Washington: Egypt’s financial position has become more flexible and better able to withstand economic challenges, according to Minister of Investment and Foreign Trade Mohamed Farid. He emphasized the state’s commitment to sustaining economic reforms and maximizing their developmental impact, with the aim of creating a more attractive and secure investment climate.

According to State Information Service Egypt, Farid made these remarks during his participation in the Spring Meetings of the International Monetary Fund and the World Bank in Washington. During the meetings, he engaged in an open dialogue with HSBC’s leadership and met with officials from the Bank for International Settlements to discuss enhancing financial oversight and supporting digital transformation.

Farid announced plans to offer a package of high-quality, liquid companies, including Misr Life Insurance and Bank of Cairo, in May and June 2026. He also mentioned ongoing preparations for additional profitable companies and plans to consolidate petroleum assets into a single entity to attract major global investment funds.

The minister highlighted a comprehensive plan to digitize the investment system to enable faster completion of procedures and amendments. He also discussed expanding the digital identity system (e-KYC) to support financial inclusion and empower youth.

HSBC officials praised Egypt’s economic reform program, stating that it has created promising investment opportunities. Representatives from the Bank for International Settlements commended Egypt’s progress in digital transformation and expressed readiness to enhance cooperation in financial oversight and capacity building to support regional financial stability.