Latest news with #DevelopmentFinancetoFosterPrivateSector-LedGrowth&Jobs
Egypt Today
2 days ago
- Business
- Egypt Today
Egypt 'platform' for int'l cooperation amid regional, global uncertainty: Al-Mashat
Minister Rania Al-Mashat CAIRO - 19 June 2025 — Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat said that Egypt continues to position itself as a platform for international cooperation and investment, even amid global and regional headwinds. 'This report is being released at a time of rising uncertainty, even more than when it was drafted,' Al-Mashat said during her speech at the launch of the UNCTAD World Investment Report 2025 in Cairo. 'Yet, despite this challenging backdrop, there are silver linings, particularly in Africa, and in Egypt's case, projects such as Ras El-Hekma reflect both direct investment and debt-swaps, which the report examines in detail,' she added. She noted that the report also echoes recent global calls to mobilize more financing for the private sector; a theme aligned with Egypt's national priorities and recent efforts to encourage private-sector engagement in development. Referring to Egypt's recent hosting of the Development Finance to Foster Private Sector-Led Growth & Jobs conference, Al-Mashat said the country serves as an example of how multilateral development partners can work together to support investment and development agendas. She also touched on broader issues raised in the report, including developments in East Asia's green transition and the importance of international experience-sharing through South–South and triangular cooperation. She emphasized the importance of including all countries in global transformations, especially in areas such as digital infrastructure and artificial intelligence. 'The digital divide is no longer just about access to infrastructure, it now includes AI,' she said. 'Without inclusive approaches, we risk leaving countries behind.' Al-Mashat concluded by underscoring Egypt's role as a consistent host of international events focused on investment and development. 'We began this week with strong messages from global institutions on concessional finance and private-sector investment in Egypt, and we're ending it with another important global partner launching a major report from Cairo.'
Middle East
6 days ago
- Business
- Middle East
OPEN// PM praises strategic partnership with EIB amid global challenges
CAIRO, June 15 (MENA) - Prime Minister Mostafa Madbouly has lauded the strategic partnership between the Egyptian government and the European Investment Bank (EIB), expressing his keenness to broaden avenues of cooperation with the Bank in the coming period, particularly in light of the serious geopolitical challenges currently facing the region and the world. The Prime Minister's remarks came during his meeting Sunday with Gelsomina Vigliotti, EIB Vice President for the Mashreq Region, and her accompanying delegation, on the sidelines of the Development Finance to Foster Private Sector-Led Growth & Jobs" conference in the New Administrative Capital. The meeting was attended by Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat. Madbouly praised the strong partnership with the EIB and its commitment to financing priority development projects in Egypt while supporting private sector growth. He reaffirmed the government's commitment to empowering and encouraging the private sector, which he described as a strategic partner in driving economic development. The premier noted that the share of private investments in total national investments has risen significantly in recent years, thanks to sustained government support. He added that the state had set clear targets for increasing private sector contribution; targets that have already been exceeded. Madbouly also highlighted Egypt's collaboration with key development partners, including the International Finance Corporation (IFC), particularly in the state IPO program and in sectors such as airport management, telecommunications, and renewable energy. He emphasized that EIB contributions have played a major role in boosting private sector involvement. For her part, Vigliotti affirmed EIB's long-standing cooperation with Egypt, especially in the energy sector, with a special focus on renewables, describing Egypt as a promising market in this field. She also pointed to other areas of ongoing cooperation, including electricity networks and transmission infrastructure, and expressed the Bank's interest in collaborating with Egypt on water projects. Meanwhile, Mashat underscored the strong support provided by the EIB and the breadth of the Bank's cooperation with Egypt since 1979. She noted that the EIB has funded 127 projects worth approximately €14 billion across both public and private sectors. The minister stated that the current cooperation portfolio stands at around €2.9 billion, supporting 16 development projects in transport, environment, sanitation, civil aviation, and SMEs. She expressed her hope to further expand cooperation in the areas of SMEs and entrepreneurship. (MENA) M S H/R E E
Egypt Today
6 days ago
- Business
- Egypt Today
Egypt signs 6 agreements to accelerate renewable energy
CAIRO – 15 June 2025: At the Development Finance to Foster Private Sector-Led Growth & Jobs conference, the Egyptian government inked six major agreements with international development partners and private sector players, reinforcing its commitment to sustainable energy and economic growth. A key highlight was the financial closure of the Obelisk Solar Power Plant, a flagship project by Norway's Scatec, featuring 1 gigawatt of solar capacity and 200 megawatt-hours of battery storage. With an investment of $600 million, the project is part of the Ministry of Electricity's emergency energy expansion plan and contributes to the energy pillar of Egypt's NWFE (Nexus of Water, Food, and Energy) program. The conference also saw the signing of a Power Purchase Agreement for the Shadwan Wind Project, another Scatec-led venture located in Ras Shukeir, Gulf of Suez. The project will deliver 900 megawatts of wind energy and bring in approximately $1 billion in direct foreign investment, further supporting Egypt's clean energy agenda under NWFE. In a third major step, the International Finance Corporation (IFC) partnered with AMEA Power of the UAE to finance Egypt's first utility-scale battery energy storage facility, integrated within the Abydos Solar Project, another key NWFE initiative. Beyond energy, agreements were signed to expand private sector support through the Hafiz platform. The Ministry of Planning and Economic Development signed an MoU with the Federation of Egyptian Banks to improve access to financial and technical services for local businesses. Additionally, a €21 million investment grant was signed with the European Investment Bank (EIB) to advance Egypt's Sustainable Green Industries Project. Rounding off the agreements, Minister Rania Al-Mashat signed a cooperation deal with 12 representatives from chambers of commerce, business associations, and the Federation of Egyptian Industries to scale up engagement with Hafiz and strengthen support for entrepreneurs and industrial leaders across Egypt.
