Trade Minister, World Bank discuss fostering ties in small, medium-sized enterprises field

Trade Minister Tarek Qabil met with a delegation from the World Bank, led by Senior Vice President Kyle Peters, to discuss the current and upcoming projects to be implemented by the bank in Egypt.

In a press release on Thursday, the Trade Ministry said the meeting reviewed the Egyptian government's efforts that aim to enhance investment climate especially issuing industrial permits.

The minister pointed out at a recent bill approved by the government lately to facilitate issuing industrial permits. 

The bill is expected to be debated by the parliament soon in order to approve it.

The new law will shorten the time of issuing permits to 30 days only instead of 634 days.

The meeting also discussed a project funded by the World Bank that aims to develop the infrastructure of the industrial zones, the minister said. 

He pointed out that that project will help attract more investments to these zones and to create thousands of job opportunities to Upper Egypt residents.

They also discussed a number of national projects currently implemented by the ministry.

Meanwhile, Peters said the bank is keen on boosting relations with Egypt to implement more projects that contribute in supporting the Egyptian economy and creating more job opportunities.

He added that he has visited a number of projects currently being implemented in Luxor.

In the meantime, Qabil met with Euromoney Conferences' Middle East Director Victoria Behn to discus preparations for the annual conference that is planned to be held in Cairo next September.