Minister of Planning, Economic Development and International Cooperation discusses joint efforts to empower the private sector and strengthen Egypt's capital markets with IFC Regional Industry Director, Financial Institutions Group (FIG) for Africa

 

Dr. Rania Al Mashat: Ministry's new business approach framework aims to encourage more investments in human capital, industrial development, SMEs, technology and entrepreneurship

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Mr. Aliou Maiga, IFC Regional Industry Director, Financial Institutions Group (FIG) for Africa , to discuss key developments regarding IFC's work programs and financial and capital markets activities in Egypt.

 

During the meeting, H.E. Dr. Rania A. Al-Mashat emphasized the depth of the strategic and fruitful relations with the IFC, as this close partnership with the IFC has contributed to providing financing and investment to the private sector worth nearly $9 billion, noting that Egypt is one of the largest countries of operations for the IFC among 100 countries around the world.

 

H.E. Dr. Rania A. Al-Mashat pointed to the new framework of the Ministry of Planning, Economic Development, and International Cooperation, stating that the framework aims to achieve economic stability by building an economy capable of facing future challenges by ensuring macro stability and implementing structural reforms that enhance competitiveness, financial resilience and green transformation, in addition to improving resource allocation through an integrated framework that mobilizes domestic and international financing for priority sectors, accelerating progress towards the Sustainable Development Goals (SDGs), adding that the framework also works to promote policies based on data and evidence to address sectoral development gaps as a key enabler.

 

The Minister of Planning, Economic Development, and International Cooperation affirmed that the framework aims to encourage more investments in several areas such as human capital, industrial development, small and medium enterprises (SMEs), technology, entrepreneurship, green investments, and sustainable infrastructure, thus contributing to achieving sustainable economic growth.

 

Moreover, Dr. Al-Mashat explained that the framework is implemented through multilateral participation, supported by national coordination and international cooperation, including relevant ministries, governorates, public authorities, international financial institutions, development banks, UN specialized agencies, the private sector, and non-governmental organizations (NGOs).

H.E. expressed the necessity of strengthening cooperation with the IFC, focusing on human capital in health and education, agribusiness, decent life, industrial development, and increasing the competitiveness of the private sector.

 

Dr. Al-Mashat also discussed the developments in implementing the country platform for the "NWFE" program, which is aligned with Egypt's Vision 2030 and the National Climate Change Strategy 2050, and aims to accelerate the implementation of Egypt's national commitments, as the platform integrates renewable energy, food security, and water management, in line with national development priorities. She also pointed out the launch of the "Hafiz" platform for financial and technical support for the private sector, which contributes to bridging the information gap and empowering the private sector by accessing a full list of advisory services, technical support and financing provided by development partners, noting that since 2020, up to $14 billion has been mobilized for the private sector.

 

Regarding the projects that the IFC has worked on in Egypt, solar and wind energy projects were mentioned, where the IFC led a consortium of nine international banks to invest in the Benban Solar Park in Aswan. The IFC is also a key partner with the private sector in financing energy investments within the "NWFE" platform, participating in financing the "Abydos" power plant with a capacity of 500 megawatts in Aswan, and the "Amont" wind power plant in the Ras Ghareb to generate electricity from wind energy with a capacity of 500 megawatts.