Mahmoud Mohieldin

Subject: Mahmoud Mohieldin 13/11/2010, 7:13 pm

Mahmoud Mohieldin, born on 15 January 1965 in Egypt, wasappointed in September 2010 to be one of the Managing Directors of the WorldBank Group.
Prior to his appointment, Mohieldin was theMinister of Investment of the Arab Republic of Egypt, a position he held during 2004-2010.His portfolio included investment policy; the management of state-owned assets,including the privatization and restructuring of public enterprises and jointventures; and non-banking financial services, including capital markets,insurance and mortgage finance.
Mohieldin has also served as a Professor inFinancial Economics, at the Faculty of Economics & Political Science, Cairo University.He received his Bachelor of Science in Economics, with highest Honors, First inOrder of Merit, from Cairo University, a Master of Sciencein Economic and Social Policy Analysis from the University of York, England in 1990, and a Ph.D. in Economicsfrom the University of Warwick, England in 1995.
The Ministry of Investment
The Egyptian Ministry of Investment was established in 2004,with a mandate to reform the investment environment in Egypt, further develop non-bank financialservices, and introduce a comprehensive Asset Management Program to State-OwnedEnterprises (SOEs).
Since 2004, major legislative and institutionalreforms have been embarked upon, with a tangible impact both on the level ofdomestic investments, as well as inflows of foreign direct investment (FDI).Between 2004/05 and 2006/07 private sector investments grew at an averageannual rate in excess of 40%. The Egyptian economy has also been receivinghistorically unprecedented levels of FDI inflows, which increased from $2billion in 2004 to $13.2 billion in 2008.
On the non-bank financial services front, theMinistry of Investment has introduced mortgage finance to the Egyptian economy,implemented major reforms in the capital market and restructured the insurancesector. Regulatory reform measures have been initiated to allow the non-bankfinancial services industry to accommodate new products as well as position Egypt as the regional centre for financialservices.
The Asset Management Program has become a muchbroader version of the traditional privatization program. The Ministry of Investment has been responsible forsupervising the implementation of restructuring programs for all SOEs,regardless of whether or not they have been slotted for privatization,improving their corporate governance, and overseeing and managing thetransformation of ownership to the private sector in cases of privatization.
Since July 2004, reform efforts undertaken bythe Ministry of Investment have resulted insignificant improvements in the perception of an impressive investment andbusiness friendly climate in Egypt.Investors have responded positively to this business environment in Egypt, with close to half of companiesoperating under the umbrella of the governing investment legislations that havebeen established during the last four year-period.
With an array of investment opportunities,Egypt’sMinistry of Investment is currently supervisinga number of 46 projects in sectors such as infrastructure and public utilitiesin different governorates at a total cost of 120 billion Egyptian Pounds. Theprojects range over various fields including roads, railways, ports, sewageplants, water plants, integrated development projects of the Upper-Egypt SeaRoad, the Special Economic Zonesin the North of West Suez Gulf, developing technological industries, integratedcivil and commercial centres throughout Egypt, developing tourism and introducingnew medical cities.
International Recognition
The vote of confidence by the internationalcommunity has also been manifested in the declaration, for the 4th time in fiveyears, of Egyptas one of the top-10 global reformers, and the top regional reformer in theannual “Doing Business” report of 2010 that is prepared by the World Bank and IFC. Egypt has also become the first Arab andAfrican country to join the Investment Committee of the Organization forEconomic Cooperation and Development (OECD) as a Participant and the lead FDIrecipient country in Africaand second among the Arab countries in the UNCTAD 2007 'World Investment Report'.
Political Role/Activities/Initiatives
Alongside his post as the Minister ofInvestment, Dr. Mohieldin’s responsibilities included his role as a member ofthe National Democratic Party (NDP), the majority ruling party of the Arab Republic of Egypt. He was a member of the PoliciesSecretariat since 2001; in addition to being the Co-Chairman of the EconomicCommittee within the NDP. Dr.Mohieldin’s contribution in the NDP’sEconomic Committee included his focus on reforming Egypt’s economic policies toaccommodate a more attractive investment climate; while he was able tosuccessfully introduce and gain the approval of various laws and regulations bythe Egyptian Parliament in the fields of taxation, monetarypolicies, banking legislation, the introduction of commercial courts, thecreation of legislation and establishment of Small and Medium-Sized Enterprises(SMEs), Public-Private-Partnership programs, free market policies, competitionlaws; as well as allowing the Central Bank of Egypt to operate as an independent body withinEgypt; regulatingand monitoring its own policies and initiatives.
Appointments
Following his appointment as Minister ofInvestment in 2004; Dr. Mahmoud Mohieldin also served as the Governor of the Arab Republic of Egypt to the World Bank; theAlternate Governor to the African Development Bank; the Alternate Governor of the Islamic Development Bank; and a member of the Board ofTrustees of the British University of Egypt. In 2005 Dr. Mohieldin was nominatedand was an active player in the Young Global Leader’s Initiative of the World Economic Forum.
Academic career
Dr. Mahmoud Mohieldin obtained his Bachelor ofScience Degree in Economics, from the Faculty of Economics and PoliticalScience at CairoUniversity, Egypt,with Highest Honours – First in Order of Merit, in 1986. In 1989 he receiveda Diploma in Quantitative Development Economics from Warwick University in the United Kingdom andthen went on to complete his Masters of Science Degree in Economics and SocialPolicy Analysis from the University of York in the United Kingdom in 1990. Dr. MahmoudMohieldin returned to Warwick University in 1995 where he received his Doctorate(PhD) in Economics.
Upon returning to Egypt, Dr. Mohieldin was appointed as aProfessor of Financial Economics in the Faculty of Economics and PoliticalScience in CairoUniversity in 2006; after his clear commitment within thedepartment. He was also very keen to support students’ extra-curricularactivities within the Faculty, as well as Cairo University asa whole. In 1997 he played a major role in the establishment of the “ModelEgyptian Stock Exchange” or “MESE”; which since its commencement has become oneof the biggest and most successful events in the Faculty of Economics andPolitical Science in CairoUniversity; and to date 5,000 undergraduate and post-graduatestudents have participated in this event annually. Dr. Mohieldin also foundedand supervised, in the same year (1997), the “Economists Society"at the Faculty of Economics and Political Science; which boasts an impressive3,500 undergraduate and postgraduate students to this very day.
Affiliation and Membership ofProfessional and Academic Societies
Dr. Mahmoud Mohieldin has held numerous leadingpositions in think tanks, research centres and academic institutions all overthe world. Among these positions has been serving as a member of the Commission on Growth and Development since2005, alongside several high profile figures including the likes of NobelLaureates’ in Economics MichaelSpence and RobertSolow. In 2008, Dr. Mahmoud Mohieldin became the Chair of theAdvisory Board for the Global Emerging Markets Local Currency Bonds Program(GEMLOC). He has also been a Senior Research Associate of the Economic Research Forum of the Arab Countries, including Iran and Turkey;and a member of the Middle East StudiesAssociation of North America. Dr. Mohieldin is a Fellow of the British Society for Middle Eastern Studies in the United Kingdom; anda member of the Egyptian Society for Political Economy in Cairo. Additionally, he has been an activeboard member at BenhaUniversity, Egypt;the Arab Society for EconomicResearch; the Centre of European Studies; and the Centrefor Economic and Financial Research and Studies at the Faculty of Economics andPolitical Science of Cairo University, Egypt.
Previous Appointments
Dr. Mahmoud Mohieldin also served as a memberof the Board of Directors of the Central Bank of Egypt; a member of the Board of Directors of HSBC-Egypt; member of the Board of Directors of[www.telecomegypt.com.eg/ Telecom Egypt]; and a member of the Board ofDirectors of the Egyptian Diplomatic Institute at the Ministry of Foreign Affairs of Egypt. Dr. Mohieldin was alsoan advisor to the Egyptian Centre for Economic Studies andthe Director of CairoEconomics and Finance. He was also a member of the Board of Directors of EFG-Hermes. In 1999 Dr. Mahmoud Mohieldin represented theEgyptian Government in the G33Meetings. Between 1999 to 2002 Dr. Mohieldin was Rapporteur of the EconomicMinisterial Cabinet. Other memberships and appointment he held included: memberof the Executive Committee of the Cairo Centre for Economic Information; memberof the Appeal Committee of the Capital Market Authority; economic advisor for the EgyptianArab African Bank; member of the Appeal Committee of the Capital Market Authority; economic consultant to the PeriodicMagazine Al-Benouk; published by the League of Egyptian Banks; and Chairman ofthe Cultural Committee of the General Association of Egyptian Students in theUnited Kingdom.
In addition to his active academic career; Dr.Mahmoud Mohieldin played a strong role in aiding the Egyptian government in hisearlier years before he was appointed as the current Minister of Investment.From 1995-1997 he was an Economic Advisor to the Minister of State for EconomicAffairs; Senior Economic Advisor to the Minister of Economy and Foreign Tradebetween 1997–1999; and Senior Economic Advisor to the Minister of Foreign Tradefrom 1999 to 2002.
Publications and ResearchActivities
Throughout his career, Dr. Mahmoud Mohieldinhas published over 75 papers and studies in the economic, social and politicalarenas, including the areas of Financial Economics, Financial Reform,Prudential Regulations, Trade in Services, Globalization, Exchange Rate andMonetary Policies, Corporate Governance and Competition Policy.
These include:
1. "On Profit Sharing: A CriticalAppraisal of Weitzman's Share Economy", Working Papers in Economics #11,Centre for Economic and Financial Research and Studies, Faculty of Economics,Cairo University, 1991.
2. "On the Reform of the Egyptian PublicSector", a report submitted to the Public Sector Reform Committee, Facultyof Economics, Cairo University, 1991.
3. "On the Reform of the FinancialSector", paper presented at the Third Conference of The EconomicsDepartment, Cairo University, 1992.
4. "Towards a Fiscal Policy for thePalestinian Economy", paper submitted as a part of the PalestinianDevelopment Program, Tunisia, 1992.
5. "On the Relevance of Market-basedFinancial System to Developing Countries", Mimeo, Department of Economics, University of Warwick, 1992.
6. "Econometric Tests of the FinancialLiberalisation Hypotheses: The Case of Egypt 1960-90". Mimeo, Department of Economics, University of Warwick, 1993.
7. "Financing Higher Education in Egypt", paper presented at 'theReform of Egyptian Education System Conference' organised by the Egyptian Embassy, London, September 28–29, 1993.
8. "The Reform of the Egyptian FinancialSector: Some Main Reflections", the French Centre for Economic and LegalStudies and Documentation, CEDEJ, Cairo,March 1993.
9. "On Financial Development: TheFinancial Sector between Repression and Liberalisation",Finance and Industry, issue no.11, 1993, Industrial Bank of Kuwait. [in Arabic]
10. "Formal and Informal Credit Markets inEgypt", WorkingPaper No. 9415, Economic Research Forum, 1994.
11. "Informal Financial Transactions in Egypt: Social Collateral, CollectiveArrangements and Pyramid Scheme", Finance and Industry, issue no.12, Industrial Bank of Kuwait, 1994.
12. "Informal Finance in Egypt", paper presented at the annualconference of the British Society for Middle Eastern Studies, held in July1994, the University of Manchester, England.
13. "The Financial Sector and itsDevelopmental Role: A Theoretical Survey with Reference to Egypt", in Economic Reform and itsDistributive Impact, edited by Abdel-Khalek, G. and H. Kheir-El-Din, Cairo:Dar-Al-Mustaqbal-Al-Araby, 1994.
14. "Causes, Measures and Impact of StateIntervention in the Financial Sector: the Case of Egypt 1960-90", paper presented atthe Conference of Economic Research Forum of the Arab Countries, Iran and Turkey, on "the Changing Role of theState", Rabat, 8–10 January 1995.
15. "Formal and Informal Credit Markets inEgypt",[revised version] paper presented at the Royal Economic Society Conference1995, Young Economists' Sessions, 27–30 March, University of Kent.
16. "Interest Rate, Saving, Investment and Economic Growthunder Financial Repression: The Egyptian Example", paper presented at the2nd conference on International Finance, Philadelphia, USA, 9–11 July 1995.
17. "The Uruguay Round and Trade in Financial Services in the Arab Countries", the EconomicResearch Forum conference September, Istanbul, 1995.
18. "On Privatisation in Egypt: With Some Reflections on TheExperiences of the CzechRepublic and Mexico",paper presented at a Conference organised by the Centre for Political Studies, Alexandria,November 1995.
19. "On Formal and Informal Islamic Financein Egypt", paperpresented at the Annual Conference of (MESA),Middle East Studies Association, Washington, 1996.
20. "On Competition Policy: An EgyptianPerspective", paper presented at a Conference on the partnership Agreementbetween Egypt and the EU, organised by the Faculty of Economics, Cairo Universityand FriedrichEbert, May and published in L'Egypte Contemporaine, Nos. 441-442LXXXXVII ième Annee, pp. 5–28, Janvier/Avril 1996.
21. "Financing Higher Education in Egypt", paper presented at Al-MenoufyaUniversity Annual Conference, Cairo,1996.
22. "The Uruguay Round and Trade inFinancial Services in The Arab Countries", Discussion paper in Economics and Econometrics No.9617, Department of Economics, University of Southampton, England, 1996.
23. "The Impact of the Devaluation of theEgyptian Pound", Discussion Paper, Forum for Economic Dialogue, Faculty ofEconomics and Political Science, Cairo University,1996.
24. "Trade in Services and the Egypt-EUPartnership Agreement", paper presented at a conference organised by theEgyptian Centre for Economic Studies, on the Egypt-EU Partnership Agreement, Cairo, 1996.
25. "On the Impact of the EU PartnershipAgreement on the Egyptian Economy with emphasis on Services",International ECSA Conference in Budapest,November, 1996.
26. "On Arab Economic Cooperation in theEgyptian Policy", paper presented at the 10th annual conference of theCentre for Political Research and Studies, Cairo University,December 1996.
27. "The Impact of the Egypt-EUPartnership Agreement on Economic Growth", paper presented at the 7thEgyptian-French Conference, Centre for Political Research and Studies, Cairo University,1997.
28. "On The Economic Growth Strategy in Egypt", Discussion Paper, Forum forEconomic Dialogue, Faculty of Economics, Cairo University,1997.
29. "The Egypt-EU Partnership Agreementand Liberalization of Services", in Regional Partners in Global Markets:Limits and Possibilities of the Euro-Med Agreements, Centre for Economic Policy Research, London, 1997.
30. "Globalisation and EconomicRights", Discussion Paper, in Issues of Human Rights, Arab Society forHuman Rights, Cairo, 1997.
31. "The Draft Law for Competition in Egypt",Discussion Paper, the Egyptian Centre for Economic Studies, 1997.
32. "The Egypt-EU Partnership Agreementand Liberalization of Financial Services", in On the State of the EUIntegration Process Enlargement and Institutional Reforms, edited by Ferenc Mádl, ELTEUniversity, EU Centre for Research and Documentation, Budapest, 1997.
33. "Role of Financial Markets in Privatization inthe ESCWA Region: PartTwo Case-Study of Egypt", paperprepared for The United Nations Economic and Social Commission for Western Asia, 1997.
34. "Intellectual Property Rights and thePharmaceutical Industry in Egypt",Background Policy Paper, the Egyptian Centre for Economic Studies, 1997.
35. "Testing the Consistency of theConsumer Price Index in Egypt",The Egyptian Centre for Economic Studies (mimeo), 1997.
36. "Islamic Finance in Egypt",Working Paper No. 17, the Egyptian Centre for Economic Studies, 1997.
37. "Egypt",Chapter 6 inInsurance in the Middle East, FT Finance, PearsonProfessional Limited: London,1997.
38. "Interest Rate, Saving, Investment andEconomic Growth under Financial Repression: The Egyptian Example", arevised version of paper presented at the 2nd Conference on InternationalFinance, Philadelphia,USA, 9–11 July, published in Arab Economic Journal No. 9- Autumn 1997, Cairo.
39. "Prudential Regulation in Egypt", a revised version of the paperpresented at an ECES conference titled: "Towards and Efficient FinancialMarket in Egypt",February 1997, Working Paper No. 29, The Egyptian Centre for Economic Studies, Cairo.
40. "New Regionalism and the Arab EconomicCooperation", Al-Siassa Al-Dawlya; Issue no. 131 January 1998, Al-Ahram, Cairo.
41. "Egypt Development Report: 1998",published by the Centre for the Study of Developing Countries, Faculty ofEconomics and Political Science, Cairo University.
42. "Liberalizing Trade in FinancialServices: The UruguayRound and Arab Countries", World Development, Vol. 26, Issue no. 7,pp. 1331–1348. 1998.
43. "Financial Development in EmergingMarkets: The Egyptian Experience", Co-edited with Dr. Mohamed El-Erian,published by The International Centre for Economic Growth, 1999.
44. "On the Institutional Aspects,Distributional Characteristics and Efficiency of the Egyptian SecuritiesMarket", paper presented at the workshop organised by the Arab PlanningInstitute on “Arab Stock Markets: Recent Trends and Performance”, Kuwait 15-16,1999.
45. Presentation on the Role of the FinancialSector in Corporate Governance: The Egyptian Case, Mediterranean DevelopmentForum, March 2000.
46. "Financial Services in Egypt after adecade of Financial Liberalization" a presentation at the session on"Financial Centre for MENA",Mediterranean Development Forum, March 2000.
47. "Integrating Social Dimensions with Egypt’s Economic Reforms", English PublicLecture series of the American University in Cairo, 2000.
48. Presentation on Mortgage Finance, Alexandria BusinessmenAssociation, 2000.
49. "On the Institutional Aspects,Distributional Characteristics and Efficiency of the Egyptian SecuritiesMarket", in Arab Stock Markets: Recent Trends and Performance, American UniversityPress, Cairo, 2000.
50. "Challenges of Transition and the Roleof National Projects", paper presented at the 18th Strategic Seminar ofthe Egyptian Army, 2000.
51. "On Bank Market Structure andCompetition in Egypt",published by the Arab Society for Economic Research, Arab Economic Journal, No.25, Vol. (10), Autumn 2001.
52. "Formal and Informal Credit Markets inEgypt", Economic Development and Cultural Change, Vol. 48, no 3, 2000.
53. "On Financial Development and itsImpact on Economic Growth", Research Papers Series #15, EconomicsDepartment, Faculty of Economics and Political Science, Cairo University,2001. [in Arabic]
54. "On Globalization andEconomic Governance: An Egyptian Perspective", published by the Arab Monetary Fund, 2001. [in Arabic]
55. "On the Evolution of the BankingSystem and Competition in Egypt",published by the Industrial Bank of Kuwait, IBK Papers Series # 67, 2001.
56. "On the Formulation and Enforcement ofCompetition Law in Emerging Economies: The Case of Egypt", published bythe Section on Business Law of the International Bar Association, Business LawInternational, Issue 3 – pp 289–315, September 2001.
57. "On Bank Market Structure andCompetition in Egypt",Arab Economic Journal, no.25, Vol. (10), Autumn 2001.
58. "Globalisation and its Impact onNational Security", paper presented to a conference organised by Nasser Academy,College of National Defence, January 2002.
59. "Competition Policy in Egypt", paper presented to the Second OECD Global Forum, Paris, February 2002.
60. "Fundamentals of Securitisation",paper presented to the Union of Arab Banks, Cairo, March, 2002.
61. "On Securitisation in Egypt",paper presented to the Egyptian Centre for Economic Studies 2002.
62. "On The Determinants of Foreign DirectInvestment to Egypt",paper presented to the 6th Annual Conference of the Arab Economic Association, Beirut, June 2002.
63. "On Exchange Rate Policy inEgypt", paper presented to the joint seminar of the Arab Monetary Fund and the International Monetary Fund, Abu Dhabi, December2002.
64. "Economic Governance in Egypt", A Report Prepared for the United NationsCommission in Africa, 2003.
65. "Macroeconomic Policy and Performancein Egypt",An Analytical Study prepared for the Economic Research Forum (ERF) and ForumEuro-Mediterranean des Institutes Economiques, 2003.
66. "Financial Policy in Egypt", AnAnalytical Study prepared for the Economic Research Forum (ERF) and ForumEuro-Mediterranean des Institutes Economiques, 2003.
67. "The Challenges of Central Banking in Egypt and theNew Banking Law", Department of Economics, Facultyof Economics and Political Science, 2003.
68. "Why Do We Need Regulation?, apresentation to the Joint WorldBank/European Commission Programme on Private Participation inMediterranean Infrastructure, October 2003, Cairo.
69. "Vulnerability of Banking Systems toCrises in EmergingMarkets: The Case of Egypt,Morocco, and Tunisia”, papersubmitted to the 10th Annual Conference, Economic Research Forum for the ArabCountries, Iran and Turkey (ERF), published by the ERF in Selected Papers formthe Tenth Annual Conference, December 2003.
70. "Economic Management and CorporateGovernance in Egypt",paper presented at the Regional Conference on Governance, United NationsEconomic Commission for Africa (UNECA), January 2004.
71. "Information and the Formulation ofEconomic Policy in Egypt",paper presented at the annual conference of the Statistics Department, Cairo University,2004.
72. "On Exchange Rate Policy: the Case ofEgypt 1970-2001", published by Société Egyptienne d'Economie Politique deStatistique et de Législation, L'Egypte Contemporaine, No. 475-476 LXXXXV iémeANNÉE, pp 5–52, July–October 2004.
73. "Macroeconomic Policy and Performance",published by the Economic Research Forum for the Arab Countries, Iran and Turkey (ERF), Egypt Country Profile: TheRoad Ahead for Egypt, pp 11–41, December 2004.
74. "Financial Policy Issues",published by the Economic Research Forum for the Arab Countries, Iran andTurkey (ERF), Egypt Country Profile: The Road Ahead for Egypt, pp 43–83,December 2004.
75. "Prospects of Mortgage Markets in MENACountries: An Analysis of Financial, Legal and Institutional Aspects withEmphasis on the Egyptian Case Study", published by the Economic ResearchForum for the Arab Countries, Iran and Turkey (ERF), Working Paper Series No.0430, and submitted to the 11th Annual Conference (ERF), December 2004.
76. "Inflation", Arab Academyfor Science and UNESCO, ArabicEncyclopaedia of Knowledge and Sustainable Growth, 2006. [in Arabic]
77. "Bank Privatization in Egypt",published by the Quarterly Review of Economics and Finance, Volume 46, Issue 5– pp 707–725, February 2007.
Scholastic Awards
Dr. Mahmoud Mohieldin received the Certificateof Merit, Leadership Seminar at GeorgetownUniversity, in the United States of America in 2003. In the same year hereceived the Certificate in Capital Flows, Monetary Policy and InternationalFinancial System, World Bank Institute and Federal Reserve Bank of San Francisco. Inthe year 2000, he received the Certificate in Housing Finance from Wharton School, University of Pennsylvania in United States of America.