CAIRO, May 6 (MENA) - Prime Minister Mostafa Madbouly reiterated that the Egyptian government provides all necessary support to facilitate work of companies in various business sectors.

He noted that American companies receive significant backing from all government bodies.

He added that Egypt will host an important forum by the end of May which will be attended by many American and Egyptian companies. The event will showcase available opportunities and incentives for American firms, he stated.

Madbouly made the remarks during a meeting with Ryan McInerney, CEO of Visa, and his accompanying delegation at the government HQ in the New Administrative Capital.

The meeting - attended by Hassan Abdullah, Governor of the Central Bank of Egypt (CBE) - focused on Visa’s investment plans in Egypt.

Madbouly welcomed McInerney and his accompanying delegation, describing Visa as one of Egypt’s key partners in e-payment.

He commended the outstanding cooperation between Visa and the CBE.

CBE Governor Abdullah emphasized the importance of the strong partnership with Visa, a leading global electronic payment company, highlighting the bank’s keenness on coping with rapid technological advancements and the significant growth in digital banking services benefiting Egyptian citizens nationwide.

This cooperation with global companies like Visa is highly fruitful, he asserted.

For his part, Visa CEO McInerney stressed the company's commitment to investing in Egypt, considering it one of the most important markets worldwide.

He outlined Visa’s plans to increase investments in Egypt, noting the company’s strategy aims to operate on multiple fronts in light of Egypt’s major achievements in digitization, including the expansion of the unified services card program, which covers ration services, comprehensive health insurance, and electronic payments.

Visa plans to roll out the unified card program in other governorates after its pilot operation in Port Said, according to him.

He also proposed a plan to support hard currency inflows through Visa Plus technology, which can accelerate and facilitate the transfer of remittances from Egyptians abroad.

McInerney discussed plans to introduce e-payment into the transportation system, including trains, buses, and other means of transportation, in light of the major development realized in this domain.

The premier gave directives to examine Visa’s proposal in coordination with the CBE and the governmental bodies concerned, affirming that this would accelerate attaining financial inclusion goals.

The meeting also reviewed global economic developments. (MENA)
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