World Bank (WB) officials said on Saturday that Egypt’s recent economic reforms and improved investment environment have encouraged investment in the country’s agriculture sector.
The remarks came during a workshop held by Minister of Investment and International Cooperation Sahar Nasr with the WB to promote investments in the agriculture and agribusiness sectors.
Ahmed Kouchouk, vice minister of finance for fiscal policies and institutional reform in Egypt, and representatives from the ministers of trade, irrigation, and agriculture, also attended the workshop.
Moreover, a number of agricultural investment associations, and representatives of the International Finance Corporation (IFC) also attended the workshop, along with officials from the WB.
At the beginning of the meeting, WB officials presented their preliminary findings on the development of the agricultural sector, and the investment opportunities in it.
Furthermore, they presented suggestions on further enhancing the agricultural investment environment in Egypt.
In tandem, WB officials discussed ways for the private sector to promote investments in agriculture.
They also pointed out that Egypt has a large and fast-growing domestic market.
For her part, Nasr praised the recent decision by the IFC executive board to inject $150m in foreign direct investments (FDIs) in Egypt’s agricultural sector, as part of the partnership between the government and the private sector.
“This partnership is aimed at developing the food sector using the latest technology in manufacturing, and providing job opportunities, especially among youth,” Nasr said.
The minister also stressed her ministry’s keenness to promote investment in the agricultural sector, in coordination with the Ministry of Agriculture.
The minister also called on the WB to hold meetings with various investors in the agricultural field, to increase interest in small and medium-sized enterprises (SMEs) as they play an important role in providing more employment opportunities for youth and increasing economic growth rates.
She further highlighted the importance of focusing on supporting projects that have a wider impact and help ensure focus on areas that are most in need.