For a Cairo University Professor of financing and investment Mostafa Badra’s perspective is that all concerned bodies do not deal with this important step as it deserves. They have acted slowly since President Abdel Fattah Al-Sisi announced the establishment of the new fund in August.
“For investment, time is money. Every delay in taking real action towards this new fund, will cost Egypt and its economy a lot, as this important entity is going to play a key role in the investment sector in Egypt, especially for foreign investors”, Badra indicated.
He added that this fund needs to some matters to be guaranteed in order to succeed in its mission, including to full independence, working in cooperation with all governmental bodies without objections to it, and to provide it with all required powers to help it perform in an efficient way.
This promising entity, as Badra illustrated, must include professional and knowledgeable personnel to create atypical ideas to maximise the use of Egypt’s valuable assets.
“Egypt in 2019 is totally different from Egypt in previous years. The country experienced the implementation of the economic reform programme, and after a short period of economic instability the situation is currently better and is heading toward recovery, thereby, the new fund will complete the investment scene in the Egyptian market”, Badra said.
He also stated that the Egyptian economy presently is full of many potentials to be tapped, including the investment and economy legislative repository which maintains all rights for both the state and the investor; the improvement of Egypt’s economic performance; the megaprojects Egypt has begun to establish, and the existence of promising sectors that can be stimulated through the new fund, especially the pharmaceutical; natural gas and oil; tourism, desalinisation and technology fields. All these sectors are long-term profitable investments which will, eventually, increase the national income, and on the other hand decrease the dependence of imposing new taxes to increase state revenues, reducing the already imposed ones.