Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



Government committed to facilitate easy financing for private sector: Finance Minister
Published in Daily News Egypt on 19 - 05 - 2024

Mohamed Maait, Egypt's Minister of Finance, has reaffirmed the government's unwavering commitment to securing accessible financing from international development partners for the private sector. This initiative aims to provide the necessary liquidity to drive private investment flows in Egyptian developmental and economic activities. It aligns with efforts to empower the private sector, foster growth, create productive job opportunities, alleviate fiscal burdens, and enhance the quality of services provided to citizens.
In a recent statement, the Ministry highlighted its collaboration with the Central Unit for Public-Private Partnership (PPP) to educate Egyptian private sector investors on leveraging low-cost financing opportunities offered by international institutions. The ministry is also clarifying priority sectors and projects within international financing programmes, while enhancing the capacities of private companies to capitalize on financing opportunities available from multilateral development banks.
The Ministry of Finance, in partnership with the Multilateral Cooperation Center for Development Finance (MCDF) of the Asian Infrastructure Investment Bank (AIIB) and the Egyptian Contractors Federation, organized a workshop attended by over 120 contracting companies, federation members, and representatives from international development banks. These institutions included AIIB, the African Development Bank (AFDB), the World Bank (WB), the International Finance Corporation (IFC), the Islamic Development Bank (ISDB), the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the French Development Agency (AFD). The workshop aimed to equip Egyptian contractors and private companies with the knowledge needed to secure financing from international banks and agencies, covering project financing systems, bidding mechanisms, and contractual processes.
Atter Hanoura, Head of the Central Unit for PPP at the Ministry of Finance, emphasized that representatives from international financing institutions operating in Egypt, the Arab region, and Africa explained procurement and contracting procedures to targeted contractors and private companies. They outlined bidding processes, tender document preparation, bidder rights, and successful participation in projects financed by development banks in Egypt. Additionally, they guided the compilation of comprehensive applications for long-term financing from development banks, including green financing options.
Hanoura highlighted the government's goal of expanding the Egyptian private sector's role in providing services and PPP projects both domestically and internationally. International entities finance projects not only within Egypt but also in countries such as Libya, Chad, Uganda, Sudan, Yemen, Saudi Arabia, Jordan, and Syria. Egyptian companies can participate in globally tendered projects following general international rules.
Regarding financing approaches, Hanoura explained that projects can be directed to governments, where governmental bodies handle tendering according to donor entities' regulations. Alternatively, international entities may offer projects under a PPP model. He clarified the differences between these approaches.
In the PPP model, the investor or bidder bears the responsibility for financing, designing, constructing, equipping, operating, and maintaining the projects, which eventually revert to the administrative authority. Some contracting companies receive lump-sum payments upon project completion, necessitating short-term financing or loans. The workshop provided insights into bid calculations against financing.
The AIIB previously organized a successful workshop in China last year, attended by hundreds of contractors and representatives from consultancy firms. It covered rules for tendering and contracting related to goods supply, construction works, non-consultancy services, major infrastructure projects (EPC), consultancy services, and PPP contracts. Participants learned how to obtain financing from multilateral development banks.
Given the ongoing infrastructure and public services projects in Egypt, many of which are financed by international entities such as AIIB, AFDB, WB, IFC, ISDB, EIB, EBRD, and AFD, Egypt requested a repeat of the workshop in Cairo during MCDF Board meetings. The invitation was well-received, emphasizing the importance of educating contractors, suppliers, legal offices, consultancy firms, and financial study offices on the mechanisms, systems, and rules for tendering and contracting with international financing entities or multilateral development banks, regardless of the project financing model.


Clic here to read the story from its source.