On the sidelines of ISDB2023AM: Egypt’s Gov’t is keen to involve the private sector in the economy: Minister of Planning

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development who also acts as Governor of Egypt at the Islamic Development Bank Group (IsDB), participated in the main annual meeting to follow up on sustainable development goals (SDGs).

This year's meeting theme is (Comprehensive Development for Sustainable Development: Developing Influential Partnerships to Save the Sustainable Development Goals).

 

 

The aforementioned meeting came during El-Said’s participation in the activities of the Islamic Development Bank Group annual meetings, held from May 10-13, in Jeddah Governorate.

 

As part of the theme of ISDB2023AM, 57 member countries from four continents will meet to discuss the importance of cooperation in facing challenges facing the Islamic Development Bank member countries.

 

 

During her participation, Dr. Hala El-Said indicated that Egypt, like the countries of the world, faced many challenges due to recent changes, such as exposure to the Covid-19 crisis and geopolitical changes.

 

 

 

 

She further confirmed that Egypt has tried to develop, which helped it overcome the Corona crisis. This is due to its keenness for a balance between preserving citizens' health and the continuity of economic activity.

El-Said referred to the launch of the Egyptian National Program for Structural Reforms in 2021. This program is based on a set of axes and pillars, including the real aspect of the economy.

 

El-Said explained that Egypt has a diversified economy, noting that the main pillar of the reform program is increasing the relative weight of industry, agriculture, communications, and information technology.

El-Said stressed that the structural reform program also depends on improving the business environment and developing the private sector. She asserted the importance of strengthening partnerships with the private sector, pointing to the state's efforts to invest in roads, infrastructure, water, water desalination, electricity, and energy, to improve the quality of life for the Egyptian citizen and prepare the infrastructure for investors and the private sector.

 

Regarding the State Ownership Policy Document, Dr. Hala El-Said said that the document confirms the state's keenness to allow the private sector to participate effectively, as it is a major step in increasing opportunities for private sector participation in the economy.

 

 

 

 

El-Said also referred to The Sovereign Fund of Egypt (TSFE), which is the investment arm of the Egyptian government and the ideal investment partner for the private sector, as the fund offers a variety of investment opportunities in a number of fields to stimulate the private sector and establish various partnerships.

 

 

 

 

El-Said continued that among the pillars of the structural reforms plan, is the pillar of raising the efficiency of the labor market, noting that the Egyptian state is keen to invest in youth, which is the real wealth Egypt enjoys, by relying on developing the technical education and vocational training system.

 

 

 

 

El-Said addressed the conversation about the "Decent Life" initiative, which is the largest development project aimed at improving the quality of life in the Egyptian countryside. This is a successful model of partnership between the government, the private sector, and civil society to develop.

 

She stressed that achieving sustainable development goals is not only the role of the government, but it is the role of society as a whole. She asserted the state's keenness to expand social protection programs.

 

El-Said also drew attention to the national project for the development of the Egyptian family, which targets the population issue in two dimensions. The first is birth control, as the large population increase pressures the economy. However, at the same time, she said that Egypt is keen to invest in people. She stressed that the project seeks to control population growth and improve demographic characteristics.

 

 

 

 

At the end of her speech, the Minister of Planning and Economic Development stressed that all these efforts are aimed at facing the challenges facing development. She is working to transform them into real opportunities to achieve sustainable development goals.

 

 

 

 

The meeting aims to contribute to global discussions on the Sustainable Development Goals, implementation challenges in light of the impact of COVID-19 and disasters caused by climate change, the repercussions of ongoing conflicts and their impact on achieving the goals of the 2030 Development Agenda, and how partnerships can be restored to meet those challenges towards the successful implementation of the Sustainable Development Goals.

 

 

 

 

 

As part of the meeting, leaders and professionals from development partners, Islamic Development Bank Group members, and country representatives will further discuss how to improve the effectiveness of the Islamic Development Bank Group. 

 

 

 

 

The meeting was opened by Dr. Muhammad Al-Jasser, President of the Islamic Development Bank Group.

The meeting witnessed the presence of Akinwumi Adesna, President of the African Development Bank, Amina Mohamed, Deputy Secretary-General of the United Nations, Dr. Mahmoud Mohieldin, Executive Director of the International Monetary Fund, and Eng. Hani Sonbol, CEO of the International Foundation. Islamic Trade and Finance, Olimata Sarr, Minister of Economy, Planning and Cooperation of Senegal, and Zhongeng Wang, CEO of the Center for Multilateral Cooperation in Financing for Development. The meeting was moderated by Dr. Rami Ahmed, Special Envoy of the Islamic Development Bank Group.