MIGA senior official praises investment-friendly environment in Egypt

Egypt Independent

19-02-2025

Layali Abdeen, a Senior Investment Guarantee Officer at the Multilateral Investment Guarantee Agency (MIGA) of the World Bank, praised the investment-friendly environment in Egypt, affirming that the country's current investment climate is attractive and positive, especially in the energy sectors.
Speaking to the Middle East News Agency on the sidelines of the 'Investment and Financing… Towards a Sustainable Digital Future' conference, organized by the Iraqi Business Council in Jordan, she said that Egypt is currently witnessing positive economic developments that contribute to attracting investments, adding that the investments in Ras El Hekma are a good contributor to creating a positive outlook for investments in the country. She pointed out that the reports and funding from the International Monetary Fund, as well as its talks with Cairo, also play a significant role in ensuring a positive and stable view of investments.
She noted that the Egyptian government is undertaking major reforms that have also contributed to making the investment environment attractive and positive, particularly in the various energy sectors, emphasizing that all of these factors have contributed to the positive outlook for Egypt's economy.
She said that the Multilateral Investment Guarantee Agency has several funding initiatives and plans to guarantee projects worth about $650 million, especially in energy sectors, such as the Benban solar plant, the largest solar plant in Egypt, and other projects for foreign investors. She also mentioned that there is an ongoing plan with the Egyptian government to ensure the implementation of many of these projects.
She highlighted that Egypt's investment environment attracts investments in many sectors, particularly renewable energy and agriculture. She pointed out that the Egyptian government now has a clear strategy for renewable energy, which has contributed to attracting more investments in this sector. She added that Egypt currently offers several incentives for investors to invest in many sectors, particularly renewable energy, emphasizing that the agency is in continuous contact with the Egyptian government to collaborate and exchange expertise and identify targets.
Regarding the work of the Multilateral Investment Guarantee Agency (MIGA) in the Middle East, Abdeen explained that MIGA is an agency under the World Bank. She clarified that the agency provides guarantees against what is known as political risks for investors in developing countries and their lenders.
She continued that the agency offers investment guarantees through mediation services for investments in war and conflict zones. She noted that MIGA is also a guarantor in cases where there are contracts between investors and governments in conflict-hit countries and pointed out that the agency's guarantees are long-term, up to 20 years, allowing commercial banks and capital to move, invest, and facilitate the flow of funds into these countries. She also mentioned that providing technical assistance to attract investments in these countries is among the agency's goals and role.
The 'Investment, Renewable Energy, and Financing Towards a Sustainable Digital Future' conference, organized by the Iraqi Business Council in partnership with the Jordan and Amman Chambers of Industry, the International Finance Corporation, and the Multilateral Investment Guarantee Agency, concluded last Sunday in Amman.
The conference, which lasted one day, focused on investment and financing opportunities and digital transformation, highlighting promising sectors such as finance and banking, industry and mining, renewable energy, telecommunications, and information technology. It was attended by representatives of the European Bank for Reconstruction and Development, the Iraqi Private Banks Association, the Arab Businessmen Association, the Iraqi Business Council, and local and international economic institutions, as well as a delegation of Libyan businessmen.