Egyptian Minister Atef Ubeid recently disclosed government plans aimed at to promoting foreign investments and boosting local markets. According to the official MENA news agency, these economic measures will include reducing interest rates on loans to the private sector. Current interest rates are considered significantly higher than in other countries, and result in price hikes on local goods.
A recent meeting attended by the Ubeid and other Egyptian delegates, as well as representatives from other Arab governments and international firms, dealt with the issue of increasing foreign investment in Egypt.
The gathering’s attendants proposed to establish joint committees, which would be responsible for removing barriers to trade and investment in Egypt. Officials from the justice and finance ministries, joined by Egyptian investment authorities, would constitute the committees’ members. ― (MENA Report)
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