EP: Egypt's economic reform necessary for luring foreign investments

President of the European Union Committee on Foreign Affairs Elmar Brok said Monday Egypt's agreement with the International Monetary Fund would help the country get the structural funding it needs.

Brok, currently visiting Egypt as part of a three-member delegation, said in press statements that talks with the Egyptian side also dealt with taking the social dimension into consideration, including school children nutrition.

He described the decision to float the pound as positive and necessary for attracting investments into the country.

Brok said the delegation members met with president Abdel Fattah El Sisi, Foreign Minister Sameh Shoukry, Al Azhar Grand Imam Ahmed El Tayyeb, Minister of International Cooperation Sahar Nasr and parliament speaker Ali Abdel Aal on developments in the region and economic conditions.

On Egypt's efforts to confront illegal immigration, he cited cooperation between Cairo and Europe in this respect, calling for discussing the reasons that prompt the immigrants to put their lives at risks.

On efforts to confront terrorism, he called for a reaction by the international community to confront the activities of the terrorist group Daesh which he said carried out attacks affecting states' economies citing Tunisia as an example.

President Sisi briefed the European delegation on Sunday on the latest developments in Egypt and economic measures taken by the Egyptian government to improve the economic situation.

Egypt is home to nearly five million refugees, who constitute a heavy burden on the Egyptian government, Sisi noted.

He also urged the international community to stand by the Egyptian people during this critical period to go on with their development march.