Minister of Planning, Economic Development, and International Cooperation Meets with Representatives of Meridiam Infrastructure Investment to Discuss the Company’s Investments in the Renewable Energy Sector

Al-Mashat: The Egyptian economy achieved 4.2% growth during the first nine months of the past fiscal year, compared to 2.2%. We are working to expand the private sector’s participation in driving growth and employment.

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Mr. Mete Saracoglu, Chief Operating Officer for Africa at Meridiam Investment Company.

 

During the meeting, H.E. Dr. Rania Al-Mashat discussed the 1.1 GW wind power plant project in the Gulf of Suez, which the company is working on in Egypt as part of the “NWFE” program, at a cost exceeding $1 billion, in cooperation with the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), British International Investment (BII), the German Investment and Development Corporation (DEG), and the Arab Energy Fund, alongside contributions from Arab Bank and Standard Chartered Bank.

 

Al-Mashat emphasized during the meeting that the economic situation in Egypt had improved, as reflected in the rise in GDP growth rates during the third quarter of fiscal year 2024/2025, which reached 4.77%, compared to a growth rate of 2.2% in the corresponding quarter of the previous fiscal year, which is the highest quarterly growth rate in three years.

 

H.E. explained that this performance reflects a sustained recovery and growing resilience of the economy in the face of global uncertainty. Al-Mashat added that this growth occurred amid the government’s continued implementation of its reform agenda within the framework of the National Structural Reform Program, which is a key factor in maintaining macroeconomic stability, improving public investment governance, and enhancing the competitiveness of the economy by strengthening the role of the private sector across various productive sectors.

 

Al-Mashat also pointed out that acceleration of private investment at constant prices by 24.2% year-on-year during the 3rd quarter of fiscal year 2024/2025, exceeding public investment for the 3rd consecutive quarter and accounting for approximately 62.8% of total implemented investments.

 

Al-Mashat further explained that this positive momentum and recovery in Egypt's economic growth is consistent with the state’s vision of achieving economic development led by the private sector and the transition to a competitive economy based on tradable and exportable sectors, reaffirming that the state is moving forward to consolidate the foundations of this recovery by localizing industry and implementing incentive measures to stimulate local production and encourage investments.