regions. They also discussed the developments of MIIC's request to obtain funding worth USD 150 million to support labor-intensive projects.
Such projects would focus on gender equality, capacity building, development of skills and entrepreneurship, mentioned Dr. Nasr. Moreover, the Minister met with Ms. Deboraj Wetzel, Director of the WB's Governance Global Practice (GGP), and Mr. Renaud Seligmann, WB's Governance Practice Manager of the MENA Region, where both sides discussed the means of cooperation with the WB in the governance sector and in building the government's capacities in terms of accountability and transparency with a view to ensure sustainability of the government's development program and to effectively provide basic services to citizens.
Further, the Minister took part in the Joint IMF-WB Development Committee's meeting to discuss the progress made with regard to the work of the IMF and the WB, in presence of Mr. Jim Yong Kim, WB's President, and Ms. Christine Lagarde, IMF's Managing Director.
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