Investment Minister Sahar Nasr signed an MoU with the International Finance Corporation (IFC) yesterday that will see both sides cooperate on the development of a sustainable national strategy to attract more foreign investment to Egypt. The agreement was inked on the sidelines of the first day of the IFC’s two-day roundtable in Cairo focused on developing Egypt’s capital markets by strengthening corporate governance. Nasr name-checked projects including a guide for foreign investors, a corporate governance code, and the development of a transparency report. “Improving transparency and regulatory reform is vital to attract more investment into Egypt and spur economic growth,” IFC MENA Regional Director Mouayed Makhlouf said. “We hope this gathering will help further develop regulatory standards and enforcement practices, as well as technical solutions to allow for better disclosure by companies listed on the Egyptian Exchange.” The event is being co-hosted by Govern, the Rockefeller Brothers Fund, and EGID. The IFC had announced last month it was planning to invest USD 1.5 bn in Egypt in FY2018-19, with renewable energy projects topping its priorities.

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