Qandil holds meeting to lure investors to Egypt

Prime Minister Hesham Qandil met with 20 potential investors on Monday to discuss opportunities in the Egyptian market.

Coming from the supplies, infrastructure and communications sectors, the companies that met with Qandil have assets collectively totaling US$500 billion, said head of research for EFG-Hermes Wael Ziyada, who was present at the meeting.

The companies represented at the meeting do not currently have investments in Egypt and wanted assurances of the political stability of the country, Ziyada said, claiming that all those present were eager to invest in Egypt now that the transition period is over.

Qandil also assured investors about the stability of the Egyptian pound, Ziyada said.

Finance Minister Momtaz al-Saeed also allegedly told the investors that the government was not planning on raising taxes.

Presidential spokesperson Yasser Ali said that President Mohamed Morsy’s administration is focusing on bringing more investment into Egypt to help solve the nation’s cash flow problem.

Edited translation from Al-Masry Al-Youm

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