Planning, environment ministers discuss investment in natural reserves

CAIRO - 17 December 2020: Minister of Planning and Economic Development Hala El-Said discussed Wednesday with Minister of Environment Yasmine Fouad cooperation in investment in natural reserves.

The meeting was also attended by Executive Director of Egypt's Sovereign Fund Ayman Soliman.

During the meeting,  El-Said indicated that the main goal is to establish development projects within natural reserves highlighting the importance of protecting natural resources in partnership with the the private sector, especially in light of the structural reforms the state is currently undertaking, which targets more private sector participation in all fields.

The field of ecotourism is a new tourism product that attracts the private sector, and investing in it is consistent with the objectives of the Sovereign Fund, Egypt's Vision 2030, and its goals for sustainable development.

El-Said pointed out the importance of Egypt’s Sovereign Fund, which was established within the framework of the Egyptian state’s plan to achieve sustainable development (Egypt Vision 2030), as there was a need to create a large economic entity capable, through a partnership with local and international companies and institutions, to increase investment, operation and optimal use of the state’s assets and resources to maximize its value and give a strong impetus to the development and preserving the rights of future generations. She pointed to the Fund's role and its contribution to engaging the private sector to develop the vital and strategic sectors in the country.

The planning minister explained that the fund has founded a group of sub-funds specialized in various fields, including a sub-fund for various health services, a sub-fund for infrastructure, and a sub-fund for financial services and digital transformation, in addition to a sub-fund for tourism and real estate investment, stressing that tourism is one of the country's priorities at the current stage, especially after the repercussions of the Covid-19 virus.

On her part, Fouad referred to the strategy of the Ministry of Environment to develop natural reserves, as the ministry is making great efforts in this field and providing a real model for sustainable development, as it takes into account the environmental, economic, social and health dimensions of ecotourism, especially as it will be a haven for reviving the national economy.

Fouad explained that the development of the infrastructure and services provided to visitors has been completed with 12 of the 30 reserves spread throughout the republic during the past year and a half and that the ministry has issued several decisions to regulate aspects of activities in natural reserves. It will also merge five local communities within the reserves to contribute to activities to develop the areas economically and socially by providing sustainable job opportunities for them, as 70% of the manpower in the reserve is from the local community. She explained that these measures are considered a preparation for the private sector's participation in investing in natural reserves.

Fouad emphasized that the ministry is keen to ensure that the economic activities inside the reserve do not conflict with the nature within it, as it is not permissible to create activities that have emissions that affect the types of plants in the reserve. She pointed to one of the forms of investment methods in the fossilized forest, which is the establishment of an open museum for the history of excavations in the forest, similar to the Wadi el-Hitan Museum, noting the general requirements contained in the Natural Reserves Law for practicing any activity within the reserves.