EAEF chief: Egypt's economic experiment attracted world attention

CAIRO - 26 September 2018: Head of the Egyptian-American Enterprise Fund (EAEF) James Harmon asserted that the setback of inflation rate in Egypt is a big success for the Egyptian government, a matter which increased the confidence of foreign investors and attracted world attention.

Interviewed by "Al Akhbar" newspaper out on Wednesday, Harmon said President Abdel Fattah El Sisi's approval on the International Monetary Fund (IMF)'s deal has come in a very critical timing for the future of the Egyptian economy, terming it as a "historic decision" that has much contributed to creating stability in the Egyptian economic climate.

He said economic stability is the outcome of political one, adding that Egypt has witnessed various radical changes over the past years under the leadership of President Sisi.

Harmon also noted that Egypt's experiment in the economic reform has become the focus of world attention thanks to the package of economic reforms adopted by the Egyptian government.

He noted that EAEF's investment in Egypt hit $158 million, adding that the value of such investments would increase to reach $200 million by December.

Harmon said a number of agreements have been clinched between American investors and the Egyptian private sector to bolster such investments.

Asked on the fields of EAEF's investments in Egypt, Harmon said our projects are focused on three sectors including education, health and agriculture.

He added that the fund aims at increasing the number of its projects in Egypt to push up the number of beneficiaries and reach out to more categories of the Egyptians.