"Al-Mashat Discusses with OPEC Fund Expanding Private Sector Financing to Increase Investments and Employment Rates"

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Dr. Abdulhamid Alkhalifa, Director General of the OPEC Fund for International Development,  to discuss enhancing cooperation, during her participation in the annual meetings of Arab financial institutions held in Kuwait.

 

During the meeting, Dr. Rania Al-Mashat affirmed the Arab Republic of Egypt's deep appreciation for the long-standing relations and close partnership with OPEC Fund for International Development, which is based on mutual commitment and ongoing efforts to support the country's sustainable development goals, adding that this collaboration reaffirmed Fund's efforts to support development paths and achieve positive effects on the economic and social level.

 

Al-Mashat explained that Egypt has a strong partnership with the fund, based on shared values in sustainable development, and clearly aligned with the Ministry of Planning, Economic Development and International Cooperation's vision to promote sustainable growth in Egypt, increase resource efficiency, and achieve economic development.

 

Regarding the empowerment of the private sector in Egypt, H.E emphasized that the private sector is a vital and essential element in achieving Egypt's sustainable development goals, as the state views it as a key driver of economic growth, noting that the government believes that private sector-led investments play a significant role in enhancing the competitiveness of the Egyptian economy at both regional and international levels.

 

H.E. pointed out that the Egyptian government has adopted a number of reforms and measures aimed at improving the investment climate and creating an economic environment conducive to attracting capital and expanding the production base, as well as issuing the "State Ownership Policy Document", which aims to support the ongoing economic reforms and enhance the role of the private sector in economic activity by gradually exiting some sectors and providing opportunities for local and foreign investors, adding that the document also highlights the importance of public-private partnership (PPP) as an effective tool to promote private sector investments and increase their efficiency.

 

Moreover, regarding the empowerment of the private sector in the energy sector, Al-Mashat noted that the government has implemented successive structural measures since 2014 in terms of regulatory procedures and legislative structure to create an environment conducive to attracting investments in renewable energy.

 

They also discussed opportunities for joint cooperation within the framework of the Hub for Advisory, Finance and Investments for Enterprises platform, which works to integrate the services provided by development partners and private sector partners, whether large, small, medium or micro enterprises.

 

The meeting also addressed the role of the OPEC Fund in implementing the country platform for the " NWFE" program, focusing on priority areas such as renewable energy, food security, and the sustainability of water resources.

 

For his part, the Director General of the OPEC Fund emphasized the fund's commitment to supporting development in Egypt and its priorities since 1976, until the joint cooperation portfolio reached approximately $1.4 billion to implement about 60 projects across various sectors.