EIB: Revoking state of emergency in Egypt is positive for economy

Egypt’s decision to not renew the state of emergency will positively affect the country’s economy and lure more investments, said a senior official at the European Investment Bank (EIB) in Egypt, on Thursday.

Last Monday, Egyptian President Abdel Fattah al-Sisi announced a decision not to extend the state of emergency that had been renewed every three months since April 2017.

Egypt has become “an oasis of security and stability in the region”, President al-Sisi further attributed in a Facebook post.

This decision will undoubtedly increase the confidence of investors in the Egyptian economy, Alfredo Abad, Head of Regional Representation at EIB, further told the state’s news agency MENA.

Abad said the international multi-party institutions, including the EIB have high expectations regarding Egypt’s hosting of the UN Climate Change Conference next year.

It would be a great opportunity for Egypt to post the world on its ideas about means of combating climate change, he added.