Latest news with #RaniaAlMashat
Zawya
3 days ago
- Business
- Zawya
Parliament gives final approval for Egypt's FY2025/26 economic, social development plan
Arab Finance: The House of Representatives has officially approved the draft economic and social development plan for fiscal year (FY) 2025/2026 in a plenary session chaired by Hanafi Gebaly, as per a statement by the Egyptian cabinet on June 17th. The session was attended by the Minister of Planning and Economic Development, and International Cooperation Rania Al-Mashat. In her remarks following the approval, Al-Mashat expressed appreciation for the continued support of Parliament, emphasizing the importance of ongoing cooperation to advance Egypt's national interests. She noted that the plan was developed under difficult circumstances, which have since become more complex due to escalating regional developments. These changes necessitate a flexible and responsive planning approach, with the government committed to regularly reviewing performance indicators in light of shifting realities, she said. The FY 2025/2026 development plan targets an economic growth rate of approximately 4.5%, a significant increase compared to the 2.4% recorded in FY 2023/2024. The higher target reflects efforts to sustain economic recovery while managing the uncertainty stemming from geopolitical and global economic conditions. Preliminary indicators from the first nine months of the current FY 2024/2025 show improved growth trends, providing momentum for the upcoming year. The plan includes public investments amounting to EGP 1.16 trillion, compared to an expected EGP 1 trillion in FY 2024/2025. This increase is framed within efforts to rationalize public spending, reduce the burden of debt servicing, and create more space for private sector engagement in development. Private investments are projected to reach approximately EGP 1.94 trillion in FY 2025/2026, representing about 63% of total planned investments, while public investments account for 37%. The plan gives priority to high-implementation projects that support sustainable economic goals and encourage broader private sector participation. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
Egypt's parliament approves FY 2025/26 economic plan, targets 4.5% growth
Egypt's parliament has approved the government's economic and social development plan for the fiscal year (FY) 2025/26, which targets an economic growth rate of 4.5% amid ongoing regional instability. The plan, presented to the House of Representatives by Planning Minister Rania Al-Mashat, aims for a significant recovery from the 2.4% growth recorded in the FY 2023/24. Preliminary indicators for the first nine months of the current FY 2024/25 also point to an improvement in economic growth rates, according to the government. Under the new plan, public investments are set at EGP 1.16trn, compared with an expected EGP 1trn in the current fiscal year. The government stated this div reflects a strategy to rationalise public spending, reduce the public debt burden, and provide more space for private sector participation in development efforts. Private sector investment is projected to increase to approximately EGP 1.94 trillion, contributing an expected 63% of total investments, compared to 37% from the public sector. The plan will prioritise public funds for projects with high completion rates. Speaking after the vote, Al-Mashat said the plan was formulated amid 'delicate circumstances' that have become 'more complex in light of the surrounding and accelerating regional developments.' She added that the uncertainty requires a 'flexible planning approach and continuous monitoring' of the plan's targets. The government will continue to monitor the situation and may revise indicators if conditions worsen, she said. Al-Mashat expressed her appreciation for the parliament's support and its 'serious discussions and valuable observations' on the plan. The session was chaired by the Speaker of the House, Hanafi Gebaly.
Zawya
4 days ago
- Business
- Zawya
Egypt, EU launch investment guarantee facility to empower private sector
Arab Finance: The Egyptian government and the European Union (EU) have officially launched the €1.8 billion Investment Guarantee Facility under the European Fund for Sustainable Development Plus (EFSD+), marking a major milestone in joint efforts to empower the private sector and promote sustainable investment in Egypt, as per a statement. The announcement was made during the 'Development Finance to Foster Private Sector: Led Growth and Job' conference, organized by the Ministry of Planning, Economic Development, and International Cooperation under the patronage of Prime Minister Mostafa Madbouly. The Investment Guarantee Facility is one of the provisions outlined in the political declaration issued during the Egypt-EU Summit in March 2024, co-chaired by President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen. It aims to stimulate private investment through innovative financial instruments, including guarantees and blended finance, to reduce risk and increase investor confidence in strategic sectors such as water, energy, climate, infrastructure, agriculture, and digitalization. Minister of Planning Rania Al-Mashat stated that the facility's launch reflects the shared commitment of Egypt and the EU to enabling the private sector to play a leading role in development. She added that the mechanism is part of a broader strategy to attract both public and private capital through risk-sharing instruments. These tools are now accessible through the ministry's Hafiz platform for financial and technical support to the private sector. The facility allows private companies to access concessional financing from development partners, benefit from EU-backed guarantees to lower investment risks, take part in EU-supported infrastructure and green transformation projects, and receive technical support for project design and feasibility. The guarantees will be made available to a range of international financial institutions, including the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the German Development Bank (KfW), the International Finance Corporation (IFC), the Italian CDP, and others. This is expected to drive additional concessional financing into Egypt's private sector and mobilize investments in renewable energy, food security, infrastructure, and human capital. The facility is expected to help mobilize up to €5 billion in public and private investment in Egypt between 2024 and 2027, advancing the goals of sustainable development and economic transformation. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
Egypt selected among 7 countries for CIF's $1bln Industrial Emissions Reduction Program
Arab Finance: Egypt has been selected as one of only seven countries to benefit from the Climate Investment Fund's (CIF) Industrial Emissions Reduction Program, as per a statement by the Egyptian Ministry of Planning and Economic Development and International Cooperation. This global initiative, worth $1 billion, aims to support the transition to low-emission industrial systems in developing countries. Out of 26 countries that applied, Egypt was chosen based on an independent expert panel assessment. The program is part of the CIF's $9 billion Clean Technology Fund (CTF) and represents the first global concessional financing initiative dedicated to industrial decarbonization. Minister of Planning and Economic Development and International Cooperation Rania Al-Mashat stated that Egypt's selection reflects international confidence in the country's climate action strategies and green transformation efforts. She noted that the bid was submitted in cooperation with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB), and was based on Egypt's institutional capabilities and active engagement with both local and foreign private sector partners. The program aims to help participating countries, namely Egypt, Brazil, Mexico, Namibia, South Africa, Türkiye, and Uzbekistan, access concessional financing, promote clean technologies such as green hydrogen, and create green jobs. It also positions them to capitalize on the growing global market for climate-friendly goods, projected to reach $2 trillion by 2030. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
5 days ago
- Business
- Zawya
Egypt selected for $1bln 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. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
