Egypt Opens Door to Local, Foreign Investments

Egypt Opens Door to Local, Foreign Investments

Egypt's robust infrastructure and supportive political will that supports the private sector has opened its doors to local and foreign investments to achieve comprehensive and sustainable development, said the country's Finance Minister.

Mohamed Maait met with the CEO of the International Islamic Trade Finance Corporation (ITFC) and Islamic Corporation for the Development of the Private Sector (ICD), Hani Sonbol, on the sidelines of Egypt's Forum for International Cooperation and Development Finance in the New Administrative Capital.

The Minister asserted that Egypt seeks to increase its efforts to diversify sources and financing tools which would reduce the cost of development investments, especially with the current global economic crisis.

He pointed to the growing opportunities for cooperation with the ICD in many projects, and benefited from its experiences in Egypt's issuance of green Sukuk in a way that attracts new investors, helps sustain the economy, creates job opportunities, and boosts living standards and services provided to them.

The Minister explained that Egypt is studying with Japan the issuance of green Samurai bonds during the coming period.

Egypt successfully offered the first Samurai bonds in the Japanese market, valued at 60 billion Japanese yen, which attracted many Japanese investors.

He indicated that Egypt is also on ongoing joint venture