Egypt seeks expanded OPEC Fund financing for private sector growth
Egypt is seeking increased financial support from the OPEC Fund for International Development to bolster the private sector and stimulate investment and employment, according to the Ministry of Planning, Economic Development and International Cooperation.
The request was made during a meeting between Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and the Director-General of the OPEC Fund, Abdulhamid Alkhalifa, held on the sidelines of the annual meetings of Arab financial institutions in Kuwait.
Al-Mashat expressed Egypt's appreciation for its longstanding relationship with the OPEC Fund, which she said was built on mutual commitment and efforts to support the country's sustainable development goals. She added that the collaboration reaffirmed the Fund's efforts to support development and achieve positive economic and social outcomes.
Al-Mashat highlighted the importance of the private sector in achieving Egypt's sustainable development objectives, describing it as a vital driver of economic growth. She noted that the Egyptian government views private sector-led investments as crucial for enhancing the competitiveness of the Egyptian economy regionally and internationally.
'Egypt has a strong partnership with the fund, based on shared values in sustainable development, and clearly aligned with the Ministry of Planning, Economic Development and International Cooperation's vision to promote sustainable growth in Egypt, increase resource efficiency, and achieve economic development,' Al-Mashat said.
According to Al-Mashat, the Egyptian government has implemented reforms to improve the investment climate and create an environment conducive to attracting capital and expanding the production base. She cited the 'State Ownership Policy Document' as an example, which aims to support ongoing economic reforms and enhance the role of the private sector by gradually exiting some sectors and providing opportunities for local and foreign investors. She added that the document also highlighted the importance of public-private partnerships (PPP) as an effective tool to promote private sector investments and increase their efficiency.
Al-Mashat also noted that the government has implemented structural measures since 2014, regarding regulatory procedures and legislative structure, to create an environment conducive to attracting investments in renewable energy.
During the meeting, Al-Mashat and Alkhalifa also discussed potential collaboration within the framework of the Hub for Advisory, Finance and Investments for Enterprises platform, which integrates services provided by development partners and private sector entities, including large, small, medium, and micro enterprises.
The implementation of the 'NWFE' (Nexus on Water, Food and Energy) program was also addressed, with a focus on priority areas such as renewable energy, food security, and water resource sustainability.
Alkhalifa affirmed the OPEC Fund's commitment to supporting development in Egypt and its priorities since 1976. He noted that the joint cooperation portfolio has reached approximately $1.4 billion, supporting around 60 projects across various sectors.
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