Talal Abu-Ghazaleh Tenders (TAG-Tenders)

 

The Minister of Electricity and Renewable Energy Dr. Mohammed Shaker, the Minister of Investment and International Cooperation Dr. Sahar Nasr and the Minister of Trade and Industry Eng. Tarek Qabil held a meeting with the AfDB mission headed by Ms. Leila Mokaddem, AfDB Country Manager, in presence of GAFI's Acting CEO Ms. Mona Zobaa and Undersecretary of the Ministry of Petroleum Mr. Osama Mobarez.

The Meeting discussed procedures of the third tranche worth USD 500 million, under the AfDB's USD 1.5 billion funding provided to support Egypt's economic program and to implement the development plan, given that Egypt received the first and second tranches worth USD 1 billion.

On his part, Dr. Shaker referred to the key steps taken by the Ministry of Electricity to develop the electricity sector.

Dr. Nasr, on the other hand, gave an overview of the procedures taken by Egypt to improve the investment environment, most notably the President's ratification of the Investment Law, the commencement of discussions over the Investment Law's Executive Regulations, and the Cabinet's approval of the amendments of the Capital Market Law and the Companies Law, besides MIIC's application of the new e-registration system and automation for providing facilitations to investors. 

The Minister further reiterated the necessity to accelerate the procedures of signing the third tranche, commending AfDB's cooperation in supporting the government's economic program. She shed light on the government's priorities, including improving the investment environment, providing better standards of living, establishing projects that provide youth and women with job opportunities, besides setting up projects in the infrastructure field such as electricity and transports. 

Eng. Qabil reviewed the Ministry of trade and Industry's efforts in developing the infrastructure of Egypt's industry sector and its vision for achieving industrial development during the upcoming period, noting that the government worked on supporting the private sector and enhancing SMEs. 

Ms. Mokaddem emphasized that AfDB intended to finalize all procedures of the third tranche before the end of 2017 to be ready for signing. The AfDB mission also expressed its optimism about the economic reforms taken by the Egyptian government, noting that Egypt was well-positioned to attract further investments.