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04 May 2019

President of the World Bank Group during his visit to the Investor Services Center: Egypt has great investment opportunities and President ElSisi has undertaken legislative reforms to facilitate procedures for investors

Minister of Investment and International Cooperation: 26.5 thousand companies have been established at the Investor Services Center with a total capital of 67.5 billion pounds since the visit of the President in February 2018... and 218 thousand services to the investors were ended.

Dr. Sahar Nasr, Minister of Investment and International cooperation escorted Dr. David Malpass, President of the World Bank Group on Saturday May 4, 2019 on a tour in the Investor Services Center of the Ministry of Investment and International Cooperation, in the presence of Ms. Nevine Gamea, Executive Director of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), Dr. Ferid Belhaj, Vice President of the Bank for the Middle East and North Africa, Mr. Sergio Pimenta, Vice President of the International Finance Corporation for the Middle East and North Africa, Ms. Marina Wes, Country Director for Egypt, Yemen and Djibouti at the World Bank, and Mr. Walid Labadi, IFC’s Country Manager for Egypt, Libya and Yemen, Ambassador Ragui El-Etreby, Egypt’s Executive Director at the World Bank, Dr. Shehab Marzban, Chairman of Egypt Ventures, and Mr. Mohamed Abdel Wahab, Vice CEO of the General Authority for Investment and Free Zones (GAFI).

The Minister said that since the visit of President Abdel Fattah El-Sisi to the ISC in February 2018 until April 30, 2019, 26.5 thousand companies have been established at the Investor Services Center with a total capital of 67.5 billion pounds, and about 218 thousand services to the investors were ended, pointing out that the center is carrying out number of services to facilitate procedures for investors, and it includes the establishment of companies and ordinary public associations and boards of directors and the Extraordinary General Assembly and technical services and government services and publishing in the investment newspaper, issuance of licenses and mail, and special windows for Egyptians abroad and Sinai and Upper Egypt and entrepreneurship and people with special needs, women and small enterprises. This is in addition to the fact that the Ministry of Investment and International cooperation is the first government entity to provide a complete electronic service, where it is possible for investors to establish, sign and pay electronically.

The President of the World Bank praised the Investor Services center and the speed of accomplishment of the services provided therein, in which it includes representatives from more than 65 entities, who issue all licenses, in addition to answering investor inquiries.  He added “I would like to say that I was extremely dazzled with the center for investors and startups, which allows all economic levels to benefit, particularly the neediest groups", pointing out that President Abdel Fattah El-Sisi has made major legislative reforms in facilitating on investors. He thanked the Minister for the establishment of the Investor Services Center, which eliminates bureaucracy and simplifies procedures in the establishment of new companies, explaining that the ministry is working on five upcoming reforms that will help investors to inject more investments in Egypt.

The President of the Bank listened to an explanation from Mr. Malik Fawaz, advisor to the Minister of Investment for Investment’s promotion affairs about the investment opportunities on the map site, which reached 1100 opportunities in various sectors, in addition to the guidelines related to  how to establish companies, electronic services, the incentives offered to investors, the most important economic indicators, the competitive advantages of investment in Egypt, and the success stories that investors achieved in Egypt in various fields. The map includes sufficient explanation of all opportunities in all sectors and an independent list for the investment opportunities in national projects such as the new administrative capital and the Suez Canal Economic Zone. As well as the map is linked to a large number of government sites and the site provides a link to the development plans of the Egyptian government, and a library of electronic economic legislation of laws and executive regulations and decisions related to the investment environment to provide a comprehensive picture of the present and future of the economy in Egypt. The map includes a number of sectoral studies that explain the advantages of investment in each sector and its related incentives, and the map includes various investment opportunities from all economic sectors distributed on all the governorates of the Republic, as well, the available land to invest in free zones and existing investment zones, and notices about the planned areas to be established. Also, the investor can identify the closest services to the investment site from airports, seaports, schools, hospitals and tourist attractions in order to compare the investment opportunities.

The President of the Bank praised the diversification of the investment opportunities and stressed that Egypt has great investment opportunities, both in major national projects and in small and medium-sized enterprises.