The Algerian connection    Letting bygones be bygones    The emergency in Lebanon    Hollywood's favourite villains    The problem of street dogs    Back to mother nature    Realme launches realme 8 5G – its first 5G smartphone in Egypt    Sundance Film Festival sets vaccination requirement for 2022    Egypt's stocks close in red on Tuesday as EGX 30 tumbles 0.88%    Egypt's Banque Misr mulls new Islamic lending for corporates    Handball: Egypt reach first ever Olympic semi-final    Health minister launches presidential initiative for detection of genetic disorders in newly-born infants    Jihadis in Niger attack military supply mission, killing 15    Lafarge, GIZ promote gender diversity and inclusion in Egypt's cement industry    Another gold, 1-2 finish for China in Olympic diving    Sisi affirms Egypt's determination to complete construction of Tanzania's Julius Nyerere hydropower dam    Sisi inaugurates major food industrial complex in Sadat City    Rafah crossing remains open to let in aid, wounded Palestinians    Egyptian wrestlers Kesho, Metwally are one step away from Olympic podium    Don't miss TAM gallery's group summer show in the North Coast    Czech Export Bank earmarks $300 million for new investments in Egyptian market    Egypt seeks to host 2022 UN Climate Change Conference – minister    Egypt's Sisi urges developing banking sector performance, stabilising monetary performance    Governor of Egypt's South Sinai discusses investment, tourism with Serbian officials    Qatar appoints ambassadors to Egypt and Libya    Egypt's transport start-up SWVL preps for Nasdaq listing after merger with Queen's Gambit    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Thanaweyya Amma exams resume after Eid Al-Adha holidays    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    US emphasises AU's role in mediating Ethiopian damdispute    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    Egypt denounces Ethiopia's move to start second filling of giant dam    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

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
Published in Daily News Egypt on 12 - 06 - 2021

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.

Clic here to read the story from its source.