World Bank: Egypt 1st Investment Magnet in Africa

World Bank officials praised on Thursday reforms carried out by the Egyptian government to enhance the investment climate, making it the first investment magnet destination in Africa for the third year in a row.

The officials noted that this improvement was facilitated by government programs, along with a gradual increase in private sector investment and the promotion of economic growth, redefining Egypt's position on the global investment map.

This came during the participation of Sahar Nasr, Minister of Investment and International Cooperation, in a session on the next generation of reforms in the Middle East and North Africa, during the annual meeting of the World Bank Group on the Middle East and North Africa, in the presence of Rania Rostom, Chief Innovation & Communications Officer at GE Middle East, Simeon Djankov, Director of Development Economics at the World Bank.

[caption id="attachment_85428" align="aligncenter" width="528"] Nasr during a speech in the Wold Bank Session on Thursday[/caption]

Nasr said that the reforms carried out by Egypt led to the elimination of bureaucracy, increasing the private sector's partnership in major projects, including energy and new cities as well as boosting startup businesses.

She pointed out that Egypt is the first country in the MENA region that put a strategy for digital transformation that is based on the development of ICT infrastructure, and raising the level of government services' efficiency, through the implementation of smart villages and community projects, with priority to invest in human capital and investment climate that supports technological innovation and creativity.

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