Latest news with #HAFIZ
Egypt Today
15-04-2025
- Business
- Egypt Today
Egypt aims to attract $60 billion in FDI by 2030: Al-Mashat
Minister Rania Al-Mashat at Focus Africa 2025 CAIRO - 15 April 2025: Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, emphasized the country's strategic vision to leverage private sector leadership and continental cooperation to boost sustainable growth. Speaking at the opening of the Focus Africa Trade and Investment Forum (FATIF) in Cairo, Al-Mashat announced that by 2030, Egypt aims to attract $60 billion in foreign direct investment and increase its annual exports to $145 billion. The minister cited the country's strategic location, industrial base, and ongoing reforms as key enablers. She noted that private investments now make up 63 percent of total investments in Egypt, reflecting the growing confidence of investors in the country's economic climate. At the heart of Egypt's strategy is deep alignment with continental frameworks, including Agenda 2063 and the AfCFTA, which represents a $3.1 trillion market of 1.4 billion people. Despite this potential, intra-African trade still accounts for only 15% of the continent's total trade—an issue the Minister said must be addressed through infrastructure development, digital trade solutions, and regional collaboration. As for Africa, Al-Mashat stated that the continent stands at a pivotal moment. 'With a market of 1.4 billion people and a combined GDP of over $3.1 trillion, the African Continental Free Trade Area—the largest free trade area globally—presents unprecedented opportunities. However, intra-African trade currently accounts for only 15 percent of total African trade,'she said. The Minister also unveiled the Hub for Advisory, Finance & Investment for Enterprises (HAFIZ)—a digital platform designed to support small and medium-sized enterprises (SMEs) by consolidating access to over 90 financial and advisory services, capacity-building tools, and tender opportunities from development partners, including Afreximbank. 'HAFIZ is about empowering businesses with the tools they need to grow and integrate into African value chains,' she said, adding that the platform bridges critical information and accessibility gaps holding back SME growth across the continent. Al-Mashat praised Afreximbank's continued role in financing trade, industrial development, and private sector growth across Africa, including in Egypt, where the Bank has backed several high-impact projects. She also highlighted Egypt's broader development strategy, which includes the 2050 National Climate Change Strategy, the NWFE platform (Nexus of Water, Food, and Energy), and the localization of Vision 2030—all designed to align national priorities with global and continental sustainability goals. Calling for stronger South–South cooperation, the Minister urged African nations to collaborate through joint ventures, knowledge exchange, and infrastructure development, noting that the private sector generates over 90% of jobs in Africa and contributes 70% to GDP. 'Africa's growth lies in industrialization, innovation, and integration,' she concluded. 'Let us seize this moment to build bold partnerships and shape a self-reliant, prosperous continent.' Held from April 15–16, FATIF brings together policymakers, diplomats, and private sector leaders from across Africa to explore investment opportunities, strengthen regional value chains, and unlock the full potential of the AfCFTA.
Zawya
13-03-2025
- Business
- Zawya
Private sector now 63% of Egyptian investment, Al-Mashat says
Egypt - Private sector investment now accounts for 63% of total investment in Egypt, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has said. Al-Mashat made the announcement during a meeting with the British Egyptian Business Association (BEBA), highlighting the shift as a key indicator of Egypt's economic progress. Speaking at BEBA's annual Sohour ceremony, she emphasized the government's aim to transition towards an economic growth model based on manufacturing, exports, and tradable sectors. Al-Mashat also emphasized that the diversity of the Egyptian economy presents significant opportunities to enhance Egypt's regional position, particularly in the energy and logistics sectors. 'We aim to shift towards an economic growth model based on manufacturing, export, and tradable sectors,' Al-Mashat said. 'Integration among Economic Group Ministries [is key] to adopt policies that enhance the confidence of the business community and the private sector and stimulate investments.' The minister pointed to the government's efforts to consolidate macroeconomic stability through clear policies, including the implementation of Egypt's National Structural Reform Programme. She also noted the IMF's approval of the fourth review of Egypt's program and the decrease in inflation rates as factors boosting investor confidence. She added that 45.3% of government investments in the upcoming fiscal year's plan are directed towards human development, compared to 42% in the current fiscal year, with 35% for industrial development and 19% for local development. Regarding financing for development, Al-Mashat said that blended financing to stimulate private sector investments amounted to about $4.2bn during 2024, while the total concessional development financing from development partners to the private sector in Egypt from 2020 to 2024 amounted to about $14.5bn. Al-Mashat emphasized that the ministry is working to attract more development financing to the private sector through the 'HAFIZ' platform. The meeting also covered developments related to the implementation of the country platform for the 'NWFE' program and the volume of investments attracted by the platform in the renewable energy sector. Preparations are underway for the launch of Egypt's Integrated National Financing Strategy for development and the ministry's annual report for 2024. Al-Mashat underscored the strong trade and investment partnership between Egypt and the United Kingdom, with trade exchange reaching approximately £4.7bn last year. She noted the UK is one of the largest investors in Egypt through various private sector companies, and highlighted the British International Investment (BII), which has an investment portfolio of approximately £547m in 64 companies in Egypt. The event was attended by British Ambassador to Egypt Gareth Bayley, BEBA Chairperson Khaled Nosseir, former Minister of Petroleum Tarek El Molla, former Minister of Tourism Hisham Zaazou, and representatives of the business community and financial institutions. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
Daily News Egypt
12-03-2025
- Business
- Daily News Egypt
Private sector now 63% of Egyptian investment, Al-Mashat says
Private sector investment now accounts for 63% of total investment in Egypt, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has said. Al-Mashat made the announcement during a meeting with the British Egyptian Business Association (BEBA), highlighting the shift as a key indicator of Egypt's economic progress. Speaking at BEBA's annual Sohour ceremony, she emphasized the government's aim to transition towards an economic growth model based on manufacturing, exports, and tradable sectors. Al-Mashat also emphasized that the diversity of the Egyptian economy presents significant opportunities to enhance Egypt's regional position, particularly in the energy and logistics sectors. 'We aim to shift towards an economic growth model based on manufacturing, export, and tradable sectors,' Al-Mashat said. 'Integration among Economic Group Ministries [is key] to adopt policies that enhance the confidence of the business community and the private sector and stimulate investments.' The minister pointed to the government's efforts to consolidate macroeconomic stability through clear policies, including the implementation of Egypt's National Structural Reform Programme. She also noted the IMF's approval of the fourth review of Egypt's program and the decrease in inflation rates as factors boosting investor confidence. She added that 45.3% of government investments in the upcoming fiscal year's plan are directed towards human development, compared to 42% in the current fiscal year, with 35% for industrial development and 19% for local development. Regarding financing for development, Al-Mashat said that blended financing to stimulate private sector investments amounted to about $4.2bn during 2024, while the total concessional development financing from development partners to the private sector in Egypt from 2020 to 2024 amounted to about $14.5bn. Al-Mashat emphasized that the ministry is working to attract more development financing to the private sector through the 'HAFIZ' platform. The meeting also covered developments related to the implementation of the country platform for the 'NWFE' program and the volume of investments attracted by the platform in the renewable energy sector. Preparations are underway for the launch of Egypt's Integrated National Financing Strategy for development and the ministry's annual report for 2024. Al-Mashat underscored the strong trade and investment partnership between Egypt and the United Kingdom, with trade exchange reaching approximately £4.7bn last year. She noted the UK is one of the largest investors in Egypt through various private sector companies, and highlighted the British International Investment (BII), which has an investment portfolio of approximately £547m in 64 companies in Egypt. The event was attended by British Ambassador to Egypt Gareth Bayley, BEBA Chairperson Khaled Nosseir, former Minister of Petroleum Tarek El Molla, former Minister of Tourism Hisham Zaazou, and representatives of the business community and financial institutions.
