Egypt shares strategic relations with the United Kingdom, where the UK’s Development Finance Institution, CDC has been supporting the private sector since 2003, as the CDC’s development financing portfolio in Egypt amounts to €440m, allocated to about 39 companies, according to Ministry of International Cooperation.
It has also contributed to providing more than 30,000 jobs, across different sectors, including sectors of new and renewable energy, and health.
The CDC has worked for over 70 years in promoting sustainable long-term growth of companies in Africa and South Asia, as its investments portfolio amounts to $9.3 bn directed to more than 1,200 companies in emerging economies.
The press statement was issued as the Minister of International Cooperation Rania Al-Mashat, virtually met with the Chairperson of the UK’s Development Finance Institution, CDC, Graham Wrigley; the CDC’s Chief Executive Officer (CEO), Nick O’Donohoe; and the CDC’s Coverage Director of Egypt, Sherine Shohdy. This meeting aims to identify future areas of cooperation that come within the framework of supporting Egypt’s development efforts, to further enhance the private sector’s engagement; and to achieve Egypt’s Vision 2030, which aligns with the United Nations Sustainable Development Goals (SDGs).
During the meeting, Al-Mashat reviewed the Government of Egypt’s efforts in achieving sustainable development; stressing its commitment to achieving development across all sectors. She added that the structural and economic reforms being implemented are to ensure the sustainability of development efforts.
The Minister further mentioned that what helped cushion the country during the pandemic is the homegrown economic reform program, which led to Egypt’s achievement of positive growth rates despite recessions in most countries of the world.
Al-Mashat stated that Egypt works to achieve development through various financing resources, such as the concessional development funds the Ministry of International Cooperation provides through development partners. This is in addition to the partnerships between the Government of Egypt, development partners, and the private sector. The Ministry’s development financing portfolio encompasses 377 projects amounting to $25bn, ensuring the spread of the projects across the 17 SDGs.
The Minister called on international financial institutions, including the CDC, to further provide soft development funds to developing countries to advance their progress towards green transition, and to empower them to preserve the environment. This would also enhance developing countries’ economic flexibility, especially through creating innovative financing and blended financing tools, in light of the lack of concessional development funds needed to bridge the SDGs financing gap, which is estimated at $3.7trn.
For his part, Chairperson of the CDC Group, Graham Wrigley, applauded the Government of Egypt’s development efforts across various fields, despite the economic challenges facing the world; praising its commitment to push forward the region’s green transformation. Wrigley referred to the role the Ministry of International Cooperation plays in enhancing joint cooperation work with international institutions to support development visions. He also affirmed the CDC’s readiness to cooperate to promote development and provide further support to the private sector.
