At the recent “Banks and Finance Committee” meeting of Chapter Zero Egypt, the spotlight shone on Minister of Finance, Ahmed Kouchouk, whose remarks underscored Egypt’s commitment to fostering a sustainable and competitive economic future. Manal Hassan, Vice President of Elsewedy Electric and Chair of the Advisory Technical Committee at Chapter Zero Egypt, has been a driving force in advocating for the integration of sustainability into Egypt’s industrial and economic policies.
Kouchouk also shared his vision for Egypt’s economic future, emphasizing the importance of collaboration with the private sector and international institutions to create a more sustainable economy.
Kouchouk expressed the government’s commitment to fostering discussions with stakeholders from the private sector and international organizations, saying, “We are always looking to engage with representatives of the private sector and international institutions at the same table, to think together about a more sustainable economic future.” This reflects a desire to collaboratively work towards achieving a competitive and sustainable economic path.
He explained that Egypt’s financial policies aim to create a more competitive economic framework that encourages production, linking priority activities with incentives to ensure measurable and tangible results. He also highlighted the government’s efforts to integrate climate considerations into its economic initiatives, including in industry, tourism, and enhancing the competitiveness of Egyptian exports in international markets.
Kouchouk also pointed to the government’s strategy to reduce the national debt to create fiscal space, enabling the country to provide more support for economic activity, social spending, and human development. “We are working on reducing the debt to create more financial room to support economic activity, social spending, and human development,” he noted. He also mentioned the ongoing efforts to diversify sources of finance, including the issuance of “sustainability bonds” and “social bonds.”
The Minister further emphasized the importance of supporting both local and foreign businesses in expanding funding for green projects and achieving sustainable growth. “We are working on launching two initiatives soon to support ‘cars’ and ‘buses’ running on natural gas and electricity to encourage individuals and businesses to transition to greener and more cost-effective options,” Kouchouk revealed.
In terms of taxes and customs, Kouchouk explained that the government’s priorities are building trust and partnership with taxpayers through a series of incentives and easements to address challenges with practical solutions. “We recognize that the real challenge is the precise implementation. We will work hard to encourage those working in the tax and customs sectors to ensure the satisfaction of the tax and customs community,” he stated, adding that the first batch of tax facilitation measures has already been introduced. The goal is to improve services in a way that reflects a positive impression among small, medium, and large taxpayers.
In response, Ahmed El-Sweidy, Chairman of Elsewedy Electric, CEO, and Founder of Chapter Zero Egypt, praised the Minister’s positive approach in collaborating with the business community. He said, “The Minister adopts a constructive approach in working with the business community and gives us great hope for a future filled with opportunities.” El-Sweidy also expressed his optimism about the partnership between the private sector and the government in executing developmental projects.
Ehab Mahoud, General Manager of Orascom Construction, a founding member of Chapter Zero Egypt, also spoke at the event, emphasizing the state’s effective role in reducing carbon emissions. He discussed the strategic advantages of Egypt in attracting international investments, especially in renewable energy, and recommended expanding projects aimed at converting waste into energy, as well as reducing fuel imports by transitioning to renewable energy. This would ease financial burdens and enhance long-term economic growth.
Hossam Abu El-Eish, President of Sekem Group, Secretary-General, and Founding Member of Chapter Zero Egypt, stressed the importance of focusing on the agricultural sector, which serves half of Egypt’s population and is significantly impacted by climate change. He advocated for the shift toward sustainable agriculture to address water scarcity issues and emphasized the need for tax incentives for companies working to reduce carbon emissions.
Manal Hassan also addressed the challenges of decarbonizing supply chains due to Egypt’s reliance on imported raw materials. She proposed mandatory carbon disclosure for companies exporting to Egypt and stressed the need for investment incentives to drive sustainable initiatives.
Finally, Ayman Salah, Founder and CEO of Chapter Zero Egypt, highlighted the importance of continuous coordination with the Ministry of Finance to increase private sector participation in developmental projects. He also stressed the value of leveraging available local and international resources, as well as exchanging knowledge and expertise on climate change issues and incorporating climate governance principles into corporate strategies to enhance competitiveness and sustainability.
