EBRD president says Egyptian economic reforms way out of African challenges

SHARM EL SHEIKH, Dec 9 (MENA) - Egyptian economic reforms are the only way to face challenges in Africa in the coming years, says Suma Chakrabarti, President of the European Bank for Reconstruction and Development (EBRD).

Addressing the Africa 2018 Forum - currently taking place in the Red Sea resort city of Sharm el Sheikh - Sunday, Chakrabarti greatly appreciated steps taken by Egypt over the past five years, which helped open the door to the private sector.

He thanked President Abdel Fattah El Sisi for inviting him to this forum and said African governments could very well take similar steps to achieve development.

Chakrabarti put the total value of EBRD investments in Egypt at about 4.5 billion dollars.

He stressed the importance of having effective markets with good governance and inclusiveness.

Economic integration is also another important factor, Chakrabarti added.