Sisi Orders Gov’t, Central Bank to Formulate Initiatives to Attract Foreign Investments

Ahram Online 

Sunday 2 Oct 2022

President Abdel-Fattah El-Sisi has ordered the government and the Central Bank of Egypt (CBE) to formulate new initiatives to attract foreign investments into the country.

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In a meeting with Prime Minister Mostafa Madbouly and CBE Governor Hassan Abdalla on Sunday, El-Sisi ordered continuing the plans and efforts of the CBE and the banking system to secure priority requirements for production and industry, presidential spokesman Bassam Rady said in a statement.

During the meeting, Abdalla reviewed the indicators of the global economic situation and the recent measures taken by the central banks in the world’s largest economies to tackle the severe economic repercussions of the Russia-Ukraine crisis.

The meeting also highlighted the continuous changes in global monetary policies to adapt to the Ukraine crisis’ repercussions, the statement added.

El-Sisi’s meeting with the premier and the CBE governor comes days after the president stressed that obstacles to investment will be removed within a month or two while inaugurating two investment zones in Qalioubiya and Gharbia Governorates.

In a bid to resolve an import backlog that contributed to increasing prices in Egypt, the CBE decided in September to ease foreign-currency restrictions.

As per the decisions, banks have been allowed to use balances of foreign currency held in company accounts before 19 September in order to open new letters of credit or inward documentary credits.