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To support the development of a sound business climate to attract investment and advance economic development the government of Egypt and the EBRD signed a Memorandum of Understanding (MoU) today about the establishment of an International Investors’ Advisory Board.
The body will bring together government representatives, state agencies, business associations and international investors and serve as a platform for dialogue between businesses and the authorities.
The board, chaired by the Minister of Investment and International Cooperation, will help officials and investors to identify the main impediments to foreign direct investment that need to be addressed in order to make it easier to invest and operate. The platform will provide recommendations to the Supreme Investment Council, chaired by the President of Egypt.
EBRD President Sir Suma Chakrabarti and Egypt’s Minister of Investment and International Cooperation, Dr Sahar Nasr, signed the agreement in Cairo today and welcomed the step as further progress in Egypt’s economic reform.
President Chakrabarti said: “This is a milestone for Egypt towards enhancing and strengthening the business environment and stimulating domestic and foreign investment. The initiative will contribute to improving the development of the private sector in Egypt, the main creator of wealth and jobs in the country.”
The EBRD as executive institutional partner of the International Investors’ Advisory Board will be financing the activity of the body’s secretariat through technical cooperation funds and with support from the government of Egypt.
Taking into account the need to combine investments with creating the right conditions for successful entrepreneurship, the EBRD in recent years has engaged in similar initiatives in Armenia, the Kyrgyz Republic, Tajikistan, Tunisia, Ukraine, Moldova, Albania, Montenegro and Georgia.