Arab Finance: Egypt's Minister of Investment and Foreign Trade, Mohamed Farid Saleh, met with Ethiopis Tafara, Regional Vice President for Africa at the International Finance Corporation (IFC), to discuss efforts to improve the business environment, advance digital transformation, and expand financing and investment tools, the Egyptian ministry stated.
The meeting reviewed the ministry's plans to develop Egypt's investment and foreign trade system, as well as opportunities for cooperation with the IFC in the coming period.
Farid said the ministry is working to improve the business environment, simplify procedures, and enhance the efficiency of services provided to local and foreign investors. He noted that digital transformation remains a key pillar of these efforts, aimed at strengthening transparency, governance, and the overall efficiency of the business ecosystem.
He added that Egypt is pursuing a strategy focused on integrating into global value chains and enhancing the competitiveness of the economy through consistent trade and investment policies. He also highlighted ongoing coordination with government entities to support priority sectors and streamline implementation efforts.
The minister reviewed work underway to develop investment tools, including support for several funds currently being established, such as the African Joint Fund, the Industrial Fund, and the Combat and Individual Sports Fund. He said these initiatives are intended to expand investment opportunities and strengthen the role of modern financing mechanisms in supporting private sector growth.
The discussions also covered efforts to develop the regulatory framework for financial markets and expand digital services. These include digitizing the procedural cycle for issuing shares, enhancing post-incorporation services, and establishing electronic integration with five government entities to accelerate procedures and improve service delivery for companies.
The two sides also explored initiatives related to foreign trade, including plans to establish a regulatory laboratory to support innovation, expand the use of technology in streamlining procedures, improve data-driven policymaking, and strengthen the ability to anticipate future market trends.
Farid stressed the importance of deepening cooperation with international financial institutions to support modern investment tools and reinforce the private sector's role in economic growth, adding that the current phase is focused on speed and quality in implementation, execution, and evaluation.
For his part, Tafara praised the economic reform efforts undertaken by the Egyptian government and reaffirmed the IFC's commitment to supporting Egypt's development agenda. He highlighted opportunities for cooperation in infrastructure, digital services, and financial markets, saying the corporation is keen to expand collaboration in these areas to help improve the business environment and stimulate investment.
The meeting concluded with both sides emphasizing the importance of continued coordination to support investment environment reforms, strengthen financing tools, and enhance cooperation between the public and private sectors.
