ENCC Eyes Alluring Global Finances of EGP600 bln for key Projects in Egypt

The Egyptian National Competitiveness Council (ENCC) is targeting alluring finances worth EGP 600 billion from global financial institutions, the council’s chairman Seif Allah Fahmy said on Sunday.

In a keynote speech at the ENCC’s 9th Annual Conference kicked off today in Cairo, Fahmy clarified that the targeted financing schemes are designated for major developmental projects in Egypt, notably in fields of infrastructure and energy.

However, the official said the ENCC was determined to carry out its financing plans with the current interim government represented in the former deputy prime minister Dr. Ziad Bahaa El-Din before his resignation alongside 5 other ministers. Hence, the financing plans were halted, and will be resumed following the upcoming parliamentary and presidential elections.

ENCC is holding on Sunday in Cairo its 9th Annual conference entitled “Towards Sustainable Competitiveness: Restructuring Institutions in Egypt”, with the participation of 5 Egyptian ministers including Planning Minister Dr. Ashraf Al-Araby, Industry and Foreign Trade Minister Dr. Mounir Fakhry Abdel Nour, Finance Minister Dr. Ahmed Galal, Petroleum Minister Eng. Sherif Ismail, and Investment Minister Osama Saleh.

Egypt is currently in dire need for major projects in entire sectors so as to bring about radical positive change in the daily lives of citizens, Fahmy noted.

Moreover, he referred that ENCC had recently prepared competitiveness report that benchmarks governorates’ performances in various fields.

ENCC’s chairman also stressed the deteriorating competitiveness situation in Egypt since the country ranked 108th out of 148 countries in the Global Competitiveness Index (GCI) issued by the World Economic Forum in 2013, after being placed 70th in 2009.

The Egyptian National Competitiveness Council (ENCC) is an independent policy advisory body established through the efforts of several Egyptian businessmen, academia, and many partner organizations. It is the first non-governmental organization (NGO) to focus primarily on the issue of competitiveness in Egypt and the Middle East.