Investment minister urges WB, IMF to support developing countries

CAIRO – 12 April 2019: Minister of Investment and International Cooperation Sahar Nasr called on the World Bank (WB) and International Monetary Fund (IMF) to support developing countries in terms of regional trade, investment attraction and achieving economic development amid the current tensions affecting the world economy.

The remarks were part of a speech the minister delivered at the the Group of 24’s ministerial meeting in Washington, held on the sidelines of the spring meetings of the World Bank and the International Monetary Fund.

The meeting was attended by CEO of the World Bank Kristalina Georgieva and IMF Managing Director Christine Lagarde.

The minister underscored the importance of the efforts made by strong international financial organizations and all development partners to help reform and diversify economies of the Group of 24, a bloc of emerging and developing market nations.

Nasr noted that strong economic reforms have been implemented in Egypt and contributed to developing its economy.

She added that concrete steps have been taken to provide a climate attracting investments, a matter which she said instigates the private sector to direct its investments to Egypt.

The minister said job opportunities can be provided through the empowerment of women and youth, improving business climate in addition to promoting the private sector’s participation in investment in the neediest areas.

These are among the Egyptian government’s key targets of its economic reform program, she added.