Latest news with #EconomicDevelopmentandInternationalCooperation
Egypt Today
18 hours ago
- Politics
- Egypt Today
PM Madbouly follows up on funding of ‘Haya Karima' initiative projects
CAIRO -19 June 2025: Prime Minister Mostafa Madbouly chaired a meeting on Thursday to review the funding status of projects under the presidential 'Haya Karima', Decent Life initiative. The meeting was attended by Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Minister of Housing, Utilities and Urban Communities Sherif El-Sherbiny and several other senior officials. Cabinet Spokesperson Mohamed el Homsany said Madbouli closely followed up on the funding developments for the first phase of the initiative, which is set to conclude soon. He reaffirmed ongoing coordination with relevant ministers and authorities to monitor the implementation of the initiative as one of the country's most significant presidential development programs that aims to improve the living standards of millions of rural citizens through the provision of modern infrastructure, integrated social services, and sustainable job opportunities. The meeting also reviewed progress on projects in the first phase and preparations for the launch of the second phase of the initiative. The discussions included an overview of investment allocations for key national programs, including the 'Building the Egyptian Citizen' program and targeted investment in Upper Egypt. The meeting also addressed improvements in public service indicators such as sanitation, drinking water, natural gas, and high-speed internet access in villages covered by the initiative's first phase.
Egypt Today
a day 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
5 days ago
- Business
- Middle East
OPEN// PM: Egypt's economy shows resilience amid regional challenges
CAIRO, June 15 (MENA) - Prime Minister Moustafa Madbouli on Sunday said that despite geopolitical and economic challenges in the region and globally, the Egyptian economy has proven its ability to withstand and adapt. Madbouli was addressing the "Development Finance to Foster Private Sector-Led Growth & Jobs" conference, organized by the Ministry of Planning, Economic Development and International Cooperation in the New Administrative Capital. The event was attended by a galaxy of ministers, ambassadors, and representatives from development partners, the European Union in Egypt, international institutions, and private sector companies. The premier highlighted Egypt's recent economic achievements, including the growth of the GDP by 4.3% in Q2 of the current fiscal year, the increase in the flow of foreign direct investments as well as the rise in non-oil exports by 33% in the first nine months of the fiscal year. The unemployment rate has fallen to 6.3%, while the fiscal deficit declined to 6.5%, Madbouli said, adding that the public debt is expected to decrease to 85–87% of the GDP. The private sector is the primary engine of economic growth, generating over 80% of job opportunities and contributing around 70% of GDP, Madbouli said. He highlighted government's efforts to create a favorable environment for private investment through upgrading the infrastructure, injecting massive public investment in roads, railways, ports, energy, and airports along with launching the State Ownership Policy Document to create a more transparent and competitive market. In order to regulate public expenditure, the government has capped public investments to focus on projects over 70% complete and enacted the 2024 Competition Protection Law to curb monopolies and enhance fair business practices, the premier said. The government has also introduced the Golden License to fast-track project approvals, restructured the tax system, updated legislation, and streamlined non-tax financial burdens, Madbouli said. Madbouli emphasized that structural reforms, which were designed in partnership with international financial institutions, were critical to achieving Egypt's economic progress, enhancing macroeconomic stability and promoting green transition. He added that development finance for the private sector has reached $4.2 billion in 2024, surpassing public sector development finance for the first time, with a total of $15.6 billion mobilized since 2020. (MENA) A A E/R E E
Egypt Today
5 days ago
- Business
- Egypt Today
Egypt Secures Spot in $1B Climate Investment Program: PlanningMin
Cairo – June 15, 2025: Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds' (CIF) $1 billion Industrial Decarbonization Program, aimed at reducing emissions in developing nations' industrial sectors. The announcement was made by Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, who emphasized that the selection from a competitive pool of 26 applicant countries underscores international confidence in Egypt's climate policies and green transformation agenda. The initiative, launched under the CIF's Clean Technology Fund (CTF), is the first of its kind to focus exclusively on industrial decarbonization in emerging markets. Egypt joins Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan as the first recipients of support from the program. According to Al-Mashat, Egypt's proposal was submitted in partnership with key international financial institutions, including the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). The submission highlighted Egypt's strategic shift toward a green economy, institutional readiness, and the engagement of private sector actors in climate financing. 'This achievement affirms global trust in Egypt's vision and efforts to align national development strategies with climate goals,' Al-Mashat stated. 'We are committed to strengthening our institutional capacity and promoting investment policies that foster environmental sustainability and economic competitiveness.' The CIF noted that the seven selected countries were chosen based on an independent evaluation. The program aims to accelerate the transition to low-emission industrial systems, spur green job creation, and position participating countries to capitalize on a growing global market for environmentally sustainable goods—projected to reach $2 trillion by 2030. Al-Mashat also pointed to Egypt's heightened climate action momentum since hosting the COP27 summit in Sharm El Sheikh in 2022. During the summit, Egypt launched the 'NWFE' (Nexus of Water, Food, and Energy) country platform, an internationally recognized model that seeks to drive climate investment through partnerships involving the government, development agencies, and the private sector. In addition to the decarbonization initiative, Egypt was previously recognized by the CIF during COP27 as the top-ranked country in the North Africa and Europe region under the 'Nature, People, and Climate Investment' program—a separate $500 million initiative supporting projects in climate-smart agriculture, coastal restoration, and inclusive green development. Ongoing technical discussions are being held to leverage that funding within the NWFE framework. Tariye Gbadegesin, CEO of CIF, underscored the urgency of industrial decarbonization, particularly in emerging economies. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' she said. 'This is not just about emissions; it's about ensuring long-term prosperity, generating jobs, and producing the low-carbon materials essential to scaling renewable energy and powering the global economy.' Under the program, the selected countries will develop detailed investment plans in collaboration with multilateral development banks and private sector partners. Once approved by the CIF board, these plans will unlock access to highly concessional financing to scale up technologies like green hydrogen and low-carbon industrial processes. The CIF's Clean Technology Fund, valued at $9 billion, employs a groundbreaking private capital mobilization mechanism—one that reportedly generates $12 in additional investment for every $1 of CTF funding—making it a key tool for driving large-scale sustainable development.
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Egypt selected for $1bn climate fund decarbonisation programme: Al-Mashat
Egypt has been selected as one of seven countries to benefit from the Climate Investment Funds' (CIF) $1bn Industrial Decarbonisation Programme, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat announced on Saturday. Egypt was chosen from a global pool of 26 applicants for the programme, which is the first global development financing initiative aimed at reducing emissions in the industrial sector of developing countries. The other selected nations are Brazil, Mexico, Namibia, South Africa, Turkey and Uzbekistan. Al-Mashat said the selection reflects international confidence in Egypt's climate action strategies. 'The selection reflects international institutions' confidence in national climate action strategies and green transformation efforts,' Al-Mashat stated, adding that a 'strong institutional framework and effective partnerships with development partners and the private sector contributed to Egypt's winning bid among 26 countries.' The ministry submitted Egypt's proposal in collaboration with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC) and the African Development Bank (AfDB). The submission was based on Egypt's green economy transition goals, institutional capabilities and private sector participation. The minister said the government is working to integrate national policies with climate objectives and that Egypt has intensified its climate efforts since hosting the COP27 summit in November 2022. During the summit, Egypt launched its 'NWFE' country platform, a programme designed to attract climate investments through government, private sector and international partnerships. The CIF confirmed that an independent expert team assessed the applications. The programme aims to support low-emission industrial transformation, create green jobs and improve the long-term economic competitiveness of participating nations, positioning them to benefit from a global market for eco-friendly goods projected to reach $2trn by 2030. Tariye Gbadegesine, CEO of the Climate Investment Funds, said emerging markets are playing a key role in the effort to reduce industrial carbon emissions. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' Gbadegesine said. 'Decarbonizing industry is not just about cutting emissions, it is also about securing long-term prosperity and future jobs. It is vital to produce the low-carbon industrial inputs the world urgently needs to scale renewable energy capacity and power the global economy.' The seven selected countries are expected to work with multilateral development banks and private sector partners to develop investment plans for approval by the CIF board. The plans will allow them to access concessional financing to scale up clean technologies, such as green hydrogen. The Industrial Decarbonisation Programme is part of the CIF's $9bn Clean Technology Fund (CTF). According to the CIF, the fund uses a private capital mobilisation mechanism that generates $12 in additional financing for every dollar it invests. During the COP27 conference, Egypt also ranked first in the North Africa and Europe region for the CIF's Nature, People, and Climate Investment initiative, which provides $500m to support projects in developing countries. The ministry said technical discussions are underway with the CIF to use this initiative to fund projects under the 'NWFE' programme.
