IFC: Egypt reforms positive but “a lot more work needs to be done”

The head of the International Finance Corporation said on Friday that he was encouraged by Egypt’s economic reforms such as cuts to costly fuel subsidies last year but called for more action to improve the investment climate.

“We are happy to see that progress but there is a lot more work that needs to be done. The sign is positive, we need to see more,” Jin-Yong Cai told Reuters at an international conference in the Red Sea resort of Sharm El-Sheikh. He said regulations and investment policies still needed to be improved.