Egypt’s Minister of Planning and Economic Development, Hala El-Said, has met with British Ambassador to Cairo, Sir Geoffrey Adams, to discuss bilateral economic cooperation during the ongoing fight against the novel coronavirus (COVID-19) pandemic, and routes toward a green recovery.
El-Said said that Egypt’s economic and social reform programme that the government implemented between 2016 and 2019 contributed to improving the country’s economic indicators and strengthened its resilience.
She said that these reforms would lead to macroeconomic stability, inclusiveness and sustainable growth.
The minister also said that the government invests heavily in developing Egypt’s infrastructure, to enhance the Egyptian economy’s competitiveness, and place it on the global investment map.
El-Said added that the government adopted a proactive strategy early on in the coronavirus pandemic, taking all necessary measures to mitigate the negative effects of the crisis. These efforts focused particularly on the most vulnerable segments of the population, whilst also aiming to support economic activity through sector-specific measures.
Since 24 February, the Egyptian government has issued over 380 policies implemented by 70 institutions targeting all social groups and sectors. The supported sectors that have witnessed negative effects due to the partial closure measures, include tourism, aviation, small- and medium-sized enterprises (SMEs), and agriculture, El-Said said.
“The Egyptian government continues to increase public investments to implement new projects and provide better services,” El-Said said, “The COVID-19 pandemic prompted the state to rearrange its priorities, which led to an increased focus on specific sectors and activities such as health, digitisation, infrastructure, agriculture, industrialisation and the green economy.”
The plan focuses on ensuring that, in the next three years, national investment projects are 100% compatible with green economy principles. El-Said said that this ensures sustainable development, and highlights the great importance attached to recycling and waste management in order to mitigate harmful environmental impacts.
For his side, Adams praised Egypt’s efforts in building a greener economy, especially after its successful first sovereign green bonds issuance on the London Stock Exchange (LSE).
“The UK is committed to deepening that partnership, as Egypt moves ahead with its economic reform programme,” Adams said.