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Egypt's development portfolio in 2020 amounted to $25bn: Al-Mashat Minister Al-Mashat takes part in African Investment Promotion Agencies Forum focusing on integration for growth
Egypt's Ministry of International Cooperation announced, in 2020, the clear allocation of its financing development portfolio, which encompasses 377 projects amounting to $25bn. The financing is to ensure the spread of projects across the UN's 17 Sustainable Development Goals (SDGs), according to Minister of International Cooperation Rania Al-Mashat. Minister Al-Mashat said that her ministry's ongoing portfolio encompasses projects in both the public and the private sectors that push for transparency. This is with the aim of engaging the local community with international development partners. The minister's remarks came during a speech given during a panel session at the African Investment Promotion Agencies (IPAs) Forum focusing on integration for growth. The forum is currently taking place in Sharm El-Sheikh under the title "Boosting Private Sector in Africa: Role of Governments & Regional Partners". Minister Al-Mashat explained that the Ministry of International Cooperation has secured development financing agreements worth $9.8bn in 2020. Of this amount, $6.7bn was directed to financing sovereign projects, and $3.2bn in support of the private sector. The minister stressed the role that the private sector plays in achieving development. The Ministry of International Cooperation has secured $3.2bn in development financing from several development partners. These partners include: the European Investment Bank (EIB); the African Development Bank (AfDB); the European Bank for Reconstruction and Development (EBRD); the International Finance Corporation (IFC); the French Development Agency (AFD); and the Arab Fund for Economic and Social Development (AFESD). Minister Al-Mashat added that the focus in 2021 is to boost the private sector engagement and strengthen their affiliations with multilateral and bilateral development partners. "The private sector is key to a sustainable green financing structural reform," she said, "The Egyptian Government works on including the private talents in the development of the renewable energy sector, in order to boost the country's transition to a sustainable, purpose-driven economy." The minister emphasised that under President Abdel Fattah Al-Sisi's leadership, Egypt's role in Africa has witnessed an unprecedented boom. Egypt's private sector plays an important role in implementing development projects across Africa, under the Presidential Infrastructure Championing Initiative (PICI) in which Egypt is a member. Minister Al-Mashat explained that Egypt's private sector works on implementing several projects in Africa covering various sectors. In the transportation sector, the country is involved in the Cape-to-Cairo Road and the implementation of the Egyptian-Sudanese railway. In addition, EgyptAir has signed a Memorandum of Understanding (MoU) to establish a national airline in Ghana, as part of the joint cooperation. Several projects are also being implemented in the water sector, in cooperation between Egypt's Ministry of Water Resources and Irrigation and private sector entities in Uganda, Kenya, Sudan, South Sudan, and the Democratic Republic of the Congo (DRC). This is in addition to the construction of the Julius Nyerere Hydropower Station in Tanzania. Moreover, Egypt's Arab Contractors Company is also implementing infrastructure and power projects across 23 African countries, investing $1.5bn. Minister Al-Mashat mentioned that these projects highlight the established relations between Egypt's private sector and African countries. She further elaborated that the Egyptian Government is keen on exploring the private sector's ability to support integration between all African countries, enhancing the economic development and growth across the continent.
