Private Sector
The meetings were held on strengthening economic cooperation and increasing partnerships to support the global 2030 goals, as well as in preparations for COP27.
Egypt will launch Thursday the National Strategy for Climate Change 2050 in an event that will be attended by Prime Minister Mostafa Madbouli and a large number of ministers.
The financing included development cooperation agreements with the government worth €1.5 billion in several vital sectors, namely transport, water and water treatment, and €1.85 to the private sector.
He pointed out that these directives will contribute to pushing the private sector's participation in state-owned assets, to double the role of this sector in developing the economy, and to launch an initiative to support and localize national industries by strengthening the role of the private sector and expanding the base of large and medium industries.
The size of the current funding portfolio between Egypt and the World Bank is $5.5 billion directed towards 15 projects.
Egyptian Minister of Planning and Economic Development Hala el Saeed highlighted Tuesday the importance of the role of the private sector as a "key partner in the development process" in Egypt.
Ahead of COP27, Egypt is preparing a guidebook to help governments, multilateral development banks and the private sector engage in the mobilization of climate finance, the bank added.
This vital sector is very interested in following many mechanisms to promote the participation of the Private Sector in different projects it is carrying out, topped by the new and renewable energy ventures, added Shaker in statements Monday.
In an interview with BBC News Arabic, Madbouli said Egypt even told the Ethiopian side of its desire to take part in the construction of GERD.
The minister of local development disclosed the figure Wednesday.
The minister added that the new amendments included control on choosing projects carried out in cooperation with the private sector to promote good governance and grant investors an investment map for projects with the private sector.
This came during an open dialogue with representatives of the business community and development partners, during the conference organized by the Egyptian Businessmen Association.
Taxes digitization projects are a successful model for partnership with the private sector, as the national project to modernize and mechanize the tax system, with its various tributaries, is being implemented in cooperation with major international companies operating in Egypt.
The agreement contributes to funding a program for supporting projects and facilities of micro, small and medium enterprises of the private sector in Egypt.
The meeting also addressed current projects underway as part of the cooperation portfolio between the two sides and Egypt's efforts to carry out the green transformation.
IFC added in a statement that this investment is to help unlock finance for climate-smart projects, reduce greenhouse gas emissions, and support the country's transition to a greener economy.
The Central Agency for Public Mobilization and Statistics (CAPMAS) released Thursday the annual report on foreigners working in the private sector in Egypt for the year 2020.
Despite the coronavirus pandemic, the ministry was keen on stabilizing the tax policies, noting that Egypt was at the forefront of countries that applied e-bill system.
The minister added that the International Finance Corporation is Egypt's main partner in financing directed to the private sector, with a value of $1.2 billion in various development sectors, infrastructure, education, health, mining, in addition to financial markets.
The IFC, which is focused on developing private sector in Egypt, has invested over $4 billion in Egypt over the past decade, despite the COVID-19 pandemic;
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