Egypt’s Minister of International Cooperation Rania Al-Mashat held a virtual meeting with officials from the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group (WBG), to discuss strengthening partnerships with the private sector.
The meeting came as part of the discussions with multilateral and bilateral development partners to strengthen private sector engagement in development projects.
As discussions centred around proposed areas of cooperation, MIGA is a key partner in Egypt’s development efforts aimed at achieving economic recovery and sustainable growth.
The meeting was attended by a number of high-level officials, including: Merza Hassan, Executive Director of the WBG; Ragui El-Etreby, Alternate Executive Director at the WBG for Egypt and Arab Countries; S. Vijay Iyer, Vice President and COO at the MIGA; and Sarvesh Suri, the Director for Operations at the MIGA.
Minister Al-Mashat stated that providing investment guarantees to private sector companies across sectors will help expand the scope of the private sector’s participation in the national development efforts. These sectors would include communications, electricity, renewable energy and transportation.
The Minister added that the Egyptian Government is committed to transform towards a green economy. The Integrated Sustainable Energy Strategy 2035 is a live example of how the government is adamant to source for new energy sources.
The strategy has increased the country’s electricity surplus, and explored the use of hydrogen to generate electricity. Pushing towards a green reform, the Egyptian Government issued $750m in green bonds, the region’s first sovereign offering of climate-friendly securities.
These strides towards a sustainable business ecosystem represent important measures taken by Egypt in promoting green investments and in strengthening cooperation with MIGA.
Minister Al-Mashat also discussed the possibility of strengthening cooperation through partnership with the private sector at the Ministry of Finance. This comes in light of the many successful projects, particularly the 6th of October City Dry Port project.
MIGA officials reiterated their commitment to support vital development sectors in Egypt, including energy and transportation. They also pointed out their commitment to building on successful partnerships, especially Aswan’s Benban Solar Park project.
Additionally, the officials said that they looked forward to the possibility of expanding their partnerships in the field of wastewater management in Egypt.
MIGA expressed its interest in exploring the three sectors of transportation, electricity, and public-private partnerships.
As part of this, the agency had also provided coverage for an influx of foreign direct investments (FDI) into Egypt worth $500m in many sectors, including extractives and infrastructure, over the past few years.
