Egypt reforms must focus on investment World Bank says
Egypt needs to implement economic reforms aimed at encouraging more private investment, moving away from subsidies towards targeted transfers for the poor and should focus on making its bureaucracy more transparent for investors, said Hafez Ghanem, the World Bank's Vice President for MENA. Ghanem said he expects to work with Cairo towards approving the third USD1bn tranche of a USD3bn loan package to Egypt near year-end. "We need to see a big increase in private investment, and not just private investment by big companies, big ticket items. We need to see encouragement for SMEs, for young people to develop more entrepreneurship," he said. "The next set of reforms need to focus on the micro level, regulatory reforms, making the system more transparent, easier for investors to come and invest in Egypt".
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