CAIRO – 8 May 2023: Minister of Planning and Economic Development Hala El-Said has recently met with a delegation from the World Bank headed by Regional Director for Equitable Growth, Finance and Institutions (EFI) in the Middle East and North Africa (MENA) Nadir Mohammed to discuss the possible support to the Egyptian government in light of the new country cooperation 2023-2027, and the priorities of the government.
During the meeting, the minister discussed the upcoming Country Partnership Framework 2023-2027 (CPF) under the sustainable development agenda, Egypt Vision 2030, and the National Climate Change Strategy (NCCS) 2050.
El-Said explained that more effort will be deployed over the coming five years to motivate private sector participation in development projects. This should increase employment, support investments in human capital, and consolidate the work environment through multiple partnerships with the World Bank Group.
The minister noted that the continuous cooperation between the World Bank and the Egyptian government in the Upper Egypt Local Development Programs helped in reinforcing the government’s ability to provide quality infrastructure and services as well as improve the environment for the development of the private sector.
El-Said also shed light on the launching of the “Environmental Sustainability Standards Guide” aimed at promoting green economy, making green projects compose 50 percent of total projects by fiscal year 2024/25.
Egypt is the first country in the MENA region to launch green bonds worth $750 billion, according to El-Said. She further announced that the Egyptian private sector is preparing to launch “private green bonds” valued at around $120-200 million.
Deputy Minister Ahmed Kamali clarified that seven enablers would accelerate the achievement of the goals of Egypt Vision 2030. Those are funding, achieving technological advancement and innovation, supporting digitalization, producing data and making it available, creating a supportive legislative and institutional environment, incorporating the SDGs in social values and culture, and controlling population growth.
On that front, the deputy minister showcased the cooperation between the UN and local experts in launching 27 reports about incorporating the SDGs into all governorates. These reports include the targets of each governorate on each indicator of the UN sustainable development agenda 2030.
Economic Advisor to the Minister Nada Massoud presented the structural reform project, which aims to transform the trajectory of the Egyptian economy to become a productive economy rooted in knowledge, and capable of competition in the global market.
That is to encourage inclusive growth, create decent job opportunities, diversify production patterns, improve investment climate and business environment, localize industries, and increase the competitiveness of Egyptian exports.
Massoud also underlined the state ownership document which defines the role of the state in different sectors as the organizer of economic activities, respecting the market mechanisms. That is in addition to indicating how the state would exit the activities where the private sector would assume the largest role.