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Increased engagement in private sector as key theme for 2021: MoIC Min

Al-Mashat referred to Benban Solar Park as evidence of the country’s engagement with the private sector

By: Business Today Egypt

Tue, Dec. 29, 2020

Egypt is planning to increase its engagement within private sector as a key theme in 2021 says Minister of International Cooperation Dr. Rania Al-Mashat.

In a Bloomberg TV interview with Manus Cranny, Al-Mashat highlighted the opportunity to exhibit Egypt’s past success in securing development financing, which has led to increased confidence and enthusiasm for investors despite the effects of the COVID-19 pandemic.

A third of the total development financing, $3.1 billion out of $9.8 billion, by the ministry was dedicated to the private sector this year.

The minister also noted that multilateralism was vital in helping Egypt move forward with realizing the UN’s 17 Sustainable Development Goals (SDGs) in all of its development projects, including a cooperation portfolio of 377 projects worth $25 bn.

The top three funded sectors, collectively receiving 62% of the ODA financing, were focused on SDGs for Affordable and Clean Energy (Goal 7), Industries, Innovations and Infrastructure (Goal 9), and Clean Water and Sanitation (Goal 6).

Egypt's Top Financed Sectors - 2020Courtesy Bloomberg TV and Ministry of International Cooperation

 

Al-Mashat referred to Benban Solar Park as evidence of the country’s engagement with the private sector, which was carried out in cooperation with 45 different private companies.

There are currently 34 projects worth $5,950 million for Goal 7; 36 projects worth $5,737 million for Goal 9, and 43 projects worth $4,999 million for Goal 6.

To reflect the changing global dynamic amid the COVID-19 pandemic, the Ministry of International Cooperation has been working to apply the three principles of economic diplomacy, which are organizing multi-stakeholder platforms, ODA SDG mapping, and the Global Partnerships Narrative (People&Projects&Purpose).

Courtesy Bloomberg TV and Ministry of International CooperationCourtesy Bloomberg TV and Ministry of International Cooperation
 

Egypt issued the first green bonds in the MENA region, which also reaffirms its commitment to engage investors in green financing and sustainable development projects, Al-Mashat stated.

The minister also noted that recent priorities include green growth and environmental initiatives, aligning with global and national priorities. This reinforces Egypt’s commitment to increasing its involvement with the private sector, encouraging innovation and growth according to the environmental, social and governance (ESG) principles.

Al-Mashat continues to do media rounds focused on the ministry’s recent annual report and its data, which provides an overview of Egypt’s implementation efforts, and highlights areas of progress and the implications of the COVID-19 pandemic on each SDG.