The Multilateral Investment Guarantee Agency (MIGA) is a key partner in Egypt’s development efforts aimed at achieving economic recovery and sustainable growth, says Minister of International Cooperation (MOIC) Dr. Rania A. Al-Mashat during virtual meeting with MIGA officials.

MIGA has provided coverage for an influx of foreign direct investments (FDI) into Egypt worth $500 million in many sectors, including extractives and infrastructure, over the past years, wrote an MOIC statement.

Al-Mashat stated that providing investment guarantees to private sector companies across sectors such as communications, electricity, renewable energy and transportation, will aid in expanding the scope of participation of private sector companies in the national development efforts.

The meeting is within the ministry’s framework of having discussions with multilateral and bilateral development partners to strengthen private sector engagement in development projects.

A member of the World Bank Group (WBG), MIGA has also expressed interest in exploring the transportation and electricity sectors, and public-private partnerships.

MIGA officials highlighted their commitment to supporting vital development sectors in Egypt, looking forward to the possibility of expanding their partnerships in the field of wastewater management in Egypt as well.

In terms of moving to a more sustainable business ecosystem, Al-Mashat mentioned represent important measures taken by Egypt in promoting green investments and in strengthening cooperation with MIGA.

The Integrated Sustainable Energy Strategy 2035 is a live example of how the government is adamant to source for new energy sources; the strategy has increased the electricity surplus and explored the use of hydrogen to generate electricity, the minister said.

Pushing towards a green reform, the Government of Egypt issued $750 million in green bonds, the region’s first sovereign offering of climate-friendly securities, she added.

Al-Mashat also mentioned a possible cooperation between MIGA and the Federation of Egyptian Chambers of Commerce to stabilize the economic environment and draw more capital investments in Egypt’s Development vision.

The meeting was attended by a number of high-level officials, including Mr. Merza Hassan, Executive Director of the WBG; Mr. Ragui El-Etreby, Alternate Executive Director at the WBG for Egypt and Arab Countries; Mr. S. Vijay Iyer, Vice President and COO at the MIGA; and Mr. Sarvesh Suri, the Director for Operations at the MIGA.

MIGA was established in 1988 as a member of the WBG to encourage the flow of FDI into emerging economies to support economic growth, reduce poverty, and improve living conditions.