By the end of September, a joint mission of the World Bank and the African Development Bank (AFDB) will visit Cairo for discussions with Egyptian officials about the most important actions and decisions taken by the government to improve the economic situation in Egypt.
The mission will provide the second tranche of funding from the two banks, which includes $1bn from the World Bank and $500m from the AFDB. The fund aims to help the country’s efforts in the implementation of economic development plans.
Minister of Trade and Industry Tarek Kabil and Minister of International Cooperation Sahar Nasr held a meeting with World Bank and AFDB officials to present the work and decisions taken by the ministries in developing the industry sector’s infrastructure and the ministry’s vision to achieve industrial development in the coming period.
Nasr said stressed the importance of accelerating the delivery of the second tranche of the fund, adding that the government does its best to improve standards of living and launch new projects and job opportunities.
Kabil presented the most important decisions and legislation that his ministry targets during this phase, led by the industrial licensing law, which was approved by the cabinet recently and is currently pending approval by parliament.
The minister pointed out that this law will revolutionise the industrial sector. There are plans to grant licences within a few weeks; meanwhile, the latest World Bank report has noted that the investor needs to 634 days to obtain these licences.