World Bank praises legislative, institutional reforms in Egypt

World Bank officials lauded on Thursday legislative and institutional reforms carried out by the Egyptian government to improve investment climate, a step that helped Egypt maintain its status as the first investment-magnet country in Africa for the third year in a row.

Despite decline of direct foreign investment worldwide, Egypt witnessed a gradual increase of investments, especially in the private sector domain, Investment and International Cooperation Minister Sahar Nasr said during a session on the next generation of reforms in the Middle East and North Africa.

The session was held on the sidelines of the World Bank meetings in Washington.

The reforms carried out by Egypt succeeded in overcoming bureaucracy, increasing private sector’s participation and simplifying business startup measures, she said.

Egypt is the first country in the Middle East and North Africa that has a strategy for digital transformation that is based on developing the infrastructure of information technology and communications, improving government services and creating an environment that encourages innovation, she added.

Source: State Information Service Egypt