Egypt’s Minister of Planning & Economic Development participates in the U.S. Chamber of Commerce’s round table on Cop 27

Egypt’s Minister of Planning and Economic Development, Dr. Hala El-Said participated on Friday in the round table organized by the U.S. Chamber of Commerce on the plans and priorities of the COP27 Conference, during her participation in the work of the IMF and World Bank meetings held in Washington.During her speech, El-Said highlighted the performance of the global economy, geopolitical conflicts, the ongoing turmoil in chains due to the Covid-19 pandemic, along with rising borrowing costs, with central banks heading to curb the staggering inflation rates.El-Said added that in light of these challenges, (IMF) estimates that countries that represent a third of the global economy will suffer from stagnation, in addition to an expected loss in global production of about $4 trillion between now and 2026.El-Said continued by talking about Egypt, noting the launch of the National Structural Reform Program (NSRP) in April 2021, with a focus on raising the productive capacity and competitiveness of the economy in addition to enhancing its flexibility.
El-Said added that the program addresses the root causes of imbalances in the real sector, by creating decent job opportunities and diversifying and developing production patterns.On the main development initiatives and efforts in Egypt, El-Said explained that investing in and upgrading human capital is the cornerstone of effective and comprehensive development and the cornerstone of a more prosperous society.
 El-Said referred to the Solidarity and Dignity Program, the Decent Life Initiative, the 100 Million Citizens Health Initiative, and the National Project for the Development of the Egyptian Family.



El-Said confirmed that Egypt has significantly expanded the scope of its social protection programs and safety nets through the Solidarity and Dignity Program, to achieve great coverage for the most vulnerable groups.
 El-Said explained that a new increase of one million additional families has been determined for the number of beneficiaries of the cash support programs (Takaful and Karama), bringing the total number of beneficiaries to 5 million families with the increase in the budget for the support provided.
El-Said touched on a decent life initiative, explaining that it aims to improve the quality of life in the poorest rural communities, as it aims to transform more than 4,500 Egyptian villages into sustainable rural communities.
About investing in human capital through capacity-building programs, El-Said indicated that the Ministry of Planning launched multiple capacity-building programs through its training arm, the "National Institute for Governance and Sustainable Development" (NIGSD), which targets young leaders from governments and abroad, in cooperation with major institutions such as the University of Chicago and King's College London.
On Egypt's economic performance for the fiscal year 2022/2023, El-Said indicated that a growth rate of 6.6% was achieved in the fiscal year 2022/21, compared to 3.3% in the previous year. El-Said added that the Egyptian government expects a GDP growth of 4.4-4.8% in the 2022-2023 fiscal year, in addition to recording foreign direct investment of $9 billion in 2021/22, compared to $5.2 billion in 2021.
El-Said added that when preparing the national program for structural reforms, some quantitative goals were set to evaluate and document the achievements and results, noting a 53% increase in total exports in 2021/2022 and a 20% increase in non-oil exports compared to the 15% target.El-Said said that at the geographical level, Egypt's strategic location was taken advantage of as a gateway to Africa and its exports to African countries increased by 27% in the first half of this year compared to the previous half.
 El-Said added that all these indicators were also reflected in Egypt's performance in the global human development index, making Egypt's ranking jump 19 places in the human development report.


About the participation of the private sector, El-Said confirmed the government's investment in infrastructure, specifically in the fields of energy, transport, and the road network, accompanied by major institutional and legislative reform. El-Said explained that major projects were delivered within a wide range of sectors, as the aim of these investments was to pave the way for the private sector to have a greater role in the Egyptian economy and to contribute more to development efforts. El-Said emphasized that the private sector plays a pivotal and value-added role in the economy, as its contribution to the economy represents about 72% of the GDP.
El-Said stressed that the Egyptian government prioritizes enhancing the role of the private sector in the Egyptian economy, as it serves as the cornerstone for stimulating sustainable and inclusive growth.
El-Said highlighted the competitive and geographical advantage that Egypt enjoys in terms of being relatively close to Africa and Europe, as well as its good position to become a global center for maritime transport in addition to being a center for logistics and energy.
 El-Said added that Egypt also enjoys strong trade partnerships with several free trade agreements, which reflects export opportunities.El-Said also referred to the program of economic reform and macroeconomic stability launched by the Egyptian government, in addition to the launch of the draft state ownership document, which was formulated through a participatory approach.
El-Said talked about The Sovereign Fund of Egypt (TSFE), which was established in 2018; Where it succeeded in directing large-scale foreign investments in partnership with strategic private sector investors to Egypt, with investments estimated at more than $4 billion since the beginning.El-Said referred to the sub-funds included in the fund, which are represented in infrastructure and utilities, tourism, real estate, and antiquities, health care and pharmaceuticals, financial services and financial technology, and the pre-sub-fund for public subscription.



El-Said explained that the last sub-fund came in line with the efforts made to exit from specific sectors and to advance the IPO program, and El-Said continued that expanding renewable energy production capacity in Egypt would enable it to become a leader in areas such as green fueling, and the export of green ammonia.
Regarding the transition to a green economy and preparing for the Cop27, El-Said stressed that the Egyptian government is working to accelerate the green transformation and climate action that puts nature at its core and ensures the equitable benefit of all economic sectors.
 El-Said explained that the Egyptian government is seeking in the coming years to present various projects in the fields of renewable energy, sustainable housing solutions, water desalination, and waste management, noting that the government has launched a guide to environmental sustainability standards.
El-Said noted that the vision of Egypt's presidency of COP27 aims to ensure the effective implementation of the green transformation in the world quickly, taking into account the special needs and conditions of the African continent.
Dr. Hala El-Said asserted that the Ministry of Planning and Economic Development will launch two important initiatives during CoP-27 under the auspices of the President of Egypt.
“Through the initiative, African countries, along with various partners, will improve the quality of life in 30% of the most vulnerable and poorest villages and rural areas on the continent by 2030, in a climate-sensitive manner,” El-Said explained.








On the second initiative, El-Said noted that it is entitled the "National Initiative for Smart Green Projects", which focuses on the importance of addressing climate action and biodiversity through technological empowerment within the framework of the ongoing efforts for sustainable development in Egypt.
El-Said added that the ministry will also launch the "Greening National Investment Plans in Africa and Developing Countries" initiative, as part of Egypt's success in setting environmental sustainability standards, explaining that the main objectives of this initiative are to increase the share of green projects in national investment plans.