Private Sector
The Minister pointed out the importance of expanding the scope of cooperation between the IFC and private sector companies in Egypt through credit lines to banks to promote the development of small, medium and micro enterprises (SMEs), in addition to the availability of green bonds, to increase investments in various fields.
Minister of International Cooperation Meets the WBG Regional Director for Equitable Growth, Finance and Institutions to Discuss 2023-2027 Country Partnership Framework (CPF) & Private Sector Engagement
Egypt’s President Abdel Fattah El-Sisi has approved the State Ownership Policy Document that aims at regulating the state’s presence in economic activities.
In his speech, the climate champion referred to the recent report by the International Adaptation Centee, which indicated that 11.4 billion euros were spent on adaptation, with only 3 percent coming from the private sector, which requires further efforts in this regard.
Sisi made his remarks on Tuesday during the inauguration of a number of projects belonging to the General Authority for Investment and Free Zones (GAFI).
The volume of private sector investments is expected to reach about 300 billion pounds during the new fiscal year.
Abdel Ghaffar added that the hospitals offered to private sector companies for investment include, "The Coptic Hospital, Heliopolis, and Sheraton".
Maait added that it also aims to increase the proportion of its contributions from the total implemented investments to 65 percent, and attract foreign direct investments of $10 billion annually over the next four years.
In a statement, the IDSC said that Fitch Solutions expected Egypt's construction sector to grow by 11 percent on an annual basis in 2022.
Jaber pointed to large attention from brotherly countries to the initiative's details to join it.
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.
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