Egypt is trying to develop a more business friendly investment environment, according to panelists speaking at MEED’s Invest in Egypt conference today in Abu Dhabi.

Referring to the pipeline of infrastructure projects planned by the government, Karim Refaat, chairman and CEO of N Gage Consulting, said: “Setting the right environment, the right regulatory frame, telling investors what we are doing with current challenges is just as important as the projects themselves.”

The government is working on a range of investment laws including the reform of the tax and energy sectors.

“The rollback of energy subsidies is a clear example of government commitment that fiscal reforms are being carried out,” says Ayman el-Kaffas, deputy minister of finance for international affairs, at Egypt’s Finance Ministry.

The panelists agreed that the private sector has a key role to play in developing Egypt’s economy. “But we must ensure the investors know what the Egyptian government is doing and what it is trying to do,” said Refaat.

The Washington-headquartered IMF concluded a visit to Cairo on 25 November, and while it recognised improvements to the economy, it called for further reforms.