Asad Allam, World Bank Country Director for Egypt, lauded on Monday economic reforms carried out by the Egyptian government lately, saying they contribute to luring foreign investments and increasing Egyptian exports.

Allam, during his participation in the Spain-Egypt Multilateral Partnership forum, said Egypt is undergoing a major economic transition to upgrade its economy.

He lauded the pound liberalization decision, saying it was a positive move that helped cut down imports and replace imported products with local ones.

Also, among positive decisions taken by the government was decreasing energy subsidy, the WB official said, adding that such a decision helped bring down the budget deficit and give impetus to foreign companies operating in the energy domain.