Investor confidence in the Egyptian investment environment increased to its highest level, according to President Abdel Fattah El-Sisi during a meeting with Oxford Business Group Wednesday. According to Al-Sisi, Egypt implemented several economic reforms since July 2014, including the reform of the energy subsidy system to save 2% of GDP. This will be directed to the health and education sectors, Al-Sisi said, stressing that the Egyptian economy is growing significantly. Oxford Business Group is a global publishing, research, and consultancy firm, which publishes economic intelligence on the markets of the Middle East, Africa, Asia, Latin America, and the Caribbean. Al-Sisi said Egypt's fiscal austerity policies are gradually implemented to restore macroeconomic stability, in parallel with the launch of social programmes in addition to restructuring the tax sector. The 20 agreements signed at the Economic Summit in Sharm El-Sheikh entailed investments estimated at around $66.4bn and more than half of them have already entered the implementation phase, he said in a presidential press release. When the Suez Canal Axis Development project is completed, it will be an integrated centre for innovative value-added services and will help connect more than 1.6bn consumers in Europe, Asia, Africa, and the Arab world. Director of the Oxford Business Group in Africa Karen Lohmann said the investors of the world are interested in investing in Egypt because of Al-Sisi's bold plans.
