Minister of International Cooperation Rania Al-Mashat had bilateral talks with a host of officials representing governments and international financial institutions on the sidelines of her participation in the International Monetary Fund’s and World Bank Group’s annual spring meetings (2023) in Washington DC.
The meeting tackled progress achieved in the green buildings initiative, which is set to be carried out by the IFC in collaboration with the private sector.
During the meeting with International Finance Corporation (IFC) Regional Vice President for Africa Sérgio Pimenta, Mashat discussed means of boosting the continuing efforts of both sides to promote the participation of the private sector in the development process alongside maintaining programs being implemented in cooperation with the private sector to support economic growth, according to a statement issued by the International Cooperation Ministry on Tuesday, April 18.
Mashat asserted the importance of upholding joint action with the IFC, to open new vistas for the participation of the private sector in various domains, and expand funding mechanisms as well as investments directed to Egyptian firms.
Meanwhile, Pimenta praised Egypt’s efforts to improve the investment and business climate alongside empowering the private sector. He, also, hailed the ongoing efforts to expand the establishment of desalination plants along with implementing the national strategy for water desalination.
The IFC official expressed the eagerness of his institution to pump more investments into the Egyptian market, primarily targeting the private sector.
At talks with Multilateral Investment Guarantee Agency (MIGA) Vice President Junaid Ahmad, Mahsat probed ways of cementing the agency’s role to ensure drawing direct foreign investments to Egypt, as well as promoting risk management tools to give impetus to investment in various development fields.
The MIGA has been a key partner in supporting Egypt’s development efforts since 2012, Mashat said, adding that throughout the past decade, the agency has issued guarantees for some dollars 500 M of investments directed to Egypt.
Mashat and Kamal agreed to hold a forum to raise awareness of the private sector about services provided by the MIGA to encourage firms to expand their investments by being posted on the investment opportunities in Africa.
Mashat and Climate Investment Funds (CIF) CEO Mafalda Duarte discussed the implementation of the Funds’ Nature People and Climate Program worth $500 M in grants to assist the implementation of projects in several countries, including Egypt.
