CAIRO - 23 November 2019: Egypt's Director of the World Bank, Marina Wes, and Minister of Investment and International Cooperation Sahar Nasr signed an agreement for an additional grant in the amount of US$ 1.7 million for the Equal Access and Simplified Environment for Investment (EASE) Project.
The EASE Project and its additional finance are financed by the Middle East and North Africa (MENA) Transition Fund.
The project was initially launched in 2016 with the aim of increasing private sector investments and accordingly creating more private sector jobs through simplifying licensing requirements and availing transparent industrial land allocation processes.
The additional finance aims to enhance Egypt’s General Authority for Foreign Investments (GAFI)’s role in line with the new investment law as the main business entry point for all sorts of companies and the “one window” for providing certain licensing and permits activities to investors. This requires the development of a comprehensive and functional digital system to mainstream business procedures, connect the central and subnational levels, facilitate easy access to the system in all geographical areas and adopt international successful practices in provision of government services.
It will promote the electronic coordination and synchronization among relevant line ministries, local authorities at different governorates, and public entities that are involved in granting business licensing and permits; and establish a quality control system to guarantee its efficiency and effectiveness.
Nevertheless, it aims to enhance GAFI’s organizational structure and staff information technology capacity in order to efficiently operate the upgraded systems.